[Ludi]

$this->bbcode_second_pass_quote('dsula', '
')my unemployment taxes have increased, to pay for the growing numbers of "unemployed".

[Plantagenet]

Obama has put in place multiple new taxes and truckloads of new regulations for business, all of which stifle job creation. For example Obamacare taxes are a BIG obstacle to new job creation, with new regulations and new taxes impacting business for years to come

In order to protect the new national health care law from legal challenges, the Obama administration has been forced to argue that the individual mandate [i.e. Obamacare] represents a tax — even though Obama himself argued the exact opposite while campaigning to pass the legislation.

Late last night, the Obama Department of Justice filed a motion to dismiss the Florida-based lawsuit against the health care law, arguing that the court lacks jurisdiction and that the State of Florida and fellow plaintiffs haven’t presented a claim for which the court can grant relief. To bolster its case, the DOJ cited the Anti-Injunction Act, which restricts courts from interfering with the government’s ability to collect taxes.

The Act, according to a DOJ memo supporting the motion to dismiss, says that “no suit for the purpose of restraining the assessment or collection of any tax shall be maintained in any court by any person, whether or not such person is the person against whom such tax was assessed.” The memo goes on to say that it makes no difference whether the disputed payment it is called a “tax” or “penalty,” because either way, it’s “assessed and collected in the same manner” by the Internal Revenue Service.

Suddenly, the health-insurance mandate is a tax. I guess someone must have given Obama a Merriam-Webster dictionary as a gift.

http://hotair.com/archives/2010/06/18/o ... after-all/

[Ludi]

$this->bbcode_second_pass_quote('Plantagenet', 'O')bama has put in place multiple new taxes and truckloads of new regulations for business,

[Plantagenet]

$this->bbcode_second_pass_quote('Ludi', '
')
What are the "multiple new taxes" on small business?

[Blacksmith]

I am so happy it is over, I will go out and get a job.

[Plantagenet]

$this->bbcode_second_pass_quote('Blacksmith', 'I') am so happy it is over, I will go out and get a job.

[IslandCrow]

A more European slant on the news from the BBC: http://www.bbc.co.uk/news/business-11376589

$this->bbcode_second_pass_quote('', '[')b]The US recession lasted 18 months and was the most prolonged since World War II, a report has concluded.
....
The organisation's figures take in data beyond simply GDP. Income, employment industrial production and wholesale retail sales also form part of the analysis.

The previous longest postwar recessions in 1973-75 and 1981-82 both lasted 16 months, it said.
....
"Even though economists may say that the recession officially ended last year, obviously for the millions of people who are still out of work, people who have seen their home values decline, people who are struggling to pay the bills day to day, it's still very real for them," Mr Obama said.

In its report, the NBER said: "The committee did not conclude that economic conditions since that month have been favourable or that the economy has returned to operating at normal capacity. "Rather, the committee determined only that the recession ended and a recovery began in that month."

Separately on Monday the Organisation for Economic Co-operation and Development (OECD) also cut its US growth forecast.

The OECD predicts the US economy will grow by 2.6% this year, having previously predicted expansion of 3.2%.

[Plantagenet]

$this->bbcode_second_pass_quote('IslandCrow', '
')To help with President bashing please fill in the blanks.

Recession started in Jan 2008 when when President _________ was in power.
Recession ended June 2009, about 6 months after President _________ took over.

[PrestonSturges]

Jobs are what's called a "lagging indicator." Before hiring increases, companies will max out overtime. So instead of having two jobs, you an have one job and two shifts. Wages will be one of the last things to increase, unless the government has one of its panic attacks over inflation.

[Sixstrings]

From the article:

$this->bbcode_second_pass_quote('', '&')quot;The committee decided that any future downturn of the economy would be a new recession and not a continuation of the recession that began in December 2007," the Cambridge, Mass.-based bureau's business cycle dating group said Monday.

[MarkJ]

Jobs are always a lagging indicator.

When the business of one of our business associates picked up substantially, their workers, warehouses, equipment, fleets and technology were so under-utilized that they were able to handle the increasing demand while eliminating over 100 workers. During the slow time, they invested in automation, computerization and efficiency.

Spikes in their demand are handled by our business, fewer, but much better performing employees working faster and smarter, or by their employees working overtime. They also use on-call temp workers.

First Fired/Last Hired. When hiring picks up, many of the jobs are filled by workers that already have a job or two and/or workers re-entering the job market, so it doesn't make much of a dent in the unemployment rate until the economy is so strong that even the uneducated, unskilled, inexperienced, unproductive workers can find work.

The New Hire Washout Rate is also very high in many occupations, so it doesn't make much of a long term dent in the unemployment numbers.

Each post recession job market is a little tougher due to increasing education, skill, knowledge, experience and performance requirements, plus tougher pre-employment, probationary and post employment standards.

Many local job seekers that were employable before the recession are currently unemployable. Many of these unemployable job seekers will have to retrain for other jobs, relocate, start their own small scale business, or work in the underground economy.

Many of the jobs we lost are male dominated occupations. Many males refuse to apply for, or re-train for what they consider women's work which adds to the unemployment numbers.

Due to taxes, regulations, mandates, unions, wages, benefits, labor laws etc, many businesses relocate, outsource, offshore and invest in automation, robotics, computerization, communications and other productivity increasing technology, so fewer workers are needed after each recession.

Since we've extended unemployment to 99 weeks, increased income qualification limits of safety net programs, increased the benefit amounts of safety net programs and eliminated, modified, or no longer enforce asset/resource limits, many workers are opting out of the workforce, working part-time and/or performing under-the-table cash jobs and services so that they'll qualify for numerous tax credits/refunds, freebies and subsidies.

[Plantagenet]

$this->bbcode_second_pass_quote('MarkJ', 'J')obs are always a lagging indicator.

[Lore]

$this->bbcode_second_pass_quote('Plantagenet', '')$this->bbcode_second_pass_quote('MarkJ', 'J')obs are always a lagging indicator.

[Sixstrings]

$this->bbcode_second_pass_quote('Lore', 'M')arkJ, just explained why. We are undergoing a seismic shift in the job market. Technology is improving productivity on repetitive semi-skilled jobs resulting in less workers needed, or those jobs and business’s that utilize such labor are being outsourced. It's not your old Reagan economy anymore and just a matter of taxation.

[Plantagenet]

$this->bbcode_second_pass_quote('Lore', 'W')e are undergoing a seismic shift in the job market. Technology is improving productivity on repetitive semi-skilled jobs resulting in less workers needed, or those jobs and business’s that utilize such labor are being outsourced. It's not your old Reagan economy anymore and just a matter of taxation.

[Sixstrings]

$this->bbcode_second_pass_quote('', '[')img]http://www.zerohedge.com/sites/default/files/images/user5/imageroot/draghi/Mfg%20Surveys_0.png[/img]

There may be those among the less than brainwashed lemmingerati out there who have noticed what, as we have pointed out for the past month when reporting on the various manufacturing and regional Fed indices, has been an epic collapse in the appropriate data series. As John Lohman so kindly demonstrates, the two month implosion has been beyond epic, and while certainly the biggest drop in the past decade, may also be the all time worst ever.

To the point of this post: the last time we had an economic contraction of this magnitude was back in February of 2008, which was two months into the most acute recession in post-depression history. We are confident that once the groupthink wraps its head around the fact that the auto production based renaissance is not coming, and the economy officially tumbles into the commode of Ben Bernanke's fiat dungeon, the NBER will determine (with an appropriate 12-18 month delay), that the current recession started in April of 2011.
http://www.zerohedge.com/article/manufacturing-surveys-imply-us-economy-has-entered-second-month-rerecession

[John_A]

$this->bbcode_second_pass_quote('Sixstrings', '
')Well, first of all I wasn't aware the last recession ever ended. Guess I didn't get the memo.

[Armageddon]

Put this in Oily's imaginary recovery thread.

[John_A]

$this->bbcode_second_pass_quote('Armageddon', 'P')ut this in Oily's imaginary recovery thread.

[pedalling_faster]

$this->bbcode_second_pass_quote('Sixstrings', 'C')an more quantitative easing rescue the economy again? Will Obama's big oil reserve release do the trick? Congress is making noises about cutting back and all that, but won't we need another half trillion dollar stimulus?