Economic News That You Should Know
There are a couple of pieces of news that are not being generally covered that everyone should be aware of:
1. One major component of the increase in the unemployment rate is that teens who are on summer break are not being employed very well this year. Why? Bad economy? No. The minimum wage was increased. (See the Minneapolis Examiner)
2. Did you know that the Republicans in Washington are actually TRYING to make noise about drilling for our own oil? The big media outlets seem to be burying the story, but here are a couple of relevant stories:
CNS News on Republicans Blame Democrats for a Nation of $4 Gasoline
The AP regarding Senate debating adding a windfall profit tax and other regulations onto oil companies
President Bush is still calling for increased drilling–as recently as Monday.
Less than 1 month ago, the Democrats in the Senate Appropriations Committee voted down an amendment to end the Udall Moratorium (named for Rep. Mark Udall, D-CO) that PREVENTS the leasing of public lands for the mining of shale oil. The same article linked here also indicates that 57% of Americans want to drill in the U.S. (offshore and “wilderness” areas) and only 20% believe that Big Oil is engaging in price gouging.
Pressure is building–The American Solutions petition is up to 475,000 signatures.
June 10th, 2008 at 4:47 pm
Without verifying this with a look into the nitty-gritty of the U-rate, that looks like a great point! They usually adjust for teen entry into the summer labor force, but if they’re entering unsuccessfully– due to the minimum wage (or more broadly, less desire to hire temporary workers given the sluggish economy), that would have an adverse effect on the statistic.
As for gasoline, if we could only get Baron to debate gas prices this time, huh?