Archive for the ‘Debt’ Category
“The bottom line is we’re not broke, there’s plenty of money, it’s just the government doesn’t have it,” said Rep. Keith Ellison (D-Minn.), “The government has a right, the government and the people of the United States have a right to run the programs of the United States. Health, welfare, housing – all these things.”
….On the other hand, Newsweek has reported that law-abiding American citizens using guns in self-defense during 2003 shot and killed two and one-half times as many criminals as police did, and with fewer than one-fifth as many incidents as police where an innocent person mistakenly identified as a criminal (2% versus 11%).
Ludicrous, irresponsible spending is why we’re in trouble
It is crucial not to ignore the abyss that lies just beyond the fiscal cliff. It is alarming enough that our federal debt has surpassed $16 trillion. But we have actually dug a fiscal hole of more than $71 trillion when you consider our unfunded Medicare, Social Security and other retirement obligations. This amount goes up more than $100 billion a week on autopilot.
….The heart of the matter is the way public debt allows the current generation of voters to live at the expense of those as yet too young to vote or as yet unborn.
In this regard, the statistics commonly cited as government debt are themselves deeply misleading, for they encompass only the sums owed by governments in the form of bonds….
World economic growth has weakened substantially this year and faces the confluence of a triple threat — the so-called fiscal cliff in the United States, the European debt crisis and a sharp slowdown inChina, the United Nations said in a report released on Tuesday. The worst case, the report said, could be a new global recession that mires many countries in a cycle of austerity and unemployment for years.
Another four years of Obamanomics and Argentina will be crying for us.
With a second term for Obama, the world-leading America we have known and hoped to leave to our children will be gone. Last Friday’s jobs report confirms that Obama is well on his way to transforming America into a third world country, with declining living standards and perpetual economic stagnation.
Argentina enjoyed the world’s fourth highest per capita GDP in 1929, on par with America at the time. But then the nation lost its way in embracing a leftist, union allied government, which took control of the economy and imposed wildly irresponsible taxes, spending, deficits, and debt. After World War II, the hugely popular Juan Peron came to power and institutionalized the madness. It has been all downhill for Argentina ever since. Do you recognize the pattern?
Today, Argentina ranks 53rd in the world in per capita GDP, according to the International Monetary Fund, 57th in the CIA World Factbook, at a level less than one third that of America. But its national debt at 51% of GDP is actually less than that of the United States under the Obama administration, where we are rocketing towards 100% of GDP by the end of this year, and 200% in 25 years, according to CBO.
The Worst Economic Recovery Since the Great Depression: Confirmed
Last Friday’s jobs report indicated the most commonly cited U3 unemployment rate remains stuck at 8.2%. That makes 41 straight months of unemployment over 8%, which the Joint Economic Committee of Congress confirms is the worst recovery from a recession since the Great Depression almost 75 years ago. The total number of Americans unemployed actually rose over the last 3 months by 76,000, 54 months after the recession started, and 3 years after it was supposedly over. Since the Great Depression, and before this last recession, recessions in America have lasted 10 months on average, with the longest previously lasting 16 months.
Indeed, the last time before Obama that unemployment was even over 8% was December 1983, when Reaganomics was bringing it down from the Keynesian fiasco of the 1970s. It didn’t climb back above that level for 25 years, a generation, which is a measure of the spectacular success of Reaganomics. That success was centrally based on reducing tax rates, which our ignorant Marxist President says was tried but didn’t work.
Moreover, Obama’s June unemployment rate was not much, much higher only because over 7.2 million working people have given up even looking for work as a hopeless waste of time under President Obama, so they are not counted as unemployed in the U3 unemployment rate. Including these workers, who still exist and still do not have jobs, the unemployment rate would be 11%.
Besides the 12.7 million Americans who are counted as unemployed, another 8.2 million were employed part-time for economic reasons. “These individuals were working part-time because their hours had been cut back or because they were unable to find a full-time job,” the Bureau of Labor Statistics (BLS) reported. Another 2.5 million workers were marginally attached to the labor force, as they “wanted and were available for work, and had looked for a job sometime in the prior 12 months,” but “[t]hey were not counted as unemployed because they had not searched for work in the [prior] 4 weeks.”
That leaves the total army of the unemployed and underemployed at 23.4 million Americans. Counting these workers, the BLS reports the U6 unemployment rate as rising to 14.9% in June. If we add in the long-term discouraged workers that the BLS does not even count anymore, the Shadow Government Statistics website reports the total unemployment rate increasing to 22.8% in June.
In contrast, Obama promised us when he first entered office that if his nearly $1 trillion in stimulus spending passed, the unemployment rate would never exceed 8%, and would decline to 5.8% by May of this year, when in reality it was 8.2% and rising that month. The peak of the Obama Presidency came in February 2009, his first month in office, which is the last time he said something correct about the economic recovery, predicting to Matt Lauer on national television, “If I don’t have this done in three years, then this is going to be a one-term proposition.” We are now well past Obama’s own self-imposed deadline.
The unemployment rate for African -Americans actually rose last month to 14.4%, and it has remained at such depression era levels for Obama’s entire Presidency. Hispanics have suffered double digit unemployment throughout Bush’s Presidency as well, at 11% again last month. For teenagers, the rate last month stood at 23.7%. For black teenagers, unemployment rose last month to 39.3%. For Hispanic teenagers, the unemployment rate rose to 31%.
Friday’s labor report further indicated that the jobs picture has only been worsening under Obamanomics. A million more workers were suffering long-term unemployment of 27 weeks or longer in June than at the supposed end of the recession 3 years ago. Moreover, the median length of unemployment had risen to 19.8 weeks in June compared to 17.2 when the recession supposedly ended.
How Stupid Do They Think We Are?
Obama tells us that the 80,000 jobs created last month (25,000 were mere temp jobs) were “a step in the right direction.” A very tiny baby step at best, as the working age population grew by 191,000 in the same month. Moreover, 85,000 went on the disability rolls during the month, fleeing the Obama economy for their only alternative, taxpayer dependency. Another 275,000 applied for disability during the month.
Obama’s chief economic policy advisor Alan Krueger actually boasted that private sector jobs have grown for “28 straight months for a total of 4.4 million payroll jobs during that period.” But at the same point during the Reagan recovery, the economy had created 9.5 million new jobs.
Krueger thinks we are too stupid to know that job growth is the norm and not the exception for the American economy. In the 62 years from the end of World War II in 1945 until 2008, jobs grew in 86% of the months, or 640 out of 744. His statement is just a further example of the Obama administration’s practice of Calculated Deception.
Reagan’s recovery produced job growth in 81 out of its first 82 months, with 20 million new jobs created in those first 7 years alone, increasing the civilian work force at the time by 20%. That grew into 50 million new jobs over the entire Reagan 25 year boom from 1982 to 2007. Compare that to the disgrace of Obamanomics. While Obama tries to claim 4.4 million new jobs created, total jobs today are still half a million less than in January 2009 when he entered office. Even George Bush oversaw 52 consecutive months of job growth, including 8 million new jobs created after his 2003 capital gains and dividends tax rate cuts became effective (which Obama is dedicated to reversing).
Krueger also solemnly told the public, “it is important not to read too much into any one monthly report.” But as documented July 6 by Bryan Preston for PJMedia, the Obama Administration has said the exact same thing for each of the last 30 months. Do ya think 2 ½ years might constitute a trend?
The Disgrace of Obamanomics
Obama’s tragic jobs record reflects the dismal economic growth under his Administration’s perverse economic policies. For all of last year, the economy grew by a paltry real rate of only 1.7%, only about half America’s long-term trend. The average so far this year has been no better.
In sharp contrast, in the second year of Reagan’s recovery, the economy boomed by a real rate of 6.8%, the highest in 50 years. During the first 7 years alone, the economy grew by almost one-third, the equivalent of adding the entire economy of West Germany, the third largest in the world at the time, to the U.S. economy. Real per capita disposable income increased by 18% from 1982 to 1989, meaning the American standard of living increased by almost 20%. The poverty rate, which had started increasing during the Carter years, declined every year from 1984 to 1989, dropping by one-sixth from its peak.
But President Obama, following the exact opposite of the policies of Reagan in every detail, is on exactly the opposite course. The Census Bureau reports falling real wages under Obama, kicking median family income back over 10 years. Census also reports more Americans in poverty today than at any time in the more than 50 years that Census has been tracking poverty. That is why Obama can also boast an all-time record number of Americans on food stamps, which is why Newt Gingrich has rightly labeled him “the food stamp President.”
Obama cannot explain away this disgrace of Obamanomics by arguing that the economy has performed so poorly under his Administration because the recession he inherited from Bush was so bad. That is exactly what he is arguing when he says “there are no quick fixes to the problems we face that were more than a decade in the making.” But the American historical experience is that the worse the recession, the stronger the recovery, as the American economy snaps back to its world-leading, long-term, economic growth trend line. Based on this historical record, we should be enjoying the third year of a raging economic recovery boom right now.
This historical experience was reflected by the surging Reagan recovery boom from the deep 1981-1982 recession. And it is why Obama was confident enough to tell Matt Lauer and the nation in 2009 that if he doesn’t have the economy hopping after 3 years, he is going to be a one-term President. If anything, because of the severity of the recession, Obama should have been blessed with an even more booming recovery than Reagan. But the dismal economic performance we have suffered instead, with no real recovery from the steep 2008-2009 recession at all, is the disgrace of Obamanomics.
The Coming Crash of 2013
For the first time on Monday, Obama indicated that the Bush tax cuts may not be made permanent for those making less than $200,000 a year. For why would he otherwise propose only a one-year extension of those tax cuts? If he terminates those tax cuts after one year, that would constitute yet another tax increase on the middle class, besides Obamacare.
This partial one-year extension of the Bush tax cuts will not do anything to promote the economy. Temporary tax relief does not work in any event to advance economic growth, because it is discounted by investors, consumers, and businesses as only a passing fad. But extending the Bush tax cuts for those making less than $200,000 per year would not be a tax cut from the current rates, but only an extension of the same rates that have been in force for 10 years or more. So there is no boost to the economy from that. Note that these are the tax cuts adopted by Bush and the Republicans for those making less than $200,000 per year, contrary to Obama’s claims that Bush and the Republicans only cut taxes for “the rich,” which are only despicable, manipulative lies so dishonest that they should disqualify Obama from office.
Indeed, instead of adopting tax cuts promoting the economy, Obama’s tax proposal on Monday would terminate the Bush tax cuts for those making over $200,000. So it would only trash the economy, because it would involve a huge tax increase on the nation’s small businesses, job creators, and investors. Counting the tax increases of Obamacare that will also go into effect next year under current law, the top two income tax rates would increase by nearly 20%, the capital gains tax rate would increase by nearly 60%, the tax on dividends would nearly triple, and the death tax would rise from the grave with a 55% top rate. While Obama says only 3% of small businesses would be affected, the tax increases would apply to close to two-thirds of small business income, which is the foundation for most jobs.
This is all on top of the corporate tax rate which under President Obama is the highest in the industrialized world at nearly 40%, counting state corporate rates on average. Even Communist China offers a 25% corporate rate. The social welfare states of the European Union are even lower on average, with formerly socialist Canada now featuring a 15% corporate rate, and economic powerhouse Germany not much higher.
American businesses are uncompetitive in the global economy with this tax burden. But under President Obama, there is no relief in sight. Instead, he has been barnstorming the country for the last two years calling for still more tax increases. Under his so-called Buffett Rule, which would double the capital gains tax, America would suffer the fourth-highest capital gains tax rate in the industrialized world, besides the world’s highest corporate tax rate.
When you add up all those multiple tax rate increases on top of Obama’s exploding regulatory costs, the result will be to push the economy back into recession next year, with unemployment soaring back over double digits, and the deficit soaring to new all time records over $2 trillion, the highest in world history. It is working people who will be hurt the most, because they are the ones who will lose the jobs they need for their basic standard of living. Even those with jobs will suffer further declining real wages and incomes because of the shredded demand for labor.
There is no economic theory under which increasing tax rates promotes economic growth and recovery, particularly rate increases on job creators and investors. Even under Keynesian economics, such tax increases are contractionary. Indeed, even Karl Marx would tell you that such tax rate increases would bring a market economy down, not up.
Obama falsely claims he is only restoring the Clinton era tax rates. But Obama is well beyond that now, because he is imposing the Obamacare tax increases next year as well, and he has been proposing still further tax increases. The top marginal income tax rates that drive the economy would consequently soar by well over 30%, probably close to 40% or more.
Obama says we tried the Bush tax cuts for “the rich” and they didn’t work. So let’s review how exactly they did work out. Bush cut the top income tax rate by 11.6%, from 39.6% to 35%, and the second highest rate by about 8%, from 36% to 33%. But he cut the lower rates by higher percentages, including slashing the bottom rate by 33%, from 15% to 10%. Then in 2003, he cut the tax rates on capital, reducing the capital gains tax rate by 25% from 20% to 15%, and the tax rate on corporate dividends to 15% as well.
These tax rate cuts first quickly ended the 2001 recession, despite the contractionary economic impacts of 9/11, and the economy continued to grow for another 73 months. After the rate cuts were all fully implemented in 2003, the economy created 7.8 million new jobs over the next 4 years and the unemployment rate fell from over 6% to 4.4%. Real economic growth over the next 3 years doubled from the average for the prior 3 years, to 3.5%.
In response to the rate cuts, business investment spending, which had declined for 9 straight quarters, reversed and increased 6.7% per quarter. That is where the jobs came from. Manufacturing output soared to its highest level in 20 years. The stock market revived, creating almost $7 trillion in new shareholder wealth. From 2003 to 2007, the S&P 500 almost doubled. Capital gains tax revenues had doubledby 2005, despite the 25% rate cut!
Consequently, the Bush tax cuts helped to extend the Reagan boom for 25 years, until 2008. By then, the government had induced the financial crisis, through regulations looting the banks for subprime mortgages demanded in the name of affordable housing for the poor and minorities, and through the Fed’s cheap dollar monetary policies, which began the restoration of perverse Keynesian economics. Punishment for the results is now long overdue for the advocates of those policies.
About the Author
Peter Ferrara is Director of Entitlement and Budget Policy for the Heartland Institute and General Counsel of the American Civil Rights Union. He served in the White House Office of Policy Development under President Reagan, and as Associate Deputy Attorney General of the United States under the first President Bush. He is the author of America’s Ticking Bankruptcy Bomb (HarperCollins).
Obama Touts the $400 Million Taxpayer Loan To Solar Company in his weekly address on July 3, 2010….
….”when fully operational these plants will produce millions of state of the art solar panels each year….”
oops…. I guess they will not… because they just got bankrupt….
Abound Solar, a Colorado thin-film photovoltaic panel startup that snagged $400 million in federal loan guarantees to take on industry leader First Solar, is shutting down and filing for bankruptcy, according to the U.S. Department of Energy.
“Because of the strong protections we put in place for taxpayers, the department has already protected more than 80% of the original loan amount,” Energy Department spokesman Damien LaVera wrote in a blog post Thursday, noting that Abound had drawn down less than $70 million of the loan guarantee. “Once the bankruptcy liquidation is complete, the Department expects the total loss to the taxpayer to be between 10 and 15 percent of the original loan amount.”
So that’s the good news?
The American taxpayers are going to lose “only” $40-$60 million dollars?
Where are those “free” money coming from?
How many families had to work to give you those millions, that you are claiming are well spend?
The average family (two parents, two kids) in 2006 paid 30% tax on their income. That is from each dollar they earn, they owed the government 30 cents.
They protected us? Instead of losing very large sum of money we lost large sum of money
You are no better than the banksters who are risking and playing with the others people money
Recession-plagued states diverted scarce money away from pensions to pay for more immediate concerns, leaving a $757 billion hole in the retirement fundscovering millions of public employees, according to a study released Monday.
What does sparkly styling spray for dogs have to do with the 2012 farm bill?
It’s among the thousands of products U.S. taxpayers are subsidizing through little-known programs that have been embedded in the farm legislation for decades and that lawmakers are now fighting to extinguish.
It’s not that the emperor has no clothes, it’s that the taxpayers are paying for the emperor’s Armani suit. This is the case with the current legislative action with the farm bill.
Let’s start with the name of the legislation: the “farm bill.” How many people outside of Washington, D.C. realize that 73 percent of the spending in the $969 billion “farm bill” is actually for food stamps? The “food stamp president” does. That’s why the White House says it is “critical” to pass the farm bill.
No Respect For POTUS: Putin Spent Two Hours Speaking With Obama About Syria and “Lecturing” Him About Other Failed “Transitions of Power” Around the World – Here you go…a tyrant ex KGB vs a tyrant ex community organizer
A Cold War-like chill blew over a meeting between President Obama and Russian President Vladimir Putin yesterday.
The two presidents talked one-on-one for two hours at a resort in Los Cabos, Mexico, during the G-20 Summit.
But from the body language and stern looks on their faces, there weren’t signs of the “reset” the Obama administration sought in US-Russia relations.
Footage shows Putin, a former Soviet spy, giving Obama an icy, KGB stare.
CBS: More Troubles At Obama Stimulus Green Energy Company – MADE IN USA!
“It’s a terrible situation,” Mr Stamos says. “Everything is frozen. The economy is dead, and no one is paying anyone.”
European leaders are poised to announce a £600 billion deal to bail out Spain and Italy, it emerged at the G20 summit on Tuesday night.
The fiscal cliff may be six months away, but it is already affecting the United States economy.
Thanks to questions from South Carolina Republican Sen. Jim DeMint, and others, who shifted the subject to big-picture topics and flawed government policies such as the Dodd-Frank financial “reform,” the hearing is actually a model for Tuesday’s event and for future economic hearings.
DeMint ignited the wrath of the liberal punditocracy by daring to compare the recently reported $2 billion trading loss at Dimon’s otherwise profitable firm to the billions – or trillions – that Congress squanders all the time.
Grim job prospects could scar today’s college graduates – What is your college degree worth? Not much…
Megan Silsby earned a biology degree last month from Virginia Tech, and she considers herself a full-time worker even though she hasn’t landed a job in this rough economy.
Every day at 8 a.m., Silsby, 22, heads to a basement office in her parents’ home in Chantilly, Va. All day, she searches the Internet for openings, applies for jobs, follows up with phone calls. She has applied for more than 80 jobs, with no luck so far.
Woman Who Couldn’t Be Intimidated By Citigroup Wins $31 Million – Jobs – That’s how it was back in the 80’s….no college degrees, just determination on the job…
Sherry Hunt never expected to be a senior manager at a Wall Street bank. She was a country girl, raised in rural Michigan by a dad who taught her to fish and a mom who showed her how to find wild mushrooms. She listened to Marty Robbins and Buck Owens on the radio and came to believe that God has a bigger plan, that everything happens for a reason.
She got married at 16 and didn’t go to college. After she had her first child at 17, she needed a job. A friend helped her find one in 1975, processing home loans at a small bank in Alaska. Over the next 30 years, Hunt moved up the ladder to mortgage-banking positions in Indiana, Minnesota and Missouri, Bloomberg Markets magazine reports in its July issue.
A poll conducted by German broadcaster ZDF suggests that as many as 60% of German voters now favor Greece’s exit from the Euro.
ZDF also report that the overwhelming majority of Germans oppose the issuing of Euro-bonds that would mutualize Greek debts. The idea of mutualizing debt has been suggested as a way out of the Euro-zone crisis but would involve deeper political integration between the Euro-zone countries.
On the question of Greece’s further participation in the Euro, 49% favored a Greek exit in a previous poll in November 2011, compared to this week’s 60%.
Southern Europe’s debtor states must pledge their gold reserves and national treasure as collateral under a €2.3 trillion stabilisation plan gaining momentum in Germany.
Obama’s fiscal blowout that never happened, according to Obama
Many in the political class, including President Obama and many members of Congress, have an interest in confusing, rather than enlightening, the public. The effort to misinform about the growth in spending and the impact of government spending on job creation reached a new level last week when the president claimed he was the most restrained spender since President Eisenhower and that spending was up only a little more than 1 percent (over what?).
Presidents do not set spending levels, but they do influence them.Congress has the responsibility under the Constitution to tax and spend, and not one dollar can be spent legally by the government without the permission of Congress. Congress is elected in November of even-numbered years. The members take office in January of the following year. The federal fiscal year runs from Oct. 1 until Sept. 30 of the next year, and therein lies the opportunity for obfuscation.
It is a myth that increases in government spending create jobs. The correct way to measure job creation is to look at the percentage of the adult population that is employed. The unemployment rate numbers only indicate those who are still looking for work and do not measure those who have become discouraged and dropped out of the workforce. The chart clearly shows increases in government spending are associated with fewer jobs, not more. The data for the past hundred years shows the same negative relationship between the growth in government and the number of jobs. It is no coincidence that European and other countries with larger governments almost always have lower labor-force participation rates.
Taxpayers in the small, financially stricken New England state are on the hook for tens of millions of dollars loaned out to the video game company38 Studios. Founded by former Boston Red Sox star pitcher Curt Schilling, the company was supposed to bring jobs for skilled professionals to a state struggling to expand its workforce. But on Thursday, 38 Studios laid off its entire staff of roughly 400 employees with no pay. It also cancelled their health insurance.
For a lack of a better description, 38 Studios went out of business. Now Rhode Island is stuck with the tab of roughly $112 million in loan principal, interest and fees. There’s little chance taxpayers will make up even a quarter of their potential losses, according to industry experts.
The story of 38 Studios has everything: sports stars, political incompetence, government bailouts, taxpayer outrage and — the kicker — big-budget video games.
Tummy tucks, liposuction and Botox are all part of the controversial one of a kind health plan.
The teachers themselves claim to be the lowest paid in the state, and say that they deserve ‘a little something extra’, describing the procedures as ‘a perk’.
But it is a perk that comes with a price tag.
Last year Buffalo schools paid $5.9 million for its teachers to have plastic surgery. In 2010 the figure was up at $9 million.
With an average salary of $52,000 a year for the city’s teachers, an extra 100 educators could be employed for that cost, theatlantic.com reported
Some would apparently prefer a society where all-wise elites would decide what each of us “needs” or “deserves.” The actual history of societies formed on that principle — histories often stained, or even drenched, in blood — is of little interest to those who mistake wishful thinking for idealism.
At the very least, many intellectuals do not want the poor or the young to have to take “menial” jobs. But people who are paying their own money, as distinguished from the taxpayers’ money, for someone to do a job are unlikely to part with hard cash unless that job actually needs doing, whether or not that job is called “menial” by others.
People who lack the skills to take on more prestigious jobs can either remain idle and live as parasites on others or take the jobs for which they are currently qualified, and then move up the ladder as they acquire more experience. People who are flipping hamburgers at McDonald’s on New Year’s Day are seldom flipping hamburgers there when Christmas time comes.
To hear politicians tell it, the college diploma is the guaranteed gateway to middle-class life, so everybody should probably go to college. The argument seems self-evident—over a lifetime, college graduates far out-earn those without a degree ($2.1 million, supposedly), so go to college, live the American Dream. Unfortunately, as many recent college graduates have discovered, diplomas no longer guarantee success.
A Bureau of Labor Statistics study, reported that in 1992 some 119,000 waiters and waitresses had college degrees. But by 2008, this figure had soared to 318,000. The study also found similar increases of under-employment in other low-level occupations. In 2010, the unemployment rate for college graduates was the highest since 1970.
…..Which brings me to some suggestions inspired by Washington University law professor Brian Tamanaha in his new book, “Failing Law Schools.”
For starters, he’d apply “gainful employment” rules to all schools, where now there’s talk only of imposing them on for-profit colleges. Basically, if too many of its graduates are in default on their loans (or using the “income-based repayment” safety net), a school would lose eligibility for further student loans.
If you’re not educating your students well enough to let them pay off their loans, maybe you shouldn’t be taking their money.
Alternately, cap the total amount of student-loan money available per school. Right now, the more a school charges, the more student-loan cash is available. Students take on massive debt, but the school gets its money up-front, risk-free. Tamanaha would limit the amount available to the schools, giving them an incentive to keep tuition down.
The college-for-all crusade has outlived its usefulness. Time to ditch it. Like the crusade to make all Americans homeowners, it’s now doing more harm than good. It looms as the largest mistake in educational policy since World War II, even though higher education’s expansion also ranks as one of America’s great postwar triumphs.
Consider. In 1940, fewer than 5 percent of Americans had a college degree. Going to college was “a privilege reserved for the brightest or the most affluent” high-school graduates, wrote Diane Ravitch in her history of U.S. education, “The Troubled Crusade.” No more. At last count, roughly 40 percent of Americans had some sort of college degree: about 30 percent a bachelor’s degree from a four-year institution; the rest associate degrees from community colleges.
The U.S. employment agency’s 2012 Talent Shortage Survey found that 1 in 3 global employers are finding it difficult to find the right people to fill the jobs they’re offering.
The survey has shown that the skills shortages are most severe in Asia Pacific (at 45 percent) and the Americas (41 percent) with the supply and demand of skilled workers posing the biggest problem to employers, Arkless told CNBC’s “Worldwide Exchange”.
Bad stuff, they say, comes in threes. We’ve already got the banking and the eurozone sovereign debt crises. Next comes the corporate funding crisis.