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60 Minutes Just Blew The Lid Off The Unemployment Situation in the USA

Posted on 10/24/2010 4:41:44 PM PDT by My Favorite Headache

Airing right now...said the real unemployment is at 17.5%...showing tons of people with masters, bachelors, phd's, you name it...unemployed for 2 years...can't even get jobs at Target.


TOPICS: Business/Economy; Constitution/Conservatism; Culture/Society; Front Page News; Government; Miscellaneous; News/Current Events; Politics/Elections; US: California; US: Delaware; Your Opinion/Questions
KEYWORDS: cbs; christineodonnell; elections; fiorina; jobs; megwhitman; novemberelections; obama; palin; realunemployment; teaparty; unemployment; unexpected; vanity
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To: Windflier; Nextrush; tina07

I hope and pray you’re right (she won’t win)!!! But, I just think there are many more idiots out there with the attention span and IQ level equal to (or lower than) the common house fly that would vote for her. Too many people in this country vote for a living.

I suppose Tuesday will tell us what we need to know.


521 posted on 10/25/2010 6:19:33 AM PDT by GOPsterinMA (Support and vote for Sean Bielat (MA-4)! MA-4 is Barney Frank's district.)
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To: Deo volente
"College grad turns down $40,000/yr job"

Unbelievable. That would be about $23,500/year in 1989, when I graduated college. That was not as much as the starting salary for engineers with top companies, but it was more than most with bachelor's degrees in business or liberal arts.

I will grant Boston is a much higher cost of living area, but that is why 20-somethings used to share apartments with roommates.

But get this. Scott Nicholson wants to work for a large company, like his father, and in financial services, like his grandfather and brother. So did Scott major in Accounting, where he could get his CPA as a fallback if needed? No. Did Scott major in Economics? No. Did Scott major in Finance? No. Did Scott even major in General Business? No. Did Scott co-op while in college? No.

Scott majored in Political Science with a minor in History.

Yes, working as an insurance adjuster is grunt work in financial services. But it is an entry position. And without specific education which has greater value to an employer, that is still a good offer.

Had he taken it, he would have something on his resume he does not have. Experience. With a couple of years of experience under his belt, he probably could have traded that $40K job for a $60K job in a couple of years. He could have worked as a claims adjuster, lived lean, and started an evening MBA program with a public university.

Instead he thinks the fact he "worked hard" in high school and college should grant him a ticket into a management program at a major financial services firm (which probably go to MBA grads at top-tier B-schools), or even directly being hired into an experienced reinsurer role because "he heard about if from his brother and thinks its a good job."

Scott is a naive idiot. And now the world knows. I would never hire him.

522 posted on 10/25/2010 6:30:24 AM PDT by magellan
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To: magellan

When Obamacare is gone, something has to take its place. Health care costs are spiraling out of control, and something needs to be done to stop that. A big chunk of the reason I believe is fraud. The latest ring of fraudsters scamming Medicare was huge - and proves that the fraud problem is more pernicious and widespread than anyone wants to believe.

The repatriation issue should be coupled with a choice for management: they can retain the earnings, with taxation, or they can issue dividends at greatly reduced taxation. I’d like to see dividends issued, as it would offset the idiocy at the Fed for fixed income investors.

In general, I’d like to see dividends taxed at a low, fixed rate for all income brackets. Cash dividends are a very useful thing in investing.


523 posted on 10/25/2010 6:35:27 AM PDT by NVDave
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To: My Favorite Headache

bump


524 posted on 10/25/2010 6:41:09 AM PDT by VOA
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To: driftdiver

This 60 Minutes piece did touch on the trend of people in
dire straits cashing in their 401Ks... just another lifeline, however small or large to keep them afloat till things ‘turn around’. If the Obama Administration is THAT tone-deaf to think they could in any way ‘confiscate’ anyone’s 401K, ESPECIALLY after they lose their majority,
it will give rise to the most massive demonstrations imaginable.


525 posted on 10/25/2010 6:56:01 AM PDT by supremedoctrine (Come closer. I want to get a better look at you.)
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To: NVDave
"When Obamacare is gone, something has to take its place."

If I had my way, we would go back to "hospitalization" insurance, for catastrophic medical problems, and return routine to paying medical expenses out of pocket. This is the basis of High Deductible plans with HSAs.

The repatriation issue should be tied to dividends. If a company has $10M in overseas profit, and they can build an engineering center in Bangalore or pay it out in dividends, they will try to grow the company by building the engineering center in Bangalore. But if they have the choice of building an engineering center in Bangalore or RTP, they may pick RTP.

Please read the following articles:

Kneale: Cisco’s Stimulus Plan Won’t Cost You One Dollar

James S. Tisch: Andy Stern Sees the Light on Overseas Profits

I agree we need to get companies back to paying dividends. But I would rather that be done by reducing overall corporate income taxes. I fear if the government tries to engineer corporate behavior, it will fail.

526 posted on 10/25/2010 7:00:56 AM PDT by magellan
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To: NVDave
When Obamacare is gone, something has to take its place.

Well, for starters, we can go back to what we had pre-obamacare. As for costs, remember that insurance now covers a lot more than it used to. We have some states that mandate additional coverage and additional coverage costs additional money. We also have an out-of-control tort system that not only has drastically increased the cost of malpractice insurance, but has also caused doctors to practice "defensive" medicine. Meaning, they're doing additional, often unnecessary testing and treatments solely to avoid being sued. These activities and costs are passed on to the customer as any business expense would.

"Gas, grass, or a%% - no free rides here" - that's what the sign on my friend's van said back in the 1970's. And while many here would not agree with the means of payment, one could certainly agree with the premise that nobody gets a free ride. A variant of that sign needs to stand proudly at the emergency entrance of every hospital. We all pay when an illegal immigrant gets free medical care, either through taxes or through additional rates and fees charged to the paying customers. We all pay when a deadbeat, unemployable, crackhead democrat shows up at the hospital for a free detox program. We all pay for the delivery of those "anchor babies" that some seem to want to protect. We need to stop the practice of placing the burden of one person's expenses upon another. Get rid of the non-paying customers and the cost of providing care would drop significantly.

I'm not saying that doctors who feel so inclined shouldn't be allowed to give a freebie to others. After all, charity is to be encouraged. What I'm saying is that the concept that others must be compelled to pay for someone's health care is nothing short of slavery.

An analogy: If you go to the store to buy a gallon of milk, it's $3 regardless of whether you have $100, $10, or $0 in your pocket. If you don't have the $3, you don't get the milk. The idea that the person with $100 should be forced, through taxation or otherwise, to buy milk for the person with $0 is preposterous. The person with $0 should improve their own situation until they have sufficient skills to earn what they need to buy the milk. If they choose not to do that, they don't get the milk.

527 posted on 10/25/2010 7:17:41 AM PDT by meyer (Tax the productive to carry the freeloaders - What is it with democrats and slavery?)
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To: Gunslingr3

Looks like both your charts represent U-3; CNN is citing U-6.


528 posted on 10/25/2010 7:38:51 AM PDT by algernonpj (He who pays the piper . . .)
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To: Frantzie

You know, the idea about exposing the news for what it is is a really good idea. It’s teachable, too, and could be a really ‘sexy,’ jazzed-up endeavor, too—with a ‘this is them...This is the truth’ ring to it.

I like this idea, Frantzie. You’d be fighting at Lepanto all over again.


529 posted on 10/25/2010 7:50:37 AM PDT by combat_boots (The Lion of Judah cometh. Hallelujah. Gloria Patri, Filio et Spiritui Sancto.)
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To: NVDave; RegulatorCountry
The stats don’t look quite so impressive for educated unemployment if we look at the private sector vs. government.

There has been a radical increase in government hiring, and nearly all government jobs require at least a BA.

For examples, look at this stat:

empsit

You’ll notice that the “government workers” (near the bottom of the table) are at a nice, low 5.0% - basically full employment.

Now look at “Professional and Business Services” are at 9.9%.

Rather a different picture out there, once we talk about people who don’t have their snouts and front two feet in Uncle Sammy’s feed bunk.


Thanks for the link NV Dave.

Now factor in the figures on table 14 are U-3, not U-6 which CNN was quoting.
530 posted on 10/25/2010 7:51:12 AM PDT by algernonpj (He who pays the piper . . .)
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To: Windflier; Nextrush; tina07

Bring back the Poll Tax:

http://news.yahoo.com/s/yblog_askamerica/20101025/pl_yblog_askamerica/who-is-the-vice-president-ask-america-stumps-voters


531 posted on 10/25/2010 7:56:46 AM PDT by GOPsterinMA (Support and vote for Sean Bielat (MA-4)! MA-4 is Barney Frank's district.)
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To: Huskerscott; buccaneer81
The manufacturing sector has been decimated by unions who think it is okay to make $30 an hour. Nobody wants to pay for products with that cost structure, so outsourcing began. Remember when companies used to move factories to other parts of the US instead of overseas?

Reality is this, most manufacturing jobs should pay between $8 to $12, and skilled jobs $15 to $20 (maintenance and quality). Once we got beyond this pay scale, it was like pulling the pin on a grenade, you knew what was going to happen.


By your reasoning manufacturers would still outsource at $8 through $20 per hour. You can buy workers in many places in the world for $1 per hour or less. And .. not have to worry about even minimal pesky safety regulations or minimal environmental issues.
532 posted on 10/25/2010 7:57:51 AM PDT by algernonpj (He who pays the piper . . .)
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To: central_va

“Based on your level of humanity and shortsightedness, I can understand why someone might feel that way.”

Stop it. That’s uncalled for. You put these words in print against a fellow FReeper. I don’t care who someone is, people who join here to post don’t join to have to defend their sheer existence. You and I both know everyone here is a target for the DOJ Blogsquad, gathering every last post and word for their data warehouses & future actions. That you would attack someone, even someone you vehemently disagree with, right down to his/her being, is uncalled for. Being snide is one thing. Being vicious is another. So, STOP IT.


533 posted on 10/25/2010 8:01:43 AM PDT by combat_boots (The Lion of Judah cometh. Hallelujah. Gloria Patri, Filio et Spiritui Sancto.)
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To: KoRn
"With a degree you aren’t going to get any lower jobs to get by. You are overqualified."

If I lost my job right now and had no other option than to work at a fast food restaurant to put food on the table, I wouldn't dare put on the application that I'm an IT professional with a degree. That would be totally stupid. I'd say I worked at a family restaurant somewhere that went out of business, and have a few friends lined up as 'references'. You gotta know how to survive. A degree and an impressive resume doesn't always help you in certain situations.


I have discussed this with several people in charge of hiring; you can change your resume, but they will still pick up on the fact you are a professional. You give yourself away in ways you can't imagine. As a professional you will be viewed, rightly or not, as potential trouble that will leave as soon as possible.

In many areas of the country illegals and guest workers have a lock on low end jobs, including fast food joints.
534 posted on 10/25/2010 8:05:40 AM PDT by algernonpj (He who pays the piper . . .)
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To: eyedigress

I took an assembly language class on the Motorola 68000 chip once. It was pretty funny the first day of class. I was the last one there because I had a class clear across campus. They were going around the room, “What’s your name, major and have you ever programmed in assembly language before?” When the got to me, I told them I had programmed in COMPASS on Control Data mainframe operating systems for 22 years and wrote diagnostics in microcode assembly language (MICA) on CyberPlus parallel processors and the Joint Stars radar processor for 5 years. This girl sitting in front of me turns around and says, What the **** are you doing in here?” I replied, “For some reason my advisor thought I needed to learn the Motorola chip, but I would be happy if it was Intel.” A big discussion ensued about Motorola vs Intel. Finally this kid (they were all kids compared to me) in the back of the room says, “They still use Motorola chips for printers.” I turned around and said, “Prosecution rests.” The whole class busted out laughing. Those kids treated me like I was some sort of national treasure in that class.


535 posted on 10/25/2010 8:05:57 AM PDT by OrioleFan (Republicans believe every day is the 4th of July, democrats believe every day is April 15.)
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To: rintense

No worries. I usually land on my feet. This is the first time in 39+ years working I’ve had to file for unemployment.


536 posted on 10/25/2010 8:08:48 AM PDT by OrioleFan (Republicans believe every day is the 4th of July, democrats believe every day is April 15.)
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To: Starboard

They may not have blamed Bush, but they also didn’t blame Obama. That’s a clue. They also mentioned that benefits were about to run out. I think that was the point, to urge the gov’t to continue unemployment benefits.


537 posted on 10/25/2010 8:14:31 AM PDT by Republic of Texas (Socialism Always Fails)
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To: central_va
You've flown into a rage because I honestly described how people in a position to hire regard grossly overqualified candidates.

It's your problem, not mine. There may come a day when you're as low as you've ever been and have lost hope, and I certainly hope you don't encounter some idiot behaving as youv'e behaved on this thread when you do.

Have a good day.

538 posted on 10/25/2010 8:16:42 AM PDT by RegulatorCountry
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To: central_va

You’ll encounter it someday. I’ve told candidates that, and I’ve been told that myself when interviewing. You have a problem with the truth, take it up with your pastor.


539 posted on 10/25/2010 8:20:27 AM PDT by RegulatorCountry
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To: My Favorite Headache
I wonder if they realize they are doomed come next Tuesday.

If The Republicans take the House, the media will be able to lay the blame for the next two years on them, thereby protecting Obama for 2012.

540 posted on 10/25/2010 8:29:24 AM PDT by mware (F-R-E-E, that spells free, Free Republic.com baby.)
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