John Melloy | Welfate State: Handouts Make Up One-Third of U.S. Wages
Government payouts—including Social Security, Medicare and unemployment insurance—make up more than a third of total wages and salaries of the U.S. population, a record figure that will only increase if action isn’t taken before the majority of Baby Boomers enter retirement.
Even as the economy has recovered, social welfare benefits make up 35 percent of wages and salaries this year, up from 21 percent in 2000 and 10 percent in 1960, according to TrimTabs Investment Research using Bureau of Economic Analysis data.
“The U.S. economy has become alarmingly dependent on government stimulus,” said Madeline Schnapp, director of Macroeconomic Research at TrimTabs, in a note to clients. “Consumption supported by wages and salaries is a much stronger foundation for economic growth than consumption based on social welfare benefits.”
Doesn’t sound like a liberal.
In 2000, President Clinton released 20 million barrels of oil from the SPRO for the purpose of reducing oil prices. The price before the release was $39.00 per barrel. After the release the price of oil dropped to $32.00 per barrel. But within 5 days the price of oil returned to $39.00 per barrel.
Right now the world is consuming ~90 million barrels of crude oil per day. The total release from all of the Strategic Petroleum Reserves is 60 million barrels...that means this release represents about two-thirds of one days oil demand. Hence, I don’t think oil prices will drop the $7.00 per barrel that they did in 2000 and I think oil prices will return to the $94.00 per barrel range soooner than the 5 days that it took in 2000.
Treason!
I like the move. It gives an opportunity to buy some great companies at temporarily depressed prices. Some of the drillers really look good here.
"Why would President Obama tap the Strategic Petroleum Reserve when oil prices were already falling?” The answer is simple: Obama knew this would have the maximum impact, hitting speculators on the chin, according to traders.
“Arguably the timing of the release is genius.”
This constitutes a day’s and a half supply of US oil consumption. I doubt speculators are going to intimidated out of the markets over that.
This whole thing stinks to high heaven. Hussein's numbers are in the crapper, even the nutroots were heckling him (that had to hurt his overblown ego) and the election is approaching. He has no accomplishments so he needs to point to something. This and last night's speech are a lame attempt to salvage his failed presidency.
Feh. This is nothing more than a one-time hit on oil prices. Speculators will absorb the hit and the prices will resume rising.
Why?
Because it’s a finite supply that was released. Much like the ‘economic stimulus’ that gave out free money, the source eventually runs out and you’re back where you started.
The solution is to increase production and cut back usage. Flood the market with crude for an extended period of time.
Price manipulation by the punk president. Bank on it.
The RAT bastard 0dumb0 commie pig-in-chief....Swoon by the liberal partisan hack media “What a genius!” More like what a self-servicing, narcissistic commie pig! He will roast in Hell & the Lake of Fire throughout eternity!
John Melloy was in full kneepad position for OB. Yes cheerleading sure helped Marc Rich (Clinton pardon recepient) push up the price of oil. if Bam-Bam releases more from the SPR, oil will be back above $100. Way to go.
Ben the printer yesterday showed he doesnt have a clue so O panics and opens the safety tap instead of releasing his hold on drilling on the coastal waters. We are so screwed.
I would have thought that the same could have been accomplished without tapping the reserve. The clown could have opened up some of our fields to drilling.