Jobless and hopeless in America

[helpme2010]

yes...i hear you...however, we USE to be home owners...which we are closing on this house TODAY!!!!!!!!!!!!!!!!!!! whopppppppppppeeeeeee


and we use to have over 48k worth of deductions....LOL....this year we don't have much and between the EU, pension and ss.........i was a bit surprised at the total...and i took taxes out of all of them......well at least next year i will have the mortgage interest and taxes....so now i have to take the little we saved and give it right back to the irs.....ahhhhhhhhhhhh

tobee, surprise bills are the worst things in the world to encounter. I get these sometimes such as an unexpected car repair for my car or my girlfriends car, etc. and it really F's with the already spiraling down budget.

I re-read the title of this thread and it really fits, jobless and hopeless in America. I am so sick of applying for jobs everyday, 7 days a week and getting absolutely nowhere.

I am really hoping UI continues for us 99ers. I listened to MSNBC last night and they were interviewing this poor lady who had to sell her wedding ring, remaining jewelry and husbands golf clubs (after her husband died). She got completely ripped off on everything, but she had no other choice, she needed the money.

They asked her about people that try to deny her UI extension benefits, etc. as being a 99er, she is treated so poorly in the worst time of her life.

[tobee43]

Tier 5, that is so cool. Congrats That is a huge relief i'm sure. I am really getting scared now as my extended ui and tier 5 will run out in a couple months. I am searching for jobs 7 days a week. I have applied to over 100 jobs this year, and this includes creating a job profile on many corporations websites, plus submitting my resume to about 25 or so staffing companies/recruiters.

5k for UI benefit taxes??? This is scary. I don't ask to have taxes removed on my UI checks. But I do get some write offs such as donations. But I still owe money each year and this year I don't have any mortgage interest deductions, so I will be a little toast like you

Each time you try to climb a little out of the hole, something knocks you right back deeper again. e.g. I just got hit with a $600+ water pump bill for my car -

yes...i hear you...however, we USE to be home owners...which we are closing on this house TODAY!!!!!!!!!!!!!!!!!!! whopppppppppppeeeeeee


and we use to have over 48k worth of deductions....LOL....this year we don't have much and between the EU, pension and ss.........i was a bit surprised at the total...and i took taxes out of all of them......well at least next year i will have the mortgage interest and taxes....so now i have to take the little we saved and give it right back to the irs.....ahhhhhhhhhhhh

[helpme2010]

helpme....just wanted you to know we were advised we qualify up to tier 5 now.....for EU...did you get your 1099...holly crap ....like i was saying we are going to owe the irs at least 5k....i'll have to print the money tomorrow since where the heck does this government think unemployed people are going to get that kind of money???

Tier 5, that is so cool. Congrats That is a huge relief i'm sure. I am really getting scared now as my extended ui and tier 5 will run out in a couple months. I am searching for jobs 7 days a week. I have applied to over 100 jobs this year, and this includes creating a job profile on many corporations websites, plus submitting my resume to about 25 or so staffing companies/recruiters.

5k for UI benefit taxes??? This is scary. I don't ask to have taxes removed on my UI checks. But I do get some write offs such as donations. But I still owe money each year and this year I don't have any mortgage interest deductions, so I will be a little toast like you

Each time you try to climb a little out of the hole, something knocks you right back deeper again. e.g. I just got hit with a $600+ water pump bill for my car -

[tobee43]

Government could be the solution and should be during a recession. Government can invest in companies and technologies that are job builders. But unfortunately, we just aren't seeing it. I am just watching both sides battle and make concessions to help each others special interest groups.

I am really scared what will happen when UI extensions run out in a couple months (if we don't have jobs, how will this play out on the political battlefield? I hope Obama stands for us during the time we need help the most and doesn't cave to the republicans. Perhaps he will have to use some of that TARP money to fund us until we get back on our feet. Either way, don't dangle us and throw us out like bait).

helpme....just wanted you to know we were advised we qualify up to tier 5 now.....for EU...did you get your 1099...holly crap ....like i was saying we are going to owe the irs at least 5k....i'll have to print the money tomorrow since where the heck does this government think unemployed people are going to get that kind of money???

[helpme2010]

Government could be the solution and should be during a recession. Government can invest in companies and technologies that are job builders. But unfortunately, we just aren't seeing it. I am just watching both sides battle and make concessions to help each others special interest groups.

I am really scared what will happen when UI extensions run out in a couple months (if we don't have jobs, how will this play out on the political battlefield? I hope Obama stands for us during the time we need help the most and doesn't cave to the republicans. Perhaps he will have to use some of that TARP money to fund us until we get back on our feet. Either way, don't dangle us and throw us out like bait).

[helpme2010]

I would disagree that solutions are "complicated" -- politically difficult/impossible yes. 1. Let all of the Bush tax cuts expire. 2. Have a public option on health care such that everyone has the right to buy the same health care as congress at the same price they pay. 3. Get out of Afghanistan 4. Declare war on energy dependence - promoting American manufacturing. 5. Put a 10% surtax on incomes above 1 million and close more loopholes. 6. Tax estates over $10 million at 50%. Do not allow corporate deductions for compensation packages over $1 million or political contributions or lobbyists. These would be a good start to the road to recovery.

I agree with these ideas. I would say get the heck out of every country we are at war with. The problem with us playing #1 is that we will eventually become #2.

If we have to help some government military, then give them some of that support, but don't go to war. Next, start pulling back on most of that funding for so many countries since we have to borrow that money from China, making them faster becoming #1 and us faster becoming #2.

Penalize companies that outsource, while rewarding those that hire Americans and give incentives to companies that are building infrastructure and building new hi-tech and green technology alternatives.

If our country focuses on building jobs and keeping jobs, more people will pay more taxes and we can sell more to foreign countries. You know like we used to when we were a respected economic super power.

[tobee43]

rich, i agree with you with so many of your points...i'd have to rewrite your entire post!

it appears the "general" answer has always been throw more of our tax dollar at the problem and that will resolve the issue...whether it's a social program or a educational system.

i do know this...both my kids married teachers...actually my son in law was unable to find a job in nj because of his duel masters degree....since the state mandated a higher pay for his level...so he was shut out of all opportunities since the schools didn't want good teachers...just cheap ones. (he's duel masters is in education and special ed....k-12). my daughter tired of holding the weight of the family on her shoulders they decide to go to another state where teachers are in demand....and get paid almost min. wage! but he's just happy to be working and i know he does his best with his kids.......odd thing is both my kids married first grade teachers...i have a son and a daughter.

getting on to the social programs....most only lined the pockets of those "special" uneducated and unqualified persons to run the programs...they need to be trashed.

personally the only social program that should exist is how to master ass-kissing techniques ....as apparently, my experience being similar to yours.....and perhaps i would be in support of A.S.S. as well...LOL!!!

i do believe that the privatizing may be the answer to many of the problems...less or no government involvement in everything or anything....i'm with you on the tax issue as well...

we got our 1099's....we took taxes out of our unemployment insurance to the allowable max.............we now owe over 5k in income tax from unemployment benefits.........if that's not the cat's butt i don't know what is....

i'm sure we are not alone...it took us a week to get to the unemployment office saying the government changed the cap on the tax from the UI....so, let's see how many people can dig up 5k by april 18th to pay when they don't even have a pot to cook in....

a sad state ...indeed.

[RichM]

I'm one of those who believes that government is the problem, not the solution. My opinion is based mainly on my own experiences with government-run programs, of which I've found very few to deliver anything of value, much less in an efficient manner. If it were up to me, the 16th Amendment would be repealed, the income tax abolished and replaced with nothing, and every federal agency and program not required by the Constitution dismantled. I'd also take a machete to state government while I was at it.

But I would be the happiest guy on earth if government would get out of one endeavor in particular: education. If I had my way, every public school in the country (along with the federal Department of Education) would be abolished, the schools sold for a dollar each to non-profit groups, and the entire educational funding system (for K-12) replaced with vouchers. I believe the public school system is a plague on America, and is the single biggest reason our young people can't compete any more.

Again, my opinion is shaped by my own experiences, so let me share them as such, not claiming that they represent anything else. Let's start with my own experience as a youngster who attended a Catholic elementary school and a public high school (then, and now, considered one of the best in America). In the Catholic school, we had about a thousand students, 27 teachers, the principal, two secretaries, two janitors, a nurse, a cook, a librarian, and a guidance counselor. That was the entire staff.

In the public school, we had about 2,800 students, more than 100 teachers (not all of whom did any actual teaching), the principal, six assistant principals, eight department heads, 24 assistant department heads, five deans, four librarians, at least a dozen janitors, more than 40 secretaries, eight guidance counselors, four nurses, at least a dozen people who worked in food services, and two elevator operators (despite the fact that there was only one elevator, and it was automatic).

There also were a whole slew of "Professional Development Specialists," whose exact duties no one seemed to know. The general consensus was that they were such utterly shitty (but nonetheless tenured) teachers that even the NYC BOE was embarrassed by them, so they promoted them out of the classroom. Their duties, as far as I could determine, primarily consisted of sitting together in an unused classroom, holding desks down with their feet, while closing their eyes to better focus their concentration on the task. I never did determine what caused the force of gravity to be inoperative in that room, but I'm sure glad the "Professional Development Specialists" were there to hold those desks down. They could have done some real damage otherwise.

The only reason I know the above facts and numbers is because when I first started attending the school, I was flabbergasted at how many staff members there were. So I made it a point to count them over the course of my four years there. My opinion was (and remains) that any positions between the teachers and the principal were (and remain) pretty much a waste of money. Why? Because my Catholic elementary school managed to do quite well despite not having a single "department head" or "professional development specialist," nor the cadres of secretaries assigned to them.

Nonetheless, the school did turn out quality students. But then again, it also started with quality students. There was an examination for admission, and fewer than 10 percent of those who applied were accepted. I'm not trying to pin medals on myself, mind you. I'm just stating the facts. In addition, it was a specialized school, and the students were passionate about the specialty being taught. We had average attendance rates in the high 90's percentage-wise. There even were a few days when not a single student was absent. So suffice it to say that it was not a typical public high school.

The more typical schools, unfortunately, are those like the ones from which job applicants graduated when I was employed as a district manager for a large, regional industrial services company back in the late 1980s. "Social promotion" and other idiotic policies have made diplomas from most public high schools utterly meaningless. I encountered more than a few applicants with high school diplomas who couldn't read the employment application (some actually brought people along to read it to them); and many more who made errors and omissions such as answering "USA" for "County of Residence," not knowing their own Social Security numbers, listing their jobs in the opposite order from that requested, and even misspelling the names of the towns they lived in.

And please, don't even get me started on their test results. One of our better-paying entry-level jobs (spraying herbicides to kill weeds) required a rudimentary knowledge of algebra (ninth-grade math) and geometry (tenth-grade math) in order to calculate area and mix and apply the chemicals at the proper rates. Fewer than 20 percent of applicants passed, and all of them had at least high-school diplomas (that was a requirement to even apply for the job).

We're not talking brain surgery here. They had to know how to calculate the area of a piece of land, and based on that, determine how much water and chemical to apply. For example, one question was worded quite similarly to the following:

"An acre consists of 43,560 square feet. You are using a chemical whose label requires that one pound of the chemical be mixed with 100 gallons of water to treat one acre of land. How many gallons of water and how many pounds of the chemical would be required to treat 65,340 square feet of land?"

So much for public high school diplomas.

I didn't have great luck with BOCES grads, either. I once hired an applicant for a truck driving job who'd completed a commercial driving course at BOCES (and who had the then-equivalent of a present-day CDL). He couldn't figure out how to shift the gears on a truck with 10 forward gears because, he said, the trucks at BOCES had 15 forward gears.

More recently, my then 9-year-old goddaughter was left back from third grade because she'd failed to master the subject matter. Fine. I don't believe in social promotion. But the school's solution was to send her to summer school -- with the same teacher whose class she'd been in for the past two years.

That was unacceptable to me. Not to blame the teacher, but obviously she and my goddaughter had never really connected. Nor, quite frankly, was my goddaughter the world's easiest child to teach. She was strong-willed, hyper, stubborn, and often defiant. (She's much better now, thank God.)

Because she'd failed to make any progress in two years with the same teacher, I didn't think that spending another two months with her was likely to do very much good, either. So I hired a private tutor for her for the summer -- an educator with almost 30 years of experience, a New York State license, and nothing but the best references. I arranged for her to receive one hour of private tutoring a day, four days a week, in my home.

Would you believe that the school (and especially the teacher) opposed my plan? Their reasoning was that my goddaughter needed to be taught "in a structured, classroom environment." Never mind that she'd made zero progress in said environment for the previous two years. Their solution was to throw more of the same at her, and then promote her -- regardless of whether or not she actually made any progress during summer school.

In addition, they were troubled because the tutor was certified by New York State rather than the state where my goddaughter lives. I told them that she would be living with me full-time (in New York) for the summer, but they still had a problem with it because a New York teacher couldn't sign some blasted form that would be required for the tutoring to be considered the equivalent of summer school.

It was only after repeatedly visiting the school to argue my case (and becoming an increasingly cantankerous old bastard every time) that I either won the principal over to my side, or got him to the point that he'd agree to anything just to get this obnoxious old sonofa***** to leave him alone. He agreed to counter-sign the form himself if my goddaughter made acceptable progress.

And indeed she did: She made about 14 months' progress in two months of tutoring, which brought her almost up to grade level. And because of the study skills she learned from the tutor and her new enthusiasm for learning, she's since brought herself up to grade level. She even calls me so I can provide homework help via Skype.

Now don't get me wrong: I know there's a difference between individual tutoring and what a classroom teacher is realistically able to provide in terms of personal attention. I understand that, and I'm not saying that the teacher was inept. Like I said: My goddaughter wasn't the easiest kid in the world to teach.

Rather, my problem is with the fact that both she and the school officials initially objected to the plan because of idiotic policies that don't allow for creative solutions. Ultimately, I got what I wanted for her. But like I said: I can be the world's most obnoxious bastard when I need to be. I know just how far I can go on my own; and if that's not far enough, I'll find the most obnoxious lawyer in town to take it farther.

But why should that be necessary? Why should I have to abandon my naturally charming and endearing demeanor simply to secure a solution that is so obviously in a child's best interests, and which will cost the taxpayers nothing?

The answer is simple: Because I was dealing with government. Government has a one-size-fits-all, cookie-cutter approach to almost everything it does, complicated by a belief that only they really know what's best. They view the rest of us as clueless idiots, barely able to get dressed in the morning, much less make education decisions on behalf of our children. And when one encounters such attitudes from a public school, the school's government affiliation lends de facto credibility to their positions -- regardless of how idiotic they may be.

The condescension coming from my goddaughter's teacher, for example, was so thick and so sweetly applied as to be sickening. She actually told me that she had earned not just one, but two college degrees, so I shouldn't argue with her about nor worry about what was best for my goddaughter. Talk about arrogance.

I countered that I had earned not just two, but three college degrees, and that I was well aware that the main requirement for success at the post-grad level was a more finely-honed ass-kissing technique. I added, however, that I was confident that she could also master the fine points of ass-kissing, based upon my observations of her interactions with the school's administrators; and that once she did, and earned her third degree, we would be able to engage each other as academic equals.

-Rich

[tobee43]

no...obama is absolutely single handedly wiping out the middle class in one full swoop.........

we are going to be blown off the planet ....what a future for our kids and their kids.....

[discouraged]

Agreed, and today the paper outlined some of Obama's budget cuts; reductions in airport grants, grants to states for water treatment plants and similar projects, public health and forestry. Home energy assistance to low-income families & community service grants will be cut in half (boy - these make a lot of sense-wth), and an initiative to restore the Great Lakes' environment health would be reduced by one-quarter.

I'm not seeing any hardships or cuts for the wealthy - only those who have a hard enough time surviving. This is sickening and a disgrace to the american people.

[tobee43]

well...personally, we all know there is no simple answer ...

we need to bring back jobs to this country....

educate our children for "tomorrows" jobs....OR they will be out sourced since we are dropping that ball...and really what is the answer to society security...health care.....this is absolutely depressing......

we all remember "a brave new world"..........huxley........just drug me now...give me some of that soma now!

and you're right this is NOT capitalism...it's insane-ism.......

[banca rotta]

Marxism might also work, in theory. The problem is that it hasn't performed spectacularly well where it's been tried, nor is there very much chance that it ever could be implemented as Karl intended. Corruption and greed are not confined to politicians in Capitalist nations. In fact, my friends from the former Soviet Union tell me that even those few U.S. politicians whose corruption was so blatant and egregious that they went to prison, couldn't hold a candle to even an average rank-and-file bureaucrat in the former Soviet Union, much less a political office holder. Corruption, bribery, graft, payola, and so forth were the norm, rather than the exception to it, in the U.S.S.R.
-Rich

If Marxism would work then the USA would be in the recovery that Obama and his lapdogs in the media keep saying we are in.

We have a combination of Marxism and Fascism today in the US.

We have zombie companies that should have been allowed to fail so the strong better run companies could have swallowed them whole and build up again.

We have soviet style central planning where our central bank sets interest rates instead of the free markets.

The market place dictates that the dow should be back at 6500 or lower where it was 2 years ago except fed policy has blown up this balloon.

Home prices should be much lower and more in line with what we can all really afford, but govt tax rebates forced suckers to buy homes propping up the price which are still at bubble levels.

We have overpriced college educations because of govt aid. If not for the aid, then the cost of an education would be down to affordable levels.

The same thing with health care and many other programs, but hopefully most of you get the point by now.

My friends this is not capitalism!!! Anyone who thinks it is go back to sleep and the barbarians at the gate will wake you up when it's all over.

[msm859]

......
A bleak future for the USofA. The middle class is shrinking and will someday, probably sooner than later, be a very small segment of the overall population.

Solutions are complicated and will require sacrifice and probably a lower standard of living for generations to come.

I would disagree that solutions are "complicated" -- politically difficult/impossible yes. 1. Let all of the Bush tax cuts expire. 2. Have a public option on health care such that everyone has the right to buy the same health care as congress at the same price they pay. 3. Get out of Afghanistan 4. Declare war on energy dependence - promoting American manufacturing. 5. Put a 10% surtax on incomes above 1 million and close more loopholes. 6. Tax estates over $10 million at 50%. Do not allow corporate deductions for compensation packages over $1 million or political contributions or lobbyists. These would be a good start to the road to recovery.

[daylate]

One of the biggest problems are that big companies are now multi-nationals, in many cases deriving a majority of their revenues overseas. This raises a question as to where their loyalties (should) lie. Unfortunately their major loyalty lies with their shareholders, many of whom are foreigners. Add to that technological advances and it is easy to see why hiring a $2 an hour customer service rep in Mumbai trumps the $10 plus benefits that would be required in the US.

Other problems:

Tax cuts to reduce revenues, two wars to increase expenses
An out of control health system
Politicians who bloc vote along party lines that are formulated by marketing rather than what is best for the country
An aging population
An inept federal reserve system
Too much of just about everything-tell me other than jobs what do we really need?
A federal deficit that based on interest and entitlement programs alone is in such a hole that I don't think we ever climb out

A bleak future for the USofA. The middle class is shrinking and will someday, probably sooner than later, be a very small segment of the overall population.

Solutions are complicated and will require sacrifice and probably a lower standard of living for generations to come.

[tobee43]

Banks face obstacles in 2011...just more good news....

By Patty Ouimet
Dollars & Sense


Sunday, February 13, 2011



While most analysts and traders on Wall Street are enthusiastic about a 2011 recovery for the U.S. economy, there is still a lot of uncertainty surrounding the banking industry.

As we know, both large and small banks have to be healthy for a healthy economy to thrive. Foreclosure issues raised their ugly head again, last month, with the Massachusetts Supreme Court reinforcing a lower court ruling against Wells Fargo and US Bancorp claiming the banks had no proof that they owned the properties on which they foreclosed. It would be surprising if Massachusetts was the only state pursuing this issue, and we surmise therefore this issue will not be going away any time soon.

Regulators on both sides of the political aisle are likely to create new legislation around mortgage servicing as a result of the continuing foreclosure issue. Also the new Republican Congress introduced a bill to repeal the Dodd/Frank bill. While some believe only parts of the bill should be repealed, there is a lot of controversy surrounding Dodd-Frank, and that has inevitably spilled in to the banking industry.

Uncertainty about proposed regulations remains as implementing the bill is much different than writing and passing it. Regulators and agencies are just now writing the bills to implement within the structure of the Dodd-Frank bill so, there needs to be oversight around projected legislation.

Last but not least, the controversial Volker rule and budget and activities of the Consumer Financial Protection Bureau are still "uncertain" issues.

One big issue that has surrounded the Dodd-Frank bill since its passing is whether it really solves the "too big to fail" issue it was drafted to address. At the heart of "too big to fail" is the Federal Deposit Insurance Corporation's power to unwind failing institutions. The bill and supporters argue that the government can fail a large bank or institution that is systemically important without disrupting financial markets. There is concern surrounding the failure of non-depository institutions since that is not an area of FDIC expertise.

The FDIC and others' support of a $50 billion fund to help exempt a firm that is deemed large enough and important enough from bankruptcy is also a concern in the bill. This continues to be controversial as it sends the message to the larger institutions that there is a security blanket out there. Many believe there will have to be a test case before this issue is resolved. Creditors of the larger institutions feel comfortable that they would be rescued in liquidation, while the smaller institutions would have to face the bankruptcy process. This gives the large "too big to fail" institutions a lower cost of capital than their smaller brethren and those without the political influence of size.

Last year was a perfect year to pass the Dodd-Frank bill with concerns surrounding the financial crisis still fresh in the minds of the public and regulators. Now 2011 is the year to sift through the regulations included in the bill and address them.

Another one of the biggest hurdles is dealing with Fannie Mae and Freddie Mac and their role in the residential financial crisis which was not addressed in the Dodd-Frank bill. Both parties in Congress are treading softly on dealing with the two GSEs, while the housing market and the economy are still fragile.

Oversight of the Consumer Financial Protection Bureau (CFPB) with a $600 million starting budget is expected to be another hot button issue that the new Congressional Republicans may challenge by possibly not funding the bureau. Currently, the director of the CRPB has the authority over the funds. Ironically, even though the new bureau is called the "Consumer Protection Bureau" the consumer will be hurt most by stricter regulations on smaller community banks which will have to pass the cost on to them to survive. Larger banks will also feel the pain and increase fees, but are somewhat insulated because they have more efficient access to capital.

More uncertainty around the Dodd-Frank bill involves the "Volker rule" which bans proprietary trading and restricts investments in hedge funds and private-equity firms. The law left most of the implementation of this ruling up to regulators. U.S. capital markets competitiveness globally rests on this issue being resolved according to critiques so these regulations could be watered down so that U.S. capital markets firms are not at a disadvantage. And then the global banks must deal with the implementation of the new Basel III capital requirements, which will also be a challenge for some institutions across the globe.

Bank merger and acquisition activity is expected to pickup in 2011 as some smaller banks will be overwhelmed by new regulations and others will just throw in the towel. Some parts of the country are expected to witness more activity than others. Deals are expected to be in the areas of the country with the best asset quality which is why the Midwest and Northeast were the places where M&A activity started in 2010. Acquirers are drawn to the perception of solid future business opportunity which will most likely be in the most stable areas.

Besides areas of the country where banks have better credit metrics, the areas with job growth should also attract buyers. Again, the expected growth of manufacturing in the Midwest will attract banks looking to build commercial and industrial loan books. The economies of the hardest hit states like Florida may have less M&A activity or continue to be more distressed in nature.

In addition to the pickup in M&A activity helping the sector heal, the better capitalized large banks may now be able to buy back shares and issue dividends which had been put on hold during the crisis. This should improve sentiment for the sector in 2011. This is good news for the sector. However, many things still hinge on housing since it is unknown when home values will stabilize across the U.S. Should home prices stabilize that would be good news for the banking community on so many fronts as it leads to more commercial and industrial lending and small business lending for the banks.

In the end, banks have to feel comfortable with their collateral to lend and help grow the economy especially in the face of new and yet to be announced regulations. And even if banks have the funds to lend, job creation is another key component to credit analysis by the banks and without a job it is tough to buy a home. In other words — not all banks are out of the woods yet so investors have to be selective.