“I don’t make jokes. I just watch the government and report the facts.” Will Rogers (1879-1935, an American cowboy, vaudeville performer, humorist, newspaper columnist, social commentator, stage and motion picture actor.)
Last Friday, Oct. 7th, the final jobs report of the 3rd quarter was released and was underwhelming in that only 156,000 new jobs were added to the already stagnant “recovery”. The unemployment rate ticked up to 5% and the participation rate rose from 62.8 to 62.9%. Big WHOOP!
An area that gets a lot of chatter is the labor participation rate which is nothing more than a tally of how many have dropped out of the job market since Obama talked of “recovery”. No one asks “where are those people?” and “how are they surviving?” until IBD made it a feature in an editorial. When Obama’s alleged recovery started in 2009, the labor force participation rate was at 65.7%. Today there are 94.2 million NOT in the labor force which means that 13.5 million people have dropped out. Where are they??
Yes, some are retiring baby boomers but that’s hardly the whole story. PAY ATTENTION because this will impact YOU and your wallet in the very near future. Roughly half of the “missing” are collecting what many call the new WELFARE program, Social Security Disability Insurance program, SSDI. It’s worse than welfare because part of the SSDI rules state you may NOT work since the benefits are then at risk.
Back in the ‘80’s the Democrats in Congress pushed to loosen the eligibility rules and with the failed economic policies we have today, people took advantage of the “gift” from the left. HERE’S the RUB — pay attention again – it’s funded by workers’ (your) payroll taxes and the trust fund will be BROKE this year! Where do you think Congress will go in search of more money?? Vote wisely in November!!
OBAMACARE has been in the news a lot of late. Here’s why: (1) in 2017 massive rate increases will take place nationwide. On average rates will increase 24%. Some are as high as 60% but the bottom line is it’s just one more lie we were sold. (2) Some states are down to one choice as more insurers pull out states after massive losses. The last straw was Blue Cross Blue Shield, the one company thought to be the least likely to pull up stakes. The company is losing billions and requesting 60% plus rate increases in places like Arizona, Texas, & Tennessee; pulling out of other states altogether, with no end to this nightmare as losses mount in 2016.
The administrations answer is to blame the insurance companies, while shoveling money out the back door to the same insurers to cover their losses. In the first 3 years, insurers will have received roughly $88 billion in direct subsidies and this year alone will get $48 BILLION. That’s OUR TAX MONEY folks and it’s all done ILLEGALLY since Congress NEVER approved it. Now, they are trying to devise another scheme to pay for all the losses for 2016.
The ultimate goal is single payor and they point to the failure of Obamacare as the reason why single payor should be put in place. In that case the government makes all the decisions about how much, who gets it, and for how long, etc. If you think it’s a great idea, look no further than the VA. It’s single payor run by the government. Remember what Will Rogers said. Here are the facts as reported by the Washington Times: “200 veterans die while waiting for care as troubled Phoenix VA builds new backlog.” Vote wisely in November!
WHAT DOES THIS HAVE TO DO WITH THE STOCK MARKET??? Everything! It’s called UNCERTAINTY which explains why the S&P has been in a box since about mid-July (between 2119 and 2193); the DOW even longer (between 18622 and 18000); the Nasdaq broke out briefly due to the tech stars, but has resumed the lateral move. Never dismiss the rules or your discipline! Be vigilant and do not cut any slack. Cut losses instead!