Economy

Pray for the Unemployed this Advent and Christmas

In my brief life on earth I have not experienced such high unemployment amongst my family and friends this year than ever before.  As each week passes I hear of another friend or acquaintance who has lost his or her job.

This is the worst recession I have seen and I don’t see any signs that it will let up for the next 9-12 months.  So I find it appropriate that a simple request to all our readers to make time this evening prior to going to bed and include those that are unemployed, especially those with families and dependents in your prayers.

With extra time on our hands the unemployed can remain steadfastly busy by working on their faith through prayer and service.  For when work does come around there will not be time for such activities.

The following prayer is a traditional Catholic prayer that I have used from time to time due to the nature of my work of being an independent contractor and one that helps to put life in proper perspective and order:

Dear Lord Jesus Christ,
You wanted all who are weary
To come to You for support.
Lord, I am worn out
By my inability to find work.

Guide my steps to a righteous path;
Give me the patience
To find opportunities with a future.
Calm my worries and fears
As my financial responsibilities mount.
Strengthen my resolve;
Embolden my heart to open doors;
Open my eyes to see life beyond rejections.
Help me believe in me.

Let me realize other ways
To bring about Your kingdom on earth.
Let me grow as a person
That I may be worthy
For Your greater glory.
In the name of the Father, Son, and Holy Spirit,

Amen.

Saint Joseph has been especially helpful for me and I strongly recommend him for those seeking employment:

Dear Saint Joseph, you were yourself once faced with the responsibility of providing the necessities of life for Jesus and Mary. Look down with fatherly compassion upon me in my anxiety over my present inability to support my family. Please help me to find gainful employment very soon, so that this heavy burden of concern will be lifted from my heart and that I am soon able to provide for those whom God has entrusted to my care. Help us to guard against bitterness and discouragement, so that we may emerge from this trial spiritually enriched and with even greater blessings from God.

Amen.

Obamaville Shanty Towns: Tent Cities Sprouting Up Across America

As the recession continue to take its toll on our fellow Americans, rendering more and more of them homeless, tent cities have begun sprouting up across this great country.  It would not be fair to blame President Obama for the predicament that our nation is in, but President Obama has done nothing to help the situation.

President Obama’s ‘stimulus package’ only rewarded government contractors with more spending.  It is also correct to point out that former President George W. Bush’s ‘stimulus package’ did nothing more than President Obama’s spending bill.

Small businesses and the private sector in general got almost zero benefit for either porkulus spending bills.  Though this recession is typical of a business cycle, there are some things that can be done to alleviate the stress the economy is undergoing and maybe expedite the expiration of the current recession.  President Obama has done neither.

So it is fitting and fair to label the tent cities that are sprouting across America as Obamavilles.

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(Note: In case the above YouTube video is taken down by the Blueshirts, you can see the entire story and video here.)

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Moving Halloween to Saturday: Treat or Trick?

In recent years Halloween has gone from a primarily child-oriented holiday to an occasion of commercial importance comparable to Christmas or Easter. National retail sales figures indicate that Halloween is the 6th biggest holiday for retailers — behind Christmas, Valentine’s Day, Easter, Mother’s Day and Father’s Day — and rapidly gaining ground, particularly among young adults.

The trend has now sparked a movement of sorts — led by the Spirit Halloween retail chain — to move Halloween permanently to the last Saturday in October. Their online petition at this link (http://www.spirithalloweekend.com/ ) asks Congress to lend its official endorsement to the change, although that would not be strictly necessary since Halloween is not a federal or national holiday.

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It's A Depression, Thus Sayeth The Veep

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During these dismal economic days, we can always rely upon the  comic stylings of Joe Biden to raise our morale, just as the American public during Depression I looked to the Three Stooges for comic relief.  I assume Jolly Joe in the above video was thinking of  the old Reagan line from Reagan’s 1980 campaign for President:  “A Recession is when your neighbor loses his job.  A Depression is when you lose your job.  A Recovery is when Jimmy Carter loses his!”  Needless to say, the brighter lights in the Administration were reaching for extra strength pain relief as they saw the human gaffe machine use the “D” word, especially since they have been attempting to convince a sceptical public that the recession  is ending.

What makes this especially hilarious is that Newsweek, the unofficial house organ of the Obama administration, ran a puff piece on Biden last week entitled “Why Joe is No Joke” .  Hint Joe, when you are a politician and one of the most sycophanic press journals on your side runs a story arguing that you are not a joke, that is most definitely not a good sign. Continue reading

The Class Analysis

At the request of my friend and fellow contributor to The American Catholic, Darwin Catholic, I will elaborate more on some of the general points I introduced to the discussion over his latest post about economic morality. For those who did not follow the exchange (of me versus everyone, understandable on this somewhat more conservative blog), I questioned the accuracy of any scientific theory of economics that did not take into account class conflict (or, as some insist on saying, “class struggle”). Darwin and others responded by questioning the validity of the very category of class. Hence, we have a great deal of ground to cover – I hope you will bear with me, and that we all end up learning something.

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"Caritas in Veritate" Soon To Be Released

After a few delays, Pope Benedict’s long-awaited third encyclical on economic and social issues is set to be signed tomorrow, June 29, and released to the public on July 6 or 7, according to Catholic News Agency.

We here at American Catholic have had our share of lively debates over the meaning and application of Catholic social doctrine. I anticipate that they will continue following the release of this encyclical. This is a historical event of great importance to Catholics all over the world. Like some of his predecessors, and particularly Pius XI, Pope Benedict will be addressing the world on social and economic matters in the midst of a world wide economic crisis.

It was the crisis itself that reportedly caused the delay in the completion of the encyclical, and as it would be reasonable to assume, it is now clear that much of it will deal directly with the breakdown of the financial system in particular, and with the phenomenon of globalization in general.

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Obama's Speech on the Economy

President Obama gave a speech today on the economy and the agenda of his Administration and Congress, thus far into his presidency. I personally watched the speech. I have yet to go back and read it. I thought it might generate some good discussion, in collective analysis of the text. In the spirit of Easter, please engage with criticisms of his positions, not of his person or broad generalizations that are not necessary or charitable.

It has now been twelve weeks since my administration began.  And I think even our critics would agree that at the very least, we’ve been busy.  In just under three months, we have responded to an extraordinary set of economic challenges with extraordinary action – action that has been unprecedented in both its scale and its speed.

I know that some have accused us of taking on too much at once.  Others believe we haven’t done enough.  And many Americans are simply wondering how all of our different programs and policies fit together in a single, overarching strategy that will move this economy from recession to recovery and ultimately to prosperity.

So today, I want to step back for a moment and explain our strategy as clearly as I can.  I want to talk about what we’ve done, why we’ve done it, and what we have left to do.  I want to update you on the progress we’ve made, and be honest about the pitfalls that may lie ahead.

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Red Ink

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A look at the federal budget since 2000, with projections, for what little they are worth, by the White House and the Congressional Budget Office to 2019.  By CBO estimates last week, the budget deficits between now and 2019 would total $9, 300, 000, 000, 000.00.  The entire cost of WW2 for the US in 2008 dollars was 3.6 trillion.  This year the budget deficit will total 13% of our gross domestic product.  This isn’t economic policy, it is lunacy.  These type of deficits are completely unsustainable, and we are running towards national bankruptcy.  It is impossible to borrow these type of funds from abroad.  We will simply create the funds out of thin air.  The long term impact on our children and their children can be easily imagined.  As the Heritage Foundation points out, this is a completely bi-partisan disaster.  Politicians have acted like teen-agers with stolen credit cards for far too long.  However, this will stop.  It will stop either by voters throwing out of office the fiscally irresponsible, or, much more likely in my estimation, the economy will simply hit a brick wall.  This will not, cannot, go on.  How it is stopped is up to us.

Update I:  The President of the EU slams current US economic policy as a road to hell.  I never thought I would live to see the day when a President of the EU would have more economic sense than a President of the US.

UpdateII:  Hattip to Instapundit.  A sign of things to come.  Stocks slide after a lack-lustre sale of T bills and notes: 

“Bond prices fell after the auction of $34 billion in 5-year Treasury notes. The yield on the benchmark 10-year Treasury note, which moves opposite its price, jumped to 2.77 percent from 2.71 percent late Tuesday. The yield on the three-month T-bill rose to 0.19 percent from 0.17 percent Tuesday.

Investors gave an unexpectedly cool response to the note sale just a day after a $40 billion auction of 2-year notes suggested strong demand. The government is running up huge deficits in order to fund an array of plans to provide stimulus to the economy and support to the ailing financial system. Any suggestion that demand for U.S. government debt is weakening is a negative for stocks, simply because Wall Street has been relying so heavily on the government’s rescue plans.

The surge of worry over the debt auction wiped out the market’s early optimism in response to durable goods and home sales data.”

Obamanomics, or How Low Will the Dow Go!

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As Glenn Reynolds at Instapundit notes here, since the passage of the Bankrupt the Nation Act of 2009, erroneously referred to as the Stimulus Bill,  the Dow has lost over 1400 points.  Since the election of President Obama, the Dow has lost over 2700 points as detailed here.  However, in the midst of the greatest Bear market in a generation, our President has financial advice for us:  Buy stocks!

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Obama Finds His 9/11

Critics of the Bush Administration often complained (especially during his first term) that Bush used 9/11 as a justification for nearly everything he did. Given that the country was widely supportive of the administration in the years right after the attack, this was (the complaint went) a way for Bush to do things he’d wanted to do anyway under the guise of responding to an emergency. While I think this complaint was overstated, there is an element of truth to it. For instance, I don’t think there’s a whole lot of question that many within the administration (rightly or wrongly) wanted to get rid of the Baathist regime in Iraq even prior to taking office.

In this respect, Obama seems to have found his 9/11, his excuse for doing all the things he and his party want to do while assuring everyone it would be a Very Bad Idea it not Downright Unpatriotic for them to disagree. Obama’s 9/11 is the recession, or as the media seems to have named it “The Worst Economic Downturn Since the Great Depression”. (This is, to my mind, a rather unwieldy name. Perhaps we could just call it the “Big Recession” or the “Little Depression”?)

Thus, in his presentation of a new budget which is heavy on partisan measures (big tax increases on “the rich” and preparation for major changes in social service structure and spending) and racks up the largest deficit (as percentage of GDP) since 1942, Obama assured people that this was necessary in order to restore the economy:

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Res Ipsa Loquitur (II)

I posted last week about the negative reception to Geithner’s bank plan. Here, for instance, was Paul Krugman’s take:

It’s really not clear what the plan means; there’s an interpretation that makes it not too bad, but it’s not clear if that’s the right interpretation….So what is the plan? I really don’t know, at least based on what we’ve seen today. But maybe, maybe, it’s a Trojan horse that smuggles the right policy into place.

Not exactly an enthusiastic endorsement. Today’s Washington Post has some of the back story:

Just days before Treasury Secretary Timothy F. Geithner was scheduled to lay out his much-anticipated plan to deal with the toxic assets imperiling the financial system, he and his team made a sudden about-face.

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