NC economy

Thank a Republican for the Great North Carolina Job Collapse that is happening right now

You'll be hearing a lot of happy talk about unemployment falling. Don't believe it. If you want to know the truth, just ask your friends and neighbors who are unable to find work.

North Carolina’s unemployment picture is much worse than it appears on the surface, according to new numbers released by the N.C. Division of Employment Security today. Although the unemployment rate dropped to 6.9 percent in December, this is due almost entirely to a historic collapse in the state’s labor force, not to genuine gains in employment.

Rip Van Winkle found dazed and confused in Gaston County North Carolina after a 20 year long nap

As you may already know, one of North Carolina’s many nick names is “The Rip Van Winkle” state. “In 1819, Washington Irving published his short story “Rip Van Winkle,” in which the character of Rip Van Winkle goes off into the mountains and falls asleep for twenty years — missing the American Revolution and all of the changes it brought. Many North Carolinians were beginning to feel that time was passing their state by just as it had Rip Van Winkle. The state’s leaders were committed to a small government and an agricultural economy. But with poor transportation, no public education, and little economic opportunity, thousands of North Carolinians left the state each year seeking a brighter future elsewhere. “(An excerpt from the on-line education site, Learn NC.).

NC Greed Over People Party's Economic Plan

The NC Republican focus on an economic plan for the state was on full display Monday night in Raleigh. The House, led by Thom Tillis, was moving forward to slash UI benefits and cut off 80,000 workers laid off through no fault of their own.
The Senate, led by the always arrogant, venal, and avaristic Phil Berger, was showing it's contempt for low income NC citizens by denying 500,000 of them access to health care.
In the right wing nut fever swamp these two exist in, removing 600 million dollars in Federal money provided by UI actually helps NC's economy.
According to a recent study by the Institute of Medicine, the Affordable Care Act would bring 15 billion dollars into NC hospitals and create 23,000 jobs. The Federal government pays 100% of the cost for the first three years and 90% after that.
In the upside down bizarro world of NC GOP economics, this is called growth, to the rest of us, it is Orwellian doublethink.

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The toilet bowl effect

Back when I ran a business, I marveled at the short-sightedness of competitors who used cost-cutting as their primary lever to drive profitability. In the face of threats or risk, their first move was to slash costs, usually by laying off people. It is a loser's strategy.

That's not to say a business should never cut costs. Sometimes you simply have to in order to survive. But once you begin down that road, once you adopt an austerity mindset, the game is over. In the long haul, you cannot cut your way to sustainable profitability.

Interstate 40 Rock Slide

By now, everyone is probably aware at least at some level of the massive rock slide that has closed Interstate 40 near the Tennessee border in Haywood County. What is the fastest way to get the slide cleaned up and traffic flowing again through this vital east-west artery?

Join us in Charlotte for the NC Clean Energy Economy Forum 2009

Please join us next week for a public forum on job creation and North Carolina's potential leadership in the emerging clean energy economy.

Wednesday, September 23, 2009
7:00 - 8:30 pm

at
The Mint Museum of Art, Van Every Theater
2730 Randolph Road, Charlotte, NC 28207

Keynote Speaker:
The Honorable Walter H. Dalton, North Carolina Lieutenant Governor

Panelists:
Olee Joel Olsen, O2 Energies
Joseph J. James, Corporation for Economic Opportunities
Terence Fagan, Central Piedmont Community College
Alina Johnson, Conservation Council of North Carolina

Sponsors:

Staring Unflinchingly Into the Abyss

I'm encouraged that BusinessWeek concurs with my opinion regarding our economy:

The great job bust of 2008 is being felt keenly in communities across the U.S. Few may be suffering more than Greensboro, N.C., one of the South's most scenic and livable cities and no stranger to disruptive economic change. Greensboro's local economy has been stress-tested by global outsourcing since the early 1990s, when jobs tethered to its two once-dominant industries, textiles and furniture, began to move to Asia.

Of course, anyone who's been paying even the slightest attention around here knows this quite well. Do not miss the comments. Hat tip to Ed Cone.

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And not just that, Mr & Mrs Hard-working North Carolina

Guess who wants to give YOU some real tax relief?

If you're a $50-$100k/year household -- You, the middle of the middle class, the folks among us who spend money at local stores, eat in local restaurants and who usually spend a chunk of vacation money every year right here in the US of A, feeding our economy and keeping it moving -- Obama and the Democrats see the strain on your income and they'll do something to help.

Binker at his best

WACHOVIA BANK TO OFFSHORE THOUSANDS OF NC JOBS

WACHOVIA BANK CORP - Riches for CEO, Unemployment for workers -

Wachovia CEO gets $18 Million March 10, 2007. CHARLOTTE - The chairman and chief executive of Wachovia Corp., Ken Thompson, received compensation that the company valued at nearly $18.4 million in 2006, according to a regulatory filing yesterday.
http://www.journalnow.com/servlet/Satellite?pagename=WSJ%2FMGArticle%2FWSJ_BasicArticle&c=MGArticle&cid=1173350135956&path=!business&s=1037645507703

AND, SOON TO OUTSOURCE NORTH CAROLINA PROCESSING JOBS TO INDIA

Businessweek JANUARY 30, 2006

Wachovia will have outsourced 500 to 1,000 jobs, with plans to move an additional 3,000 or so by the end of 2007. ..Most, but not all, of those jobs are going to India....

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