QUOTE OF THE DAY
The Hill: Real unemployment rate is at least 18 percent
Friday, the Labor Department is expected to report the economy added 235,000 jobs in July, and the unemployment rate remained steady at 6.1 percent, but that hardly tells the story.
The jobless rate may be down from its recession peak of 10 percent, but much of this results from adults, discouraged by the lack of decent job openings, having quit altogether. They are neither employed nor looking for work.
Only about half of the drop in the adult participation rate may be attributed to the Baby Boom generation reaching retirement age. Lacking adequate resources to retire, a larger percentage of adults over 65 are working than before the recession.
Chicago Tribune: Chicago aldermen cast a brazen vote for self-protection
Just how dumb does the Chicago City Council believe its constituents to be?
Really, really dumb.
Aldermen on Wednesday approved an ordinance that weakens their own inspector general. They hope Chicago voters will believe the baloney that the City Council was merely “closing a loophole.” That’s quite a chunk of Oscar Mayer to choke down.
Chicago Tribune: Chicago manufacturing ‘punching below its weight,’ report says
Metro Chicago lags behind many counterparts nationwide in the recovery of its manufacturing sector as well as the exports it fuels, a serious deficit as the city reaches for a bigger share of global economic activity.
While the 14-county tri-state area was the fourth-largest exporter among the 100 top metro areas nationwide in 2012, it fell to the middle of the pack on gross domestic product growth, export growth and exports as a share of economic activity, according to “Revival in the Heartland: Manufacturing and Trade in Chicago,” a report to be released Wednesday by HSBC Bank and the Chicago Council on Global Affairs.
“Manufacturing in Chicago is an old heavyweight slugger, punching below its weight,” the study stated, noting that it remains the second-largest economic driver in the region after government and social services.
Huffington Post: Justice Department Seeks Appeal In Case That Struck Down Crucial Part Of Obamacare
The Justice Department asked a full federal appeals court Friday to take up a case that has endangered subsidies helping millions of low- and middle-income people to afford their health care premiums under Obamacare.
Last week, a divided three-judge panel of the U.S. Court of Appeals for the District of Columbia Circuit said financial aid can be provided only in states that have set up their own insurance markets, or exchanges.
Two judges nominated by Republican presidents formed the majority over a dissent from a Democratic appointee.
Reuters: Chicago budget gap to shrink, but pension payment spike looms
Chicago said its budget deficit was on track to shrink to just below $300 million in 2015, but a state-mandated increase in pension payments would expand gaps in the future.
The projected $297 million operating fund deficit, the lowest for the city in seven years, is based on $3.22 billion in revenue and $3.52 billion in expenses, according to an annual financial analysis that Chicago released late on Thursday.
The projection assumes continued economic growth and a return to normal revenue trends, which were affected by this year’s severe weather, a statement from Mayor Rahm Emanuel said. Meanwhile, higher expenses were mainly due to increased salaries and wages under collective bargaining agreements.
AEI: Chart of the day: Strongest 6-month job gain since 2006
1. The increase in US payrolls over the last six months through July (1,465,000) was the strongest six months for hiring in the US since April 2006, see chart above (HT: Annalyn Kurtz). More than 200,000 new jobs were added in each of the last six months — the last time that happened was 1997!
2. Oil and gas extraction jobs increased in July to a 28-year high of 212,300, and were up by 7.5% compared to a year ago.
3. July construction payrolls increased by 22,000 from June to the highest level since May 2009, more than five years ago.
Investors Business Daily: Two more costly losses for public unions
Here’s a little good news story you won’t find in many places today.
First, it doesn’t come out of Washington, D.C., which you already knew because it’s Good News.
Second, it’s another victory in the little-noticed ongoing legal guerrilla war between conservatives and state government unions. Actually, two victories.
It concerns workers who provide daycare services for low-income families across Illinois and receive state subsidies. Under executive orders of the last two governors — Rod Blagojevich and currently Pat Quinn, both Democrats — those daycare workers were ruled state employees, and union dues, called “agency fees,” were involuntarily withheld and paid to the Service Employees International Union.
Yahoo Finance: Healthcare.gov Not Fully Ready for Round Two
Remember when HealthCare.gov was plagued with so many problems last fall that people could barely sign up?
Well, after nearly a year of significant repair efforts pushing the website’s price tag to roughly $840 million, HealthCare.gov still “won’t be perfect” and isn’t “fully ready” for next year’s open enrollment, officials said Thursday.
During a House Energy and Commerce Committee hearing lawmakers grilled officials from the Centers for Medicare and Medicaid Services about the website, the costs it has incurred over the last year, and its readiness for next year’s enrollment process.
CARTOON OF THE DAY
