$1 USD, that's like $1 CAD?

[athanasios]

Oh my store gets tons of food stamp users. And the irony is that the majority of them use it for crab legs, massive birthday cakes, frozen shrimp, and other ridiculous food items. It's a system that is being taken advantage of daily.

That's bad, very very bad! Is your government so useless? They should specify for which items those stamps are allowed to be used for. (For example: Milk, Bread, Oil, Meat and not on specific 'luxury' items.)

[Acriku]

Don't you think that's a bit simplistic, and reinforcing of a basic stereotype?

I'm sure they use it for the basic necessities of life to feed themselves, others, and children.

No, it's quite the real situation. Not sure which stereotype I'm reinforcing since I mentioned neither race nor gender, but this is definitely a sad situation. I'm pretty sure a 400$ wedding cake wasn't what EBT food stamp programmers thought about when constructing the program. The fact that you can save that much in EBT proves you do not need it, and other people definitely do.

[ErasOmnius]

No, it's quite the real situation. Not sure which stereotype I'm reinforcing since I mentioned neither race nor gender, but this is definitely a sad situation. I'm pretty sure a 400$ wedding cake wasn't what EBT food stamp programmers thought about when constructing the program. The fact that you can save that much in EBT proves you do not need it, and other people definitely do.

You said a majority of them. I'm sure there are some abusers, but for the most part, people want to do the right thing--buy necessities.

[Andrew]

You said a majority of them. I'm sure there are some abusers, but for the most part, people want to do the right thing--buy necessities.

Ok, majority was a bad word to use. But there are many cases of people on food stamps, welfare, employment insurance etc who abuse the system. Or maybe more accurately stated do not use the system to better themselves and instead just stay in perpetual need of the programs.

I have heard of people who get their welfare/EI cheques and go straight to the gambling machines.

Although interestingly enough the people who waste government benefits on tobacco, alcohol, gambling are highly taxed items so I guess the government gets the money back anyways.

EI is abused where I'm at especially since a seasonal economy. People work enough hours to get their EI stamps (usually around May-September), then go on EI for the winter.

Job losses up in Canada, U.S.

Statistics Canada reported the country lost 139,000 full-time jobs in July.

:(

The world's largest economy lost 131,000 jobs in July, keeping the American unemployment rate at 9.5 per cent, the Labour Department reported Friday. The rate was unchanged in part because of a drop in the number of people looking for work.

Ah, yes more people stopped looking for work.

All the USA census jobs have come to an end.

It seems that all the job losses are for full time positions. There is an increase in part time positions still.

So with lots of full time gone, and more part time does this mean our economies will be propped up by part time jobs? Will these part time jobs transition into full time jobs when the economy gets better. Example: someone working somewhere part time. Economy gets better. Employer hires person to full time position?

Or are the part time jobs only temporary jobs that will disappear once full time jobs reappear?

The USD has lost value again recently. Dollar near bear market territory

CAD is at 0.97, so guess it has gone back up. Was a couple weeks ago I thought at 0.94?

[ErasOmnius]

Ok, majority was a bad word to use. But there are many cases of people on food stamps, welfare, employment insurance etc who abuse the system. Or maybe more accurately stated do not use the system to better themselves and instead just stay in perpetual need of the programs.

You're right. I took a young couple to Target the other day. The young woman, with coupons, filled up two shopping carts, and it only cost her U$35. But there is another guy who comes into the Center regularly who tells us he tries to trade his BridgeCard [Michigan's Food Stamp Program] for alcohol all the time. How do you regulate the guy without hurting the young couple?

I have heard of people who get their welfare/EI cheques and go straight to the gambling machines.

Is that why the parking lot is always full at Caeser's Casino, Windsor, ON?  :D

Although interestingly enough the people who waste government benefits on tobacco, alcohol, gambling are highly taxed items so I guess the government gets the money back anyways.

EI is abused where I'm at especially since a seasonal economy. People work enough hours to get their EI stamps (usually around May-September), then go on EI for the winter.

Job losses up in Canada, U.S.:(Ah, yes more people stopped looking for work.

All the USA census jobs have come to an end.

It seems that all the job losses are for full time positions. There is an increase in part time positions still.

So with lots of full time gone, and more part time does this mean our economies will be propped up by part time jobs? Will these part time jobs transition into full time jobs when the economy gets better. Example: someone working somewhere part time. Economy gets better. Employer hires person to full time position?

Or are the part time jobs only temporary jobs that will disappear once full time jobs reappear?

The USD has lost value again recently. Dollar near bear market territory

CAD is at 0.97, so guess it has gone back up. Was a couple weeks ago I thought at 0.94?

Yeah, it's getting more and more expensive to go to Windsor's Little Italy. I thought it was much cheaper earlier this year, than when I took everybody last week. I know that the Windsor economy is dependent on metro Detroit visitors -- on a weak Canadian dollar. Poor Nico, the owner of Nico's Restorante, if the exchange rate goes positive for the CAD.

[Lord J]

In my opinion the problem with welfare is that there is typically no accountabilty, or blanket requirements at the state/local level. For example, a friend of mine has, like six children and is a single mom; she works part time, and helps out at a gym in exchange for gym membership. Well, when she tallied up her hours at her part time job with her hours at the gym, her welfare assistance was cut because she was working too much. Similarly, another friend lost her job several years ago when her daughter was born. She recieved assistance with her daughter, even through her time at college, but when she got a part time job to help pay for a few things, she lost a ton of benefits. The system gave her more money to be an unemployed single mom than she made working a part time job (thereby reinforcing joblessness).

Welfare is a joke in practice here in the States, which as a person with socialist leanings, is really difficult for me to admit.

[ErasOmnius]

In my opinion the problem with welfare is that there is typically no accountabilty, or blanket requirements at the state/local level. For example, a friend of mine has, like six children and is a single mom; she works part time, and helps out at a gym in exchange for gym membership. Well, when she tallied up her hours at her part time job with her hours at the gym, her welfare assistance was cut because she was working too much. Similarly, another friend lost her job several years ago when her daughter was born. She recieved assistance with her daughter, even through her time at college, but when she got a part time job to help pay for a few things, she lost a ton of benefits. The system gave her more money to be an unemployed single mom than she made working a part time job (thereby reinforcing joblessness).

Welfare is a joke in practice here in the States, which as a person with socialist leanings, is really difficult for me to admit.

Welfare needs to be tweaked. None of the above women should have lost anything for trying to improve their lot in life.

The dollar for dollar tax deduction that Bush 41 and Bush 43 took away for giving to charities needs to be re-instated. People could afford to give a lot more money and time to their local food pantry before the Federal Tax law was changed.

[Andrew]

The dollar for dollar tax deduction that Bush 41 and Bush 43 took away for giving to charities needs to be re-instated. People could afford to give a lot more money and time to their local food pantry before the Federal Tax law was changed.

I love how in Canada the tax system is designed so that you get more credits for donating to political parties, than to charities.

First $200 dollars of charity donation gets 15%, anything over $200 gets bumped up to 29%. 2007 source

First $400 gets 75%, $400-700 gets 50%, $750-1250 gets 33.33% for political contributions 2009.

[Andrew]

Jobs picture darkens as new unemployment claims rise to 484K, highest level since February

Huh? It's August and more people are losing jobs?

Could this increase be due to all the Census people filing for unemployment?

Some economists speculate that many census workers whose jobs are finished are requesting unemployment benefits.

Gotta love that. Government gives people jobs. Job ends and government keeps paying them in employment insurance.

I thought the economy was recovering? If not after all that stimulus money handed out, what next? More stimulus? Job markets will correct itself?

And on Wednesday, the Commerce Department said June imports jumped while exports dropped. That pushed the trade gap to its widest point since October 2008. Many economists say that could reduce economic growth estimates in the April-to-June quarter to 1.2 percent -- half the 2.4 percent annual rate the government estimated last month.

oh god, now they have larger trade deficits as well to deal with?

Some companies are still cutting workers. Medical products manufacturer CareFusion Corp. said Wednesday it plans to eliminate 700 jobs, saving the company up to $120 million a year.

That works out to be $171,428.57 per employee. I realize this would include building rent, utilities etc, but that is still pretty expensive per employee.

Anyone have any good news for American economy?

Is Europe still in shambles the media made it out to be in a year ago or so? Havn't heard much about Greece or Spain lately.

[athanasios]

Greece reached bottom, nevertheless you will not hear much since this is vacations month. Next month...

And government failed to collect the money they expected with the heavy taxes the imposed. The morons were warned. The time to get rid of them is approaching but till then they will destroy the country's economy if not something worse and we will have to suffer.

[chatfsh]

The American economy is still chugging along on life support, primarily in the form of government spending and various incentives designed to create a false sense of economic growth.  The stock market is propped up by the same out-of-control government spending, but  savvy investors aren

[Lord J]

but they are oh-so cautious

[chatfsh]

Are your clients buying rations and bomb shelters? I think that might be a good next step. Not to mention guns and body guards....

From what I

[Dante]

Oh please. Can we not drag your insanity into this topic as well? It's managed to remain mostly stable for so long.

[athanasios]

It is not insanity. Those are the real facts.

[ErasOmnius]

The American economy is still chugging along on life support, primarily in the form of government spending and various incentives designed to create a false sense of economic growth.  The stock market is propped up by the same out-of-control government spending, but  savvy investors aren

[athanasios]

I think I must start collecting food and other stuff. The government is imposing heavy taxes and only one thing is sure: we are NOT going to pay them, because we do not have the money to. I smell anarchy and possibly the commies starting a revolution.

[Andrew]

Used Car Prices Up As Much as 30%

Cash for clunkers program has increased prices for used cars. Bad part about article is all the vehicles listed are expensive ones, so it doesn't make much sense to me. Yes, people looking for used vehicles are looking for Cadillac Escalades...

Either way it is more proof of policy failure and makes sense that old vehicles taken off market, and lower new car sales mean less used, thus higher used prices.

Existing home sales plunge 27.2% in July

Due to tax credits to buy homes in past year running out, less people buying homes. Another policy failure. All it did was give government money to people who were planning on buying home anyways, and it drove up prices of homes as there was increased demand, so people didn't save money.

Nearly 50 percent leave Obama mortgage-aid program

Great, more people using gov money, but dropping out. Another policy failure.

The pace of repossessions has been increasing and the nation is now on track to having more than 1 million homes lost to foreclosure by the end of the year.

....

Lenders have historically taken over about 100,000 homes a year, according to RealtyTrac.

EDIT:

Obamanomics: Touching lives $195,000 at a time

a recent Government Accountability Report (GAO), finding that each job ‘created’ by the stimulus bill costs an average of $194,213.

The gov is spending $195,000 to create each job. And are using new terms to define it: Lives touched.

[Andrew]

Congratulations USA, your recession ended June 2009. It was the longest recession since WWII.

Business Cycle Dating Committee, National Bureau of Economic Research

Of course the economy still sucks.

Gold hit a record high. On Talk like a Pirate day. ARRRRR

[athanasios]

Congratulations Greece. The measures taken by the (circus) government were successful. Big problems are handled successfully and Greece and Ireland will not go bankrupt according to Olli Rehn. http://en.wikipedia.org/wiki/Olli_Rehn

Sources (in Greek):

http://www.imerisia....&pubid=60805147

http://www.e-go.gr/n...&pubid=53332660

Bull****! What would you expect from the OLLi-ar to say?

LIAR HERE ARE THE FACTS:

11,8% Unemployment. Or 34,2% increase over last year.

Source (in Greek): http://www.tanea.gr/...3&artid=4594609

ATLANTIC,

ALDI,

FNAC,

...

[Andrew]

Lots happening financially recently.

Gold hit new highs at almost $1500

USD doing badly. CAD is above par. Bad for exports, good for imports.

BRIC announced they will give out loans to each other in their own currency and not USD. link

Standard and Poor’s pinned a “negative” rating on the United States fiscal outlook.

So this makes it more expensive for US government to borrow money. It makes USD look less favourable to hold.

Today in Canada big news is that Inflation has become a problem.

Inflation rate highest since before recession

At that time (2008) it was highest in long time, and Bank of Canada had interest rates at about 4.25%. Now with similar inflation, BoC only at 1%. So even though at last interest rate announcement they said they would keep it low for now (no change), this clearly indicates they have to increase it soon. BoC currently targeting 2% inflation.

Gas prices are crazy. $1.26 per litre. Before the recession hit last time when gas was most expensive ever it was $1.45. It is not even "driving" season in North America yet when they normally jack up gas 10 cents per litre, so the way things are going I can see price meeting old record.

Case Shiller 100 Year Chart (2011 Update)

So the home tax incentives that were handed out last(?) year were a failure, they just artificially increase home prices moving demand to sooner rather than later, so delaying the inevitable.

EDIT:

Dollar up on rate hike speculation

High inflation means interest rates must go up, so now everyone is assumign that and CAD has gone up 0.73% as of this post.

Bank of Canada (BoC) has kept interest rates low also due to not wanting our dollar to go up as it hurts exports which hurts economy. If they increased it enough to combat inflation, then we'd easily see $1.10 exchange rate.

[ErasOmnius]

Lots happening financially recently.

Gold hit new highs at almost $1500

USD doing badly. CAD is above par. Bad for exports, good for imports.

BRIC announced they will give out loans to each other in their own currency and not USD. link

Standard and Poor’s pinned a “negative” rating on the United States fiscal outlook.

So this makes it more expensive for US government to borrow money. It makes USD look less favourable to hold.

Today in Canada big news is that Inflation has become a problem.

Inflation rate highest since before recession

At that time (2008) it was highest in long time, and Bank of Canada had interest rates at about 4.25%. Now with similar inflation, BoC only at 1%. So even though at last interest rate announcement they said they would keep it low for now (no change), this clearly indicates they have to increase it soon. BoC currently targeting 2% inflation.

Gas prices are crazy. $1.26 per litre. Before the recession hit last time when gas was most expensive ever it was $1.45. It is not even "driving" season in North America yet when they normally jack up gas 10 cents per litre, so the way things are going I can see price meeting old record.

Case Shiller 100 Year Chart (2011 Update)

So the home tax incentives that were handed out last(?) year were a failure, they just artificially increase home prices moving demand to sooner rather than later, so delaying the inevitable.

EDIT:

Dollar up on rate hike speculation

High inflation means interest rates must go up, so now everyone is assumign that and CAD has gone up 0.73% as of this post.

Bank of Canada (BoC) has kept interest rates low also due to not wanting our dollar to go up as it hurts exports which hurts economy. If they increased it enough to combat inflation, then we'd easily see $1.10 exchange rate.

Are you saying Andrew, that I am not going to get my interest for the next 30 years, on the US Treasury Savings Bonds that I bought in 2002? I know, ha ha, the joke is on me. I will for a few more years...but then...

[Andrew]

Well, depends on the interest rate you got back in 2002. And whether it is high enough to offset the inflation we've had in past 10 years.

They'll keep paying interest (to default would crash everything), but they can easily make the interest they are paying worthless.

EDIT:

Canadian dollar surges to multi-year high: Loonie hits $105.29, highest since November 2007

So yesterday went up 0.78%, and so far today up another 0.31%. So over 1% in 2 days.

[DenisAtreides]

Oh, the Canadian dollar is actually worth $ 1.01 US dollars. Stephen Harper can't be all that bad. Well actually, he can.

[Gruntlord6]

Oh, the Canadian dollar is actually worth $ 1.01 US dollars. Stephen Harper can't be all that bad. Well actually, he can.

Mostly because he is.