Thought I would go for a career change as a result of the big Global Financial Crisis. So I did an 11 month course with Aviation Australia (the largest aviation maintance training organisation in Australia). Did really well topping my class with outstanding results, excellent attendance and what I thought was a good attitude (showed up, got on with it, didn’t bitch and moan, etc). Even did more than was required as I while my couse was mechanical I did the additional subjects required to complete avionics. Did the avionics stuff by myself over a period of about 4 months with books and notes. No instructor help. Just paid for and sat the exam.
Now I would think that having done all that I would at least get to an interview. Yes I had two back in late 2009 but since then zip. ..continue reading
The Republicans and FOX (aren’t they the same thing?) have the answers for increasing jobs and helping the economy.
Cut the minimum wage and eliminate unemployment benefits.
FOX is pushing the “cut the minimum wage” as a solution to the job problem even though almost every study done on the correlation between minimum wage increases and job loses shows that it has no effect and in fact increasing the minimum wage has expanded jobs in some areas.
Onto the next Republican idea to spur the economy.
Yesterday Michael Steele, RNC chairman appearing on NBC suggested that in order to get banks lending to small businesses the unemployment tax should be cut.
“Well, I think, first off, he should recognize that banks aren’t going to lend money to people who can’t pay them back. … So there’s — there’s this whole cycle of not understanding exactly how the ..continue reading
Currently the unemployment rate is at 10.2% but the creation of jobs does not seem to be a top priority for the government.
In recent weeks most analysts and economists agreed that the recession has bottomed out and the trajectory for the economy should be upwards. Although the recovery may be shallow and slow for the next few years.
The problem is that job creation seems to be lost with all the exuberance that the recession has come to an end.
While the top priority at the Federal, State and Local level should be the creation of jobs attention seems to be drifting away.
In his latest column in the NYT, Paul Krugman points out that “If you’re looking for a job right now, your prospects are terrible. There are six times as many Americans seeking work as there are job openings, and the average duration of unemployment — the time the average job-seeker has spent looking for work — ..continue reading
“States have reported using stimulus money to create or save more than 388,000 jobs so far this year, buttressing the Obama administration’s claim that the $787 billion plan has had a significant impact on the economy.”
“That total, based on a USA TODAY review of reports from 33 states and Puerto Rico, includes teachers, construction workers, and others whose jobs were funded by stimulus money awarded to states. The administration plans Friday to release reports from all 50 states, providing the broadest accounting yet of the stimulus plan’s impact.”
“Frank Lichtenberg of the Columbia Business School says the figures show a significant economic impact. Obama’s Council of Economic Advisors estimated that the stimulus had saved or created 600,000 to 1.1 million jobs.”
Several two-faced Republicans who vigorously opposed the stimulus have used the stimulus money and in some cases did not acknowledge its origins. These include Governor Bobby Jindal (R-LA), Sen. Richard Burr (R-NC), Rep. ..continue reading
The corporate share buyback has accelerate recently as the markets tanked.
While this may be a good thing for corporate executives it is a terrible thing for those searching for jobs in this economy.
An article in BusinessWeek this week points out that with the jobless rate hovering around 10% it is unconscionable that companies are buying back shares instead of using that money to retain, hire or even expand their businesses.
Many of the share buyback plans wind up enriching their top level management teams with stock based compensation.
The BW article points out that
“The amount of money spent on buybacks is staggering. From 1997 through last year, 438 companies in the Standard & Poor’s 500-stock index spent $2.4 trillion on them. In 2007, as profits soared, the average buyback bill for each was about $1.2 billion—a record amount. And faced with a dramatic drop in their combined net income in 2008, ..continue reading