Q. A surprisingly weak jobs report cast a shadow over the economy, undermining several weeks of positive data and diluting hopes of an accelerating recovery.
U.S. employers added just 39,000 payroll jobs in November, a sharp slowdown from the prior month, the Labor Department said. The unemployment rate jumped to 9.8% from 9.6% in part due to more people joining the labor pool.
The report contradicted a recent string of optimistic data, from retail sales to housing, leading many analysts to suggest the figures could be a statistical aberration rather than the beginning of a weakening labor market. Indeed, the government on Friday revised jobs data for September and October to show stronger numbers in those months, though the rise was still far too slow to improve the labor picture substantially.
The latest figures underscore the fragility of the recovery more than a year after the economy resumed growth. Employers, while no longer cutting jobs on a large scale, remain cautious about substantial hiring amid weak, albeit improving, consumer sentiment. Private-sector employers added just 50,000 jobs last month, offsetting the 11,000 drop in government employment driven by local budget cuts.
The disappointing job report comes in the wake of a series of upbeat indicators, including signs that consumers were boosting spending in stores in the run-up to the holidays and a surging stock market.
Consumer sentiment -- crucial in an economy where their spending accounts for 70% of demand -- rose in November to its highest level since June. November auto sales jumped 17% from their year-earlier pace. In housing, an index of pending home sales surged more than 10% in October. Construction spending has increased for two months. Factory output and corporate profits continue to grow.
"The real world probably is not doing quite as poorly as these data suggest," said Credit Suisse chief economist Neal Soss. "That is not to say the reality is satisfactory."
The market rose slightly Friday, with the Dow up 19.68 to 11382.09. Oil hit another 25-month high. This week, other strong data and the anticipation of good jobs numbers pushed the Dow up nearly 300 points, to just below its high for the year.
Even Goldman Sachs economists, who have been among the most bearish forecasters in recent years, this week raised their projection for 2011 economic growth to 2.7% from 2% previously. But the firm still expects the unemployment rate to remain high, ending 2012 at 8.5%, following estimated growth of 3.6% that year.
"The economy is not sprinting, it's not walking, but it's crawling forward," said Sam Geil, chief executive of Geil Enterprises, a Fresno, Calif., firm that provides janitorial and security services.
His company, with about 450 workers, has seen activity picking up since September and expanded payroll by 17 jobs last month. Mr. Geil said he's noticed some people coming in as their unemployment benefits run dry. "It's the lower-paying jobs," Mr. Geil said. "We're not adding at the higher level. We just don't have the need."
The numbers are likely to relieve some criticism of the Federal Reserve's $600 billion bond-buying program, which central bank officials launched last month amid worries about a prolonged period of slow growth. The figures also increased the likelihood that Congress would extend tax cuts and federal unemployment benefits that expired this week, and perhaps consider new measures to boost growth, such as a payroll-tax holiday.
Rep. John Boehner (R., Ohio), the incoming House Speaker, said the weak job growth was "clearly no match for the uncertainty families and small businesses are facing, which is why we must cut spending and stop all the looming tax hikes."
Austan Goolsbee, chairman of the White House Council of Economic Advisers, said terminating unemployment benefits or not extending middle-class tax cuts would "pull the rug out from under the nation's recovery."
The figures illustrate a divergence between sectors of the economy. Goods-producing sectors lost 15,000 jobs during the month due to declines in construction and manufacturing.
M-Tek Inc., an Elgin, Ill., builder of food packaging systems, says orders have been slow coming in. Rather than reduce its head count of 30 employees, the company has shifted staff according to need, says president Tom Liakopoulis.
Many service industries are seeing stronger activity and added 65,000 jobs overall in November. While the financial sector shed 9,000 jobs and the retail sector dropped by 28,000, every other major category saw an uptick.
Professional and business services gained 53,000 jobs; health care added 23,000. The leisure and hospitality industry, such as hotels, added about 11,000 jobs. W Austin hotel, which opens in Austin, Tex., next week, added 250 jobs last month, the bulk of the 315 it plans to br
U.S. employers added just 39,000 payroll jobs in November, a sharp slowdown from the prior month, the Labor Department said. The unemployment rate jumped to 9.8% from 9.6% in part due to more people joining the labor pool.
The report contradicted a recent string of optimistic data, from retail sales to housing, leading many analysts to suggest the figures could be a statistical aberration rather than the beginning of a weakening labor market. Indeed, the government on Friday revised jobs data for September and October to show stronger numbers in those months, though the rise was still far too slow to improve the labor picture substantially.
The latest figures underscore the fragility of the recovery more than a year after the economy resumed growth. Employers, while no longer cutting jobs on a large scale, remain cautious about substantial hiring amid weak, albeit improving, consumer sentiment. Private-sector employers added just 50,000 jobs last month, offsetting the 11,000 drop in government employment driven by local budget cuts.
The disappointing job report comes in the wake of a series of upbeat indicators, including signs that consumers were boosting spending in stores in the run-up to the holidays and a surging stock market.
Consumer sentiment -- crucial in an economy where their spending accounts for 70% of demand -- rose in November to its highest level since June. November auto sales jumped 17% from their year-earlier pace. In housing, an index of pending home sales surged more than 10% in October. Construction spending has increased for two months. Factory output and corporate profits continue to grow.
"The real world probably is not doing quite as poorly as these data suggest," said Credit Suisse chief economist Neal Soss. "That is not to say the reality is satisfactory."
The market rose slightly Friday, with the Dow up 19.68 to 11382.09. Oil hit another 25-month high. This week, other strong data and the anticipation of good jobs numbers pushed the Dow up nearly 300 points, to just below its high for the year.
Even Goldman Sachs economists, who have been among the most bearish forecasters in recent years, this week raised their projection for 2011 economic growth to 2.7% from 2% previously. But the firm still expects the unemployment rate to remain high, ending 2012 at 8.5%, following estimated growth of 3.6% that year.
"The economy is not sprinting, it's not walking, but it's crawling forward," said Sam Geil, chief executive of Geil Enterprises, a Fresno, Calif., firm that provides janitorial and security services.
His company, with about 450 workers, has seen activity picking up since September and expanded payroll by 17 jobs last month. Mr. Geil said he's noticed some people coming in as their unemployment benefits run dry. "It's the lower-paying jobs," Mr. Geil said. "We're not adding at the higher level. We just don't have the need."
The numbers are likely to relieve some criticism of the Federal Reserve's $600 billion bond-buying program, which central bank officials launched last month amid worries about a prolonged period of slow growth. The figures also increased the likelihood that Congress would extend tax cuts and federal unemployment benefits that expired this week, and perhaps consider new measures to boost growth, such as a payroll-tax holiday.
Rep. John Boehner (R., Ohio), the incoming House Speaker, said the weak job growth was "clearly no match for the uncertainty families and small businesses are facing, which is why we must cut spending and stop all the looming tax hikes."
Austan Goolsbee, chairman of the White House Council of Economic Advisers, said terminating unemployment benefits or not extending middle-class tax cuts would "pull the rug out from under the nation's recovery."
The figures illustrate a divergence between sectors of the economy. Goods-producing sectors lost 15,000 jobs during the month due to declines in construction and manufacturing.
M-Tek Inc., an Elgin, Ill., builder of food packaging systems, says orders have been slow coming in. Rather than reduce its head count of 30 employees, the company has shifted staff according to need, says president Tom Liakopoulis.
Many service industries are seeing stronger activity and added 65,000 jobs overall in November. While the financial sector shed 9,000 jobs and the retail sector dropped by 28,000, every other major category saw an uptick.
Professional and business services gained 53,000 jobs; health care added 23,000. The leisure and hospitality industry, such as hotels, added about 11,000 jobs. W Austin hotel, which opens in Austin, Tex., next week, added 250 jobs last month, the bulk of the 315 it plans to br
A. http://ca.search.yahoo.com/search;_ylt=A0oG73K4pHJN6.UAaEzrFAx.?ei=UTF-8&fr=slv1-&p=how+to+write+a+critical+analysis&rs=0&fr2=rs-top
Would You Support / Oppose These Tax Reforms?
Q. As of now, income earned from labor is taxed at or near 35% while income earned from stocks, capital gains and dividends is only taxed at 15%. Under this reform, the tax on income earned from labor would be dropped to 25% and the tax on income earned from investing would be raised to 25%.
Support or Oppose?
The US currently has one of the highest Corporate Income Tax rates in the World. Under these reforms, the Corporate Income Tax rate would be dropped to 30%, but we would end Corporate Subsidies (aka Corporate Welfare) and close all tax loop holes completely. A Corporation could reach a maximum low of 25% tax rate if they adhere to more stringent environmental regulations and cut their carbon emissions, etc.
Support or oppose?
Under these reforms the tax code would be simplified as follows and applied to both income earned from labor and from investing.
$1-25,000- 1%
$25,000- 100,000- 2.5%
$100,000-500,000- 5%
$500,000-1,500,000- 10%
$1,500,000- 3,000,000- 15%
$3,000,000-4,500,000- 20%
$4,500,000- 6,000,000- 25%
$6,000,000-7,500,000+ 30%
Support or Oppose?
Support or Oppose?
The US currently has one of the highest Corporate Income Tax rates in the World. Under these reforms, the Corporate Income Tax rate would be dropped to 30%, but we would end Corporate Subsidies (aka Corporate Welfare) and close all tax loop holes completely. A Corporation could reach a maximum low of 25% tax rate if they adhere to more stringent environmental regulations and cut their carbon emissions, etc.
Support or oppose?
Under these reforms the tax code would be simplified as follows and applied to both income earned from labor and from investing.
$1-25,000- 1%
$25,000- 100,000- 2.5%
$100,000-500,000- 5%
$500,000-1,500,000- 10%
$1,500,000- 3,000,000- 15%
$3,000,000-4,500,000- 20%
$4,500,000- 6,000,000- 25%
$6,000,000-7,500,000+ 30%
Support or Oppose?
A. Support! Sounds like fair progressive Keynesian taxation. A similar structure, though with higher taxes for the wealthiest, existed after World War II and before Reagan and it brought the highest increase for the middle class.
The proportion of taxes paid by Corporations has steadily decreased. By 2002, the portion of federal revenue coming from corporate taxes had fallen to below 10 percent--down from approximately 33 percent during the Eisenhower administration.
Overall, in 2002, the IRS assessed just 22 negligence penalties against 2.5 million U.S. corporations, a decline of more than 99 percent from 1993, when nearly 2,400 penalties--a pitifully low number itself--were imposed. Meanwhile, corporations have been using legal tax shelters and creative "massaging" of tax laws to get away with tens of billions.
Take "inversion." In an inversion, a U.S.-based corporation creates an offshore subsidiary for about $27,000 (the cost of a mail drop, usually in Bermuda)--and then transforms the subsidiary into the corporate parent.
Presto--the U.S. company becomes the subsidiary of the new, offshore company, which escapes paying U.S. taxes by charging its "subsidiary" for everything from management services to use of the corporate logo. What would have been taxable profits are transformed into tax deductions.
Companies that have inverted include the now-bankrupt Tyco and Global Crossing--which also, as it turns out, "inverted" much of their stockholdersâ investments and employeesâ pensions into corporate executivesâ pockets at the same time. Tyco, for example, estimated that it saved about $450 million in taxes every year after it made Bermuda its "headquarters" in 1997.
Tax cuts for working wage earners would at least offset a little of the wage losses suffered through neoliberalism.
"Studies by economists with the Economics Policy Institute report that as of 2006, the most recent data, the typical American family's income remained $1,000 below its peak in 2000. Six years of "economic recovery" were unable to put the real median family income back to its previous peak. The combination of massive indebtedness, offshoring job loss, and recession is likely to produce further decline in US living standards.
Last month (December 2007) the Congressional Budget Office released its report on household incomes. The CBO data show that 80% of Americans have experienced a falling share of US income, and that the top 1% of the income distribution has received almost the entire income gain of the top 20% of Americans. Keep in mind that some of this measured income gain is in reality phantom income according to the research of Susan Houseman.
An economy that concentrates its income gains at the very top while wiping out high value-added jobs by sending them abroad, thus dismantling the ladders of upward mobility, is an economy headed for serious troubles even without subprime derivative and currency problems.
All of the presidential candidates currently in the running have authoritarian personalities. America's next president is likely to seize upon rising domestic economic hardship and growing resistance abroad to US hegemony to complete the dismantling of America's constitutional system."
The proportion of taxes paid by Corporations has steadily decreased. By 2002, the portion of federal revenue coming from corporate taxes had fallen to below 10 percent--down from approximately 33 percent during the Eisenhower administration.
Overall, in 2002, the IRS assessed just 22 negligence penalties against 2.5 million U.S. corporations, a decline of more than 99 percent from 1993, when nearly 2,400 penalties--a pitifully low number itself--were imposed. Meanwhile, corporations have been using legal tax shelters and creative "massaging" of tax laws to get away with tens of billions.
Take "inversion." In an inversion, a U.S.-based corporation creates an offshore subsidiary for about $27,000 (the cost of a mail drop, usually in Bermuda)--and then transforms the subsidiary into the corporate parent.
Presto--the U.S. company becomes the subsidiary of the new, offshore company, which escapes paying U.S. taxes by charging its "subsidiary" for everything from management services to use of the corporate logo. What would have been taxable profits are transformed into tax deductions.
Companies that have inverted include the now-bankrupt Tyco and Global Crossing--which also, as it turns out, "inverted" much of their stockholdersâ investments and employeesâ pensions into corporate executivesâ pockets at the same time. Tyco, for example, estimated that it saved about $450 million in taxes every year after it made Bermuda its "headquarters" in 1997.
Tax cuts for working wage earners would at least offset a little of the wage losses suffered through neoliberalism.
"Studies by economists with the Economics Policy Institute report that as of 2006, the most recent data, the typical American family's income remained $1,000 below its peak in 2000. Six years of "economic recovery" were unable to put the real median family income back to its previous peak. The combination of massive indebtedness, offshoring job loss, and recession is likely to produce further decline in US living standards.
Last month (December 2007) the Congressional Budget Office released its report on household incomes. The CBO data show that 80% of Americans have experienced a falling share of US income, and that the top 1% of the income distribution has received almost the entire income gain of the top 20% of Americans. Keep in mind that some of this measured income gain is in reality phantom income according to the research of Susan Houseman.
An economy that concentrates its income gains at the very top while wiping out high value-added jobs by sending them abroad, thus dismantling the ladders of upward mobility, is an economy headed for serious troubles even without subprime derivative and currency problems.
All of the presidential candidates currently in the running have authoritarian personalities. America's next president is likely to seize upon rising domestic economic hardship and growing resistance abroad to US hegemony to complete the dismantling of America's constitutional system."
Looking for meaning of Heniorapy?
Q.
A. Herniorrhaphy (Hernioplasty, Hernia repair) is a surgical procedure for correcting hernia. A hernia is a bulging of internal organs or tissues, which protrude through an abnormal opening in the muscle wall. Hernias can occur in the abdomen, groin, and at the site of a previous surgery.
Herniorraphy, or hernioplasty, is now often performed as an ambulatory, or "day surgery," procedure. Almost 700,000 are performed each year in the United States. A workable technique of repairing hernia was first described by Bassini in the 1800s; the Bassini technique was a "tension" repair, in which the edges of the defect are sewn back together without any reinforcement or prosthesis. In the Bassini technique, the conjoint tendon (formed by the distal ends of the transversus abdominis muscle and the internal oblique muscle) is approximated to the inguinal canal and closed. Although tension repairs are no longer the standard of care due to the high rate of recurrence of the hernia, long recovery period, and post-operative pain, a few tension repairs are still in use today; these include the Shouldice and the Cooper's Ligament/McVay repair. The Shouldice techniques is a complicated four layer reconstruction, however, it has very low reported recurrence rates (1%). An operation in which the hernia sac is removed in addition to tension repair is described as a 'herniotomy'.
Almost all repairs done today are open "tension-free" repairs that involve the placement of a synthetic mesh to strengthen the inguinal region; some popular techniques include the Lichtenstein repair (flat mesh patch placed on top of the defect), Plug and Patch (mesh plug placed in the defect and covered by a Lichtenstein-type patch), Kugel (mesh device placed behind the defect), and Prolene Hernia System (2-layer mesh device placed over and behind the defect). This operation is called a 'hernioplasty'. The meshes used are typically made from polypropylene or polyester, although some companies market Teflon meshes and partially absorbable meshes. The operation is typically performed under local anesthesia, and patients go home within a few hours of surgery, often requiring no medication beyond aspirin or acetaminophen. Patients are encouraged to walk and move around immediately post-operatively, and can usually resume all their normal activities within a week or two of operation. Recurrence rates are very low - one percent or less, compared with over 10% for a tension repair.
In recent years, as in other areas of surgery, laparoscopic repair of inguinal hernia has emerged as an option. "Lap" repairs are also tension-free, although the mesh is placed within the preperitoneal space behind the defect as opposed to in or over it. It has no proven superiority to the open method other than a slightly lower post-operative pain score. Unlike the open method, laparoscopic surgery requires general anesthesia. It is usually more expensive and consumes more O.R. time than open repair, carries a higher risk of complications, and has equivalent or higher rates of recurrence compared to the open tension-free repairs.
In the UK a government committee called NICE re-examined the data on laparoscopic and open repair (2004). They concluded that there is no difference in cost, as the increased costs of operation are offset by the decreased recovery period. Recurrence rates are identical. They found that laparoscopic repair results in a more rapid recovery and less pain in the first few days. They found that lap repair has less risk of wound infection, less bleeding and less swelling after surgery (seroma). They also reported less chronic pain, which can last for years and in one in 30 patients can be severe. A recent, large American study found that recurrence within two years of operation after lap repair was 10% compared with 4% after open surgery. Both of these results however are considered poor by international standards and suggest that the surgeons were inexperienced, particularly in lap repair
Herniorraphy, or hernioplasty, is now often performed as an ambulatory, or "day surgery," procedure. Almost 700,000 are performed each year in the United States. A workable technique of repairing hernia was first described by Bassini in the 1800s; the Bassini technique was a "tension" repair, in which the edges of the defect are sewn back together without any reinforcement or prosthesis. In the Bassini technique, the conjoint tendon (formed by the distal ends of the transversus abdominis muscle and the internal oblique muscle) is approximated to the inguinal canal and closed. Although tension repairs are no longer the standard of care due to the high rate of recurrence of the hernia, long recovery period, and post-operative pain, a few tension repairs are still in use today; these include the Shouldice and the Cooper's Ligament/McVay repair. The Shouldice techniques is a complicated four layer reconstruction, however, it has very low reported recurrence rates (1%). An operation in which the hernia sac is removed in addition to tension repair is described as a 'herniotomy'.
Almost all repairs done today are open "tension-free" repairs that involve the placement of a synthetic mesh to strengthen the inguinal region; some popular techniques include the Lichtenstein repair (flat mesh patch placed on top of the defect), Plug and Patch (mesh plug placed in the defect and covered by a Lichtenstein-type patch), Kugel (mesh device placed behind the defect), and Prolene Hernia System (2-layer mesh device placed over and behind the defect). This operation is called a 'hernioplasty'. The meshes used are typically made from polypropylene or polyester, although some companies market Teflon meshes and partially absorbable meshes. The operation is typically performed under local anesthesia, and patients go home within a few hours of surgery, often requiring no medication beyond aspirin or acetaminophen. Patients are encouraged to walk and move around immediately post-operatively, and can usually resume all their normal activities within a week or two of operation. Recurrence rates are very low - one percent or less, compared with over 10% for a tension repair.
In recent years, as in other areas of surgery, laparoscopic repair of inguinal hernia has emerged as an option. "Lap" repairs are also tension-free, although the mesh is placed within the preperitoneal space behind the defect as opposed to in or over it. It has no proven superiority to the open method other than a slightly lower post-operative pain score. Unlike the open method, laparoscopic surgery requires general anesthesia. It is usually more expensive and consumes more O.R. time than open repair, carries a higher risk of complications, and has equivalent or higher rates of recurrence compared to the open tension-free repairs.
In the UK a government committee called NICE re-examined the data on laparoscopic and open repair (2004). They concluded that there is no difference in cost, as the increased costs of operation are offset by the decreased recovery period. Recurrence rates are identical. They found that laparoscopic repair results in a more rapid recovery and less pain in the first few days. They found that lap repair has less risk of wound infection, less bleeding and less swelling after surgery (seroma). They also reported less chronic pain, which can last for years and in one in 30 patients can be severe. A recent, large American study found that recurrence within two years of operation after lap repair was 10% compared with 4% after open surgery. Both of these results however are considered poor by international standards and suggest that the surgeons were inexperienced, particularly in lap repair
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