Morning Commentary
Stocks made a nice rebound yesterday. It was largely in part due to the positive news that came in time for housing, which saw a slew of disappointing data, including earnings from KB Homes (KBH). In addition, a big deal by Wal-Mart was a shot across the bow of the banking community that could turn out to be an amazing gift for those stuck with payday lenders ripping them off. Of course, I was thrilled with the news that Wal-Mart was teaming up with Green Dot for the mobile checking deal; Green Dot has been in our model portfolio for almost a year, and a couple weeks ago, I asked subscribers to add. Speaking of low- income and the unemployed, I took on the long-term unemployment epidemic on my show last night.
Long-Term Unemployment (LTUE)
The Long -Term Unemployment Epidemic and the new realities of work are taking a toll on the American psyche and the economy. A new survey released this week from Rutgers University underscores this persistent reality. The large numbers of people who have gotten jobs have taken a hit to their pride and wallet.
Job Status |
August 2014 |
January 2013 |
Step Up |
25% |
24% |
Step Down |
44% |
48% |
Job Pay |
August 2014 |
January 2013 |
Lower |
46% |
54% |
Higher |
33% |
24% |
However, it is the long-term unemployed that have taken the biggest hits as they have missed mortgage payments, are having to borrow money, selling their possessions, plus these have added stress to relationships.
The Pain of Long-Term Unemployment
Long-Term Unemployed Profile:
America is by far, the lowest- paying job champing of the world, outdistancing our industrial rivals by miles
Moreover, we talk about economic data and look at the numbers all day long, but we rarely put a face behind all the data and numbers, and put it in context; think of the human toll – it is massive. However, Ralph Nader’s research might make you feel better.
The Real Income Inequality Crisis
Ralph Nader did the math and it is eye-popping… from August 1st to November 12th, Congress will only have worked eight days. This means each member will “earn” $608 an hour. While Speaker Boehner is pulling in $781 an hour. To put this in perspective, an anesthesiologist’s hourly rate is around $90 an hour. This is pathetic for a Congress labeled “do-nothing.” This explains why President Obama just went to war without permission, and how the Continuing Resolution (CR) slipped through without a peep. Ironically, I would be willing to pay these people $600 an hour to never come back.
Jobs and Hourly Wages
John Boehner |
$781.00 |
Congressmen |
$608.00 |
Anesthesiologists & Physicians and Surgeons |
$90.00 |
Chief Executives |
$82.50 |
Petroleum Engineers |
$63.62 |
Architectural and Engineering Managers |
$61.62 |
Computer and Information Systems Managers |
$59.59 |
Marketing Managers |
$59.24 |
Air Traffic Controllers |
$58.31 |
Pharmacists |
$57.35 |
Podiatrists |
$56.83 |
Judges, Magistrate Judges, and Magistrates |
$56.80 |
Nurse Anesthetists |
$72.64 |
Dentists, General |
$70.36 |
Petroleum Engineers |
$63.62 |
Buckle up boys and girls…
Tweet |
4/19/2024 1:20 PM | Fair Chunk of Rotation |
4/19/2024 9:35 AM | DON’T OVERREACT |
4/18/2024 1:37 PM | Didn’t Break Down |
4/18/2024 9:40 AM | MARKET OFF SCRIPT |
4/17/2024 1:59 PM | Facing Pressure |
4/17/2024 9:37 AM | POWELL STILL WANTS TO HELP |
4/16/2024 1:35 PM | Muted |
4/16/2024 9:42 AM | FEAR ARRIVES |
4/15/2024 1:17 PM | Making a Statement |
4/15/2024 9:45 AM | Equal Opportunity Drubbing |
4/12/2024 1:37 PM | Pressure Overall |
4/12/2024 9:42 AM | WHO YA GONNA CALL? |
4/11/2024 1:38 PM | No Urgency |
4/11/2024 9:27 AM | Tough Sledding |
4/10/2024 1:22 PM | Hang In There |
4/10/2024 9:51 AM | HERE COMES THE LATEST RATIONALE FOR PERSISTENT INFLATION |
4/9/2024 1:56 PM | Fighting the Trend |
4/9/2024 9:46 AM | NEXT TIME, MAKE IT A HOLIDAY |
4/8/2024 9:45 PM | Cautious Feel |
4/8/2024 7:19 AM | IT’S ECLIPSE DAY |
4/5/2024 1:51 PM | Higher and Cheaper |
4/5/2024 9:23 AM | MARKETS REEL ON BIDEN’S ISRAEL ULTIMATUM |
4/4/2024 1:42 PM | Stocks Bounce |
4/4/2024 9:31 AM | ESCAPING GRAVITY = ESCAPING REALITY? |
4/3/2024 1:41 PM | Cuts Not Soon |
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