Stagflation Nation

[guido911]

Well isn't this great news:

WASHINGTON—The U.S. labor market could stay sluggish for a while, with small-business executives reluctant to hire amid the murky economic outlook.

Almost two-thirds—64%—of small-business executives surveyed said they weren't expecting to add to their payrolls in the next year and another 12% planned to cut jobs, according to a U.S. Chamber of Commerce report to be released Monday. Just 19% said they would expand their work forces.

This comes after a Labor Department report Friday showed employers added few jobs in June, and unemployment rose to 9.2%. The bleak figures joined other data showing the recovery losing momentum in recent months, which has caused many analysts and policy makers to lower their forecasts for economic growth in the second half of the year.

The Small Business Administration says small businesses, defined as companies with fewer than 500 workers, employ about half of the workers in the private sector. In the Chamber's survey of 1,409 executives, conducted by Harris Interactive, small businesses were defined as firms with revenue of $25 million or less.

More than half of the small-business executives in the June 27-30 survey cited economic uncertainty as the main reason for holding back on hiring. About a third blamed lack of sales, while just 7% pointed to problems getting credit.

"I think it's safer to stay on hold and not hire workers," said Harold Jackson, chief executive of Buffalo Supply, a Lafayette, Colo., distributor of high-tech medical equipment used in operating rooms.

http://online.wsj.com/article/SB10001424052702303812104576437853543049480.html

[nathanm]

Funny, she who must be obeyed's company is hiring like mad and throwing money at existing employees to keep them around.

And the policy analysts are pretty effing stupid. The unemployment rate went up mainly because of job losses in the public sphere. Private hiring was lackluster, but not terribly low compared to the last couple of years, although it is down significantly compared to the first couple of months of this year.

[guido911]

Funny, she who must be obeyed's company is hiring like mad and throwing money at existing employees to keep them around.

And the policy analysts are pretty effing stupid. The unemployment rate went up mainly because of job losses in the public sphere. Private hiring was lackluster, but not terribly low compared to the last couple of years, although it is down significantly compared to the first couple of months of this year.

You are talking mostly about hindsight events. That story is discussing the future. That's is what should have all of us alarmed.

[heironymouspasparagus]

Lot's of companies hiring - we are still going strong.  Over 40,000 now in last couple years.  There is a sign hanging on a fence facing the interstate.  That IS the future. 

And the public sector being decimated?  Well, isn't that what the Republicontins wanted?  Yes, it is, so one would think they would be rejoicing.

It is the nattering nabobs of negativity that are nay-saying what has been going on the last two+ years.
As the RWRE has always done.

[guido911]

The baseball fan that caught then graciously returned Jeter's 3,000 career hit may get to pay his fair share in taxes.

http://www.myfoxny.com/dpps/sports/fan-who-caught-jeter-ball-could-face-five-figure-tax-bill-dpgonc-20110712-fc_14086840

[Teatownclown]

You don't think the Yankees will handle that for him or do you just believe everyone thinks like you do about taxes and the rich.

[guido911]

You don't think the Yankees will handle that for him or do you just believe everyone thinks like you do about taxes and the rich.

The degree that you suck is too damned high for me to deal with today.

[dbacks fan]

The baseball fan that caught then graciously returned Jeter's 3,000 career hit may get to pay his fair share in taxes.

http://www.myfoxny.com/dpps/sports/fan-who-caught-jeter-ball-could-face-five-figure-tax-bill-dpgonc-20110712-fc_14086840

Thats why I would only try to get on a game show that has cash prizes, easier to set aside the taxes then if you get merchandise or cars.

[guido911]

Thats why I would only try to get on a game show that has cash prizes, easier to set aside the taxes then if you get merchandise or cars.

You got that right. But this is the way our country finances itself. Guy makes a lucky catch, guy makes a wonderful gift, guy gets rewarded, then guy gets boned.

[dbacks fan]

IIRC if it's less than $10k in the form of a gift (cash or otherwise) you don't get taxed.

[we vs us]

Well isn't this great news:

http://online.wsj.com/article/SB10001424052702303812104576437853543049480.html

I totally agree.  We should go ahead and get that debt ceiling raised so we aren't looking down the barrel of a possible double dip depression.  Talk about uncertainty!

[guido911]

I totally agree.  We should go ahead and get that debt ceiling raised so we aren't looking down the barrel of a possible double dip depression.  Talk about uncertainty!

I'm just not buying the doomsday scenario if the ceiling isn't raised. I think surviving the Y2K scare has something to do with it.

O/T. I saw on Drudge that every single democrat (and 2 repubs including Coburn) voted against raising the debt ceiling in 2006, which is just another reason not to be afraid. If the fear was not a concern then, why should it be now?

[Breadburner]

Obluffma...??

[we vs us]

I'm just not buying the doomsday scenario if the ceiling isn't raised. I think surviving the Y2K scare has something to do with it.

O/T. I saw on Drudge that every single democrat (and 2 repubs including Coburn) voted against raising the debt ceiling in 2006, which is just another reason not to be afraid. If the fear was not a concern then, why should it be now?

I can't tell you why the Dems voted against the ceiling in 2006 (or even if they did, considering you found this on Drudge), but there's a good chance that the context of that vote meant something . . . that it was guaranteed to pass anyway, or it was an engineered protest vote or whatever.  I don't know, but I think you'll agree -- especially after listening to how O"Connell wants to structure his Plan Z for getting the celing raised -- that every vote doesn't necessarily mean what it says on the label. 

Regardless of what you may personally believe, there're a host of well connected and knowledgable people around the world and in our country who are starting to act genuinely scared of this not happening.  This includes some of the people who'd up till recently been howling that they'd never raise the ceiling. Y2k is another beast entirely, IMO.  There were a lot of unknowns.  In this case it's not hard to imagine what a default would look like.  We're seeing one happen in Greece, and almost in Ireland, in Portugal, Spain, etc.  Plus, we have historical records from other countries.  We know that interest rates will bounce way up, that the market will crash, that we will lose our AAA rating, and we know what that means for the typical nation's borrowing.  The stuff we DON'T know about include what it will do to the finances of every other nation that has pegged its investments to the dollar or to Treasury notes.  There're quite a few (Israel, for instance. . .).  There're good chances that muni bonds and debt will go under, that our individual states will default, and that corps with strong ties to the government will suffer and/or go under. 

We're so deeply embedded into other nations that if we go down, we destabilize a whole bunch of folks right along with us. 

[Conan71]

Our debt rating will fall in the future regardless if we raise the ceiling or not.  Sooner or later the interest rate goes up for irresponsible borrowers.  It's an immutable fact of finance on the micro and macro levels.