Drudge Retort: The Other Side of the News
Thursday, May 03, 2018

New applications for U.S. jobless benefits increased less than expected last week and the number of Americans receiving unemployment aid fell to its lowest level since 1973, pointing to tightening labor market conditions. Claims dropped to 209,000 in the prior week, which was the lowest level since December 1969. The U.S. central bank on Wednesday left interest rates unchanged. The Fed said policymakers expected "economic activity will expand at a moderate pace in the medium term and labor market conditions will remain strong."

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Oh noes, quickly divert focus to what happens when the tax cuts expire 10 years from now!!!

-Priorities USA

#1 | Posted by Rightocenter at 2018-05-03 06:33 PM | Reply

Thanks President Obama.

#2 | Posted by Zed at 2018-05-03 06:54 PM | Reply | Newsworthy 3

Are we supposed to believe government statistics again?

Obama oversaw the creation of millions of jobs and recovery from the 2008 debt fueled crash. This while lowering the deficit and reducing federal government jobs.

The economy is doing great, now seems like a good time to cut the deficit, or does that only matter to Democrats.

#3 | Posted by bored at 2018-05-03 07:24 PM | Reply

Thanks Obama. For trumptards, you didn't believe improving job numbers since 2010, why would you believe them NOW?

#4 | Posted by E1g1 at 2018-05-03 09:37 PM | Reply

#4 | POSTED BY E1G1 AT 2018-05-03 09:37 PM | FLAG: How about you post some of the obama admin policies that were put in effect to improve the economy for us, please.

#5 | Posted by MSgt at 2018-05-04 12:03 AM | Reply

Thanks President Obama.
#2 | POSTED BY ZED
=============

For snorting coke off your wiener? Nothing to thank him for relative to this article so I am confused why you are thanking him.

#6 | Posted by Rex_Buyt at 2018-05-04 12:30 AM | Reply | Newsworthy 1

Lowest level of unemployment benefits also reflects Republicans' efforts in states like Florida to limit them, reduce them and deny them to deserving people. They'd just prefer you become homeless when you lose your job and it happens thousands of times in a month in Florida. F Rick Scott and the Republicans. Those evil bastards should feel the pain of the laws they enact. And, I haven't been unemployed for decades but, somehow, I can still feel for those who are. Why can't Republicans?

#7 | Posted by danni at 2018-05-04 07:13 AM | Reply

For many millions because their unemployment benefits expired. Many of those have sought shelter with permanent social security disability payments, applications for which have been higher than normal for several decades. Its a long drawn out process with automatic denials and appeals.

The spread between BLS unemployment numbers (4.7%) and Williams numbers (22%) have never been higher which is why Booker and Sanders have proposed a government job guarantee for those that want a job.

www.shadowstats.com

Its all BS and its bad for you (George Carlin)

#8 | Posted by bayviking at 2018-05-04 07:33 AM | Reply | Newsworthy 1

Trump Derangement Syndrome on display.

You guys need counseling. Your hate will consume you.

#9 | Posted by sawdust at 2018-05-04 10:38 AM | Reply

Oh noes, quickly divert focus to what happens when the tax cuts expire 10 years from now!!!

-Priorities USA

#1 | POSTED BY RIGHTOCENTER

If the unemployment numbers are legit, then giving free money to corporations already making record profits make ZERO sense.

1. Infrastructure
2. Education
3. Healthcare

American businesses lose a trillion dollars a year in lost revenue due to crappy infrastructure ...

That's just one example that flies against your silly sarcasm.

#10 | Posted by PinchALoaf at 2018-05-04 10:50 AM | Reply | Newsworthy 4

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Since it was much talked about previously when the unemployment numbers changed, I thought I'd leave the link to the labor participation rate statistics:
https://data.bls.gov/timeseries/LNS11300000

Playing with the years was instructive. The labor participation rates have been dropping since around 2000, but there is a significant change in the slope around 2009-2010, when we had coincident bad economy and the first of the baby boomers reaching 65. The participation rate has essentially leveled off just below 63% since 2014, as the first of the baby boomers approached 70. Interestingly, the labor participation rate was below 63% from the start of the statistics in 1948 through 1978. It looks like the participation rate started a long increase starting about 1964-1965 through 2000, with the steepest increase around the time of "stagflation" in the late '70s. 1964-65 would be when the first of the boomers turned 18. Prior to that, the participation rate bounced around 59%, +/- 1%.

Pure speculation, but I'd guess that the increase was in large part due to women joining the work force at the same time the boomers were reaching working age. The steep increases in the late 70's and again in the late 80's were indicative of the 2-family income becoming the norm, and older workers staying in the workforce longer.

I found this paper: "Trends in Retirement Age in the United States, 1955-1993, by Sex and Race" that seems to indicate the average retirement age was declining into the 90's, but the rate of change started to level off in the 80's. I don't know how much of that was influenced by the raising of the full retirement age in Social Security and how much was due to economic reasons. Anyway, this is getting far longer than I intended. Back to your argument about who gets credit.

#11 | Posted by StatsPlease at 2018-05-04 11:04 AM | Reply | Newsworthy 1

You libs are right.................. the economy sucks.

#12 | Posted by Sniper at 2018-05-04 12:14 PM | Reply

If the unemployment numbers are legit, then giving free money to corporations already making record profits make ZERO sense.

#10 | Posted by PinchALoaf

When will you ever learn that corporations never have paid any taxes. You do when you buy their stuff.

#13 | Posted by Sniper at 2018-05-04 12:16 PM | Reply

You libs are right.................. the economy sucks.

#12 | POSTED BY SNIPER

I don't remember any Liberal saying that. But we heard Republicans claiming it constantly during the last presidential election. And we heard America sucks in general from them.

#14 | Posted by Sycophant at 2018-05-04 12:53 PM | Reply

If the unemployment numbers are legit, then giving free money to corporations already making record profits make ZERO sense.
#10 | Posted by PinchALoaf
When will you ever learn that corporations never have paid any taxes. You do when you buy their stuff.
#13 | POSTED BY SNIPER

Actually they do. But not the way you think. Corporate taxes cut into profits and shareholder payments. If you get rid of the corporate taxes, goods and services would not decrease in a 1 to 1 dollar for dollar exchange as you might expect for a post as simple as yours. This is due to pricing being based on maximizing return.

For example, if a company can sell a widget for $100, they will do so. Taxing them $5 per widget cuts into how much they make off each widget. If they are making $20 per widget, they end up making only $15 after taxes per widget. But if you remove the $5 tax, the company is not incentivized to lower the cost of the widget if they are still maximizing profit at $100 per widget. So the company then makes $20 per widget and keeps the price at $100 per widget.

In addition, taxing companies ensures that taxation gets a crack at the money before it leaves the company and goes to an owner or shareholder. The owner or shareholder may have other ways to reduce their tax debt that the company did not. So it ensures fairness in the taxation system.

Finally, for companies owned by foreigners living abroad, the corporate tax ensures the US gets taxes for a company that is taking advantage of our infrastructure and market where the actual owner may be able to avoid paying US taxes mostly or completely.

You can quit posting now.

#15 | Posted by Sycophant at 2018-05-04 01:01 PM | Reply | Newsworthy 2

#6 except for the economic momentum that's given trump an economy worth bragging about.

#16 | Posted by jpw at 2018-05-04 01:53 PM | Reply

Let's go back to the Gold Standard Unemployment in November. 9%! Who's with me? -DNC

#17 | Posted by wisgod at 2018-05-04 05:38 PM | Reply | Newsworthy 1

To match Obama's performance the------------------- is going to have to get the u/e rate down to 1.8%.

#18 | Posted by reinheitsgebot at 2018-05-04 05:42 PM | Reply

You libs are right.................. the economy sucks.

#12 | POSTED BY SNIPER

I don't remember any Liberal saying that. But we heard Republicans claiming it constantly during the last presidential election. And we heard America sucks in general from them.

#14 | Posted by Sycophant

You have a damn short memory.

#19 | Posted by Sniper at 2018-05-04 06:28 PM | Reply

You can quit posting now.

#15 | Posted by Sycophant

That was the dumbest post of the day.

#20 | Posted by Sniper at 2018-05-04 06:29 PM | Reply | Newsworthy 1

#19 he's absolutely correct. Y'all are taking a page straight from Lyin' Trump's playbook and simply lying about what everyone knows is true.

#21 | Posted by jpw at 2018-05-04 08:24 PM | Reply

I wonder how the 'major' media's headlines [and the lefties' comments here] would read if this had happened under obama.....

#22 | Posted by MSgt at 2018-05-04 09:17 PM | Reply | Newsworthy 1

I wonder how the 'major' media's headlines [and the lefties' comments here] would read if this had happened under obama.....

#22 | POSTED BY MSGT

Quite differently considering the amount of teeth gnashing that would be going on from righties trying every logical pretzel they could manage to "prove" it's not really such a good thing and the numbers are simply cooked books.

#23 | Posted by jpw at 2018-05-04 09:41 PM | Reply

righties trying every logical pretzel they could manage to "prove" it's not really such a good thing and the numbers are simply cooked books.
#23 | POSTED BY JPW
===============
The books are definitely cooked. The explosion in disability recipients, how people are counted with time limits, and not really factoring in the quality of the job all make the statistics fake. However, with Trump, he is still doing way better than Obama even though the numbers are incredibly under counted. I think the true unemployment rate is probably around 10-11% currently. These are able bodied people that choose not to work.

#24 | Posted by Rex_Buyt at 2018-05-05 03:08 AM | Reply | Newsworthy 1

51% agree

#25 | Posted by Greatamerican at 2018-05-05 03:25 AM | Reply

"Trump, he is still doing way better than Obama"

"These are able bodied people that choose not to work."

These asinine comments have no basis in fact, yet are commonly held by many Republican "team members". Its the sort of stupidity which unites them.

#26 | Posted by bayviking at 2018-05-05 07:20 AM | Reply

It really does not matter that the leftists do not want to give Trump credit.

In fact I hope they continue to do that. In doing so they lose credibility with voters.

Trump's popularity numbers continue to increase.

The difference in the Dem vs Repub voting preferences continues to narrow.

People understand who to give credit.

#27 | Posted by sawdust at 2018-05-05 07:27 AM | Reply

Bragging about the economy that Obama built and attributing it to Trump is just dishonest. If Trump had inherited the economy Obama faced when he came into office, OMG! I have actually supported some of the things Trump said he was going to do, like tariffs, but then chickened out. Other than that what really do you think Trump did differently than Obama? Tax cut? George Bush did that too, we all know where that took us. Is that really a goal that anyone wants to pursue?['p
When the same folks who bragged about the "great Bush economy" now brag about the "great Trump economy" I know disaster is on its way.
Let's just be honest, when you do the same thing over and over but expect different results that is the definition of insanity, welcome to the Trump (Bush) economy. Hey, let's stir in a little war with Iran just to make things interesting and watch Kim Jung Un keep his nukes.

#28 | Posted by danni at 2018-05-05 07:44 AM | Reply

Bragging about the economy that Obama built and attributing it to Trump is just dishonest.
==============
Slowest recovery in the history of recoveries. Worst, this 'recovery' didn't even resolve the underlying issue that created the mess in the first place - which is banks too big to fail and massive credit expansion. Obama 'solved' the issue by bailing out the banks and then quantitative easing - which was simply rewarding the banks for their bad behavior. As a result, the banks bounced bank really quick but underlying employment growth - in full time jobs w/ good pay - sucked. Given Obam just opened the government wallet and started throwing money around, the recovery should have been much, much faster. However, Obama simultaneously bailed out the banks while heaping more and more onerous requirements on the companies that make up the real economy. That is why Trump was able to accelerate growth 8+ years into the recovery through basically cutting regulations only.

Other than that what really do you think Trump did differently than Obama?
==============
Did you miss how he single handedly trashed the Obama legacy by slashing the regulations that Obama heaped on the real economy?

"When the same folks who bragged about the "great Bush economy" now brag about the "great Trump economy" I know disaster is on its way.
==============
The 'Bush Economy' was a debt bubble - Obama's recovery is about 95% the result of the re-inflation of that debt bubble.

Let's just be honest, when you do the same thing over and over but expect different results that is the definition of insanity, welcome to the Trump (Bush) economy. Hey, let's stir in a little war with Iran just to make things interesting and watch Kim Jung Un keep his nukes.
#28 | POSTED BY DANNI
==============
Trump and Bush are polar opposites. The Bush backers became "Never Trumpers" and then became Democrat backers. This was the Koch Brothers, the Neocons, etc. They destroyed the country and now they are taking over the Dems to implement act 2. Ever wonder why you are pro-war all of the sudden?

#29 | Posted by Rex_Buyt at 2018-05-05 08:22 AM | Reply

In fact I hope they continue to do that. In doing so they lose credibility with voters.
#27 | POSTED BY SAWDUST
=============
Basically, it is looking more and more likely that the Mueller investigation end and the economy is still peaking going into the midterms. The Dems have offered "Russia, Russia, Russia" and "Not Trump" - that is all. They don't even realize that their policies are not aligned with working Americans anymore, that, or they simply don't care.

#30 | Posted by Rex_Buyt at 2018-05-05 08:26 AM | Reply

"Basically, it is looking more and more likely that the Mueller investigation end and the Obama economy is still peaking going into the midterms."

FTFY

#31 | Posted by danni at 2018-05-05 08:37 AM | Reply

#24 so Obama's economy did suck because the numbers are cooked but Trump's is good because of uncounted factors?

LOL do you actually read what you type? That's the most absurd thing I've read today, but have hope since it's still morning.

#32 | Posted by jpw at 2018-05-05 10:05 AM | Reply

#15 | POSTED BY SYCOPHANT

It's pointless. Republicans just don't understand economics. Actually studying and understanding how the economy works is, for them, "elitist" so therefore evil. So they just make decisions based upon their "gut" or "truthiness", which is how we end up with idiots like Trump.

But, to add to what you said, increased taxes lead to increased prices by reducing competition. As you pointed out, companies are going to charge whatever price maximizes profits, regardless of the tax rate. Since taxes are charged on profits, changing taxes doesn't change the profit maximizing point (or profit maximizing price), just the magnitude of profits AT that point. But, by decreasing the magnitude of the profits, the potential reward for making investments in the market is decreased. So, you will have a decrease in the willingness of companies to enter that market or expand their presence, resulting in less competition. As competition decreases, prices go up. I think the last time I saw an analysis of it, they concluded that price increase on average paid for around 20 - 30% of a corporate tax hike (and vice versa), though different industries feel it to a different degree.

Though, this is all elitist "science" and "facts", so I am sure Sniper has long since exited the window in disgust. Probably for the best. Wouldn't want the economically illiterate to hurt themselves trying to understand things beyond their spoon-fed ideology.

#33 | Posted by gtbritishskull at 2018-05-05 10:36 AM | Reply

"As competition decreases, prices go up. I think the last time I saw an analysis of it, they concluded that price increase on average paid for around 20 - 30% of a corporate tax hike (and vice versa), though different industries feel it to a different degree."

Thus, as little folks wonder why the Sherman Anti-trust Act has not been enforced for decades while corporate profits have reached astronomical levels while politicians accept huge donations from corporations. Thus, I lay the stagnant wages, high costs of living, etc. at the feet of the totally corrupt Supreme Court. They are the source of America's ills, fix the court fix America.

#34 | Posted by danni at 2018-05-05 10:54 AM | Reply

And let me just add, that when Bitch Mcconnel dies he should burn in hell forever.

#35 | Posted by danni at 2018-05-05 10:55 AM | Reply

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