“The national unemployment rate dropped below 8 percent on Friday after a report that 114,000 jobs were added to the economy in September, a modest showing that is actually smaller than the total from last month. The unemployment rate dropped even though the number of people in the labor force, including those looking for work, increased. Also, the Bureau of Labor Statistics revised August’s jobs gain up to 142,000 from the originally reported 96,000, while July’s total was revised up to 181,000 from an original estimate of 141,000.”
A Bureau of Labor Statistics press release stated that by adding 114,000 jobs in September the unemployment rate dropped by 3 tenths of a percent.
To recap:
April 2012: 115,000 jobs added led to unemployment dropping from 8.2% to 8.1% (one tenth of a percent)
September 2012: 114,000 jobs added led to unemployment dropping from 8.1% to 7.8% (3 tenths of a percent)
Important to note: The Washington Free Beacon reported on Friday that there are at least two economists at the Bureau of Labor Statistics that have contributed to Obama , as well as, the DNC.
My thanks to Joe and Doug Hagmann for their analysis on these numbers. Click here to listen to last Friday’s show on Blog Talk Radio.
In May/June of 2010 when Cleveland county was preparing the budget for FY 2010/2011 the following was a statement from the County Manager David Dear.
“The county unemployment rate is currently 14.3%. Retail sales have continued to decline and local housing starts are currently very depressed. Despite declining revenues, this budget focuses on maintaining overall public expenditures at current levels.”
That included the issuing of $22 million in limited obligation bonds.
Julie Crawshaw from Money News reported today Dec 27th:
“U.S. Senator Tom Coburn warned Americans this Sunday of an apocalyptic economic future, with Great Depression levels of unemployment and a destruction of the country’s middle class.”
Sen Coburn told Fox News that unemployment could reach 18%, and:
“if we didn’t take some pain now, we’re going to experience apocalyptic pain, and it’s going to be out of our control.”
Is a perfect storm brewing just over the horizon for Cleveland county and NC?
Greg Brown from MoneyNews.com reports:
“Meredith Whitney, the former Oppenheimer analyst whose dead-on predictions on the banking crisis vaulted her to fame, said on CNBC that she stands by her controversial new call: Massive unrest across the country as the municipal-bond market sells off.”
In the CNBC interview, Whitney estimates that 32% of State funding is provided by the Federal Government. And the state’s in turn make up 40% of municipal [county] budgets.
Cleveland county leaders claim to run a “balanced” budget. But if 40% of our budget comes from Raleigh, are we truly running a balanced budget?
Moody’s Aa3 debt rating for Cleveland County Public Facilities Corporation, the issuer of $22 million dollars worth of “limited obligation” bonds, is one level away from being downgraded from low risk to “Medium” risk.
”A limited obligation bond, or revenue bond, differs from a general bond in that a limited obligation bond is not linked directly to a municipality’s tax revenue. Limited obligation bonds are payable from the facility for which the bond was originally issued.”
Cleveland county formed the Cleveland County Public Facilities Corporation to issue $22 million in limited obligation bonds to build the LeGrand Center at Cleveland Community College, and the new Shelby Middle School.
Why a limited obligation fund? Because Cleveland county did not want to raise our taxes to pay for it. Instead, they opened a new credit card, under a different name, based on new ”revenue” it received from Raleigh.
But where is Raleigh getting the money? The Center on Budget and Policy Priorities reported on December 16th that NC’s projected budget deficit for FY 2012 is almost $4 billion. Raleigh has a buddy that owns a printing press, called the Federal Reserve.
The $800 billion ”Stimulus Package” (properly known as the American Recovery and Re-Investment Act of 2009) is currently financing the construction of the new Shelby Middle School and the LeGrand Center. http://www.ncrecovery.gov/opportunities/recoveryzoneBonds.aspx
So the Fed’s print the money and give it to the states, and the states doll it out to the counties. Cleveland county created the Cleveland County Public Facilities Corporation to issue $22 million in bonds with stimulus money; what’s the problem?
The problem is the Stimulus money runs out in June of 2011.
The Daily Beast reported in December about NC’s fiscal status:
“Like so many other states, North Carolina is finding it tough to pay for its health care system for low income residents, and that could lead to unpaid time off for state workers. The state could find itself on the hook for $500 million in Medicaid if federal funding isn’t renewed.
NC Senator Linda Garrou-D Forsyth said:
“I would hope (we won’t have furloughs), but I would not be surprised,”
Sen. Garrou-D-Forsyth is co-chairwoman of the Senate’s budget-writing Appropriations Committee.
When the states start lining up for their bailouts, and the Federal Reserve begins printing trillions of more dollars in state bailouts, higher inflation is inevitable. Does Cleveland county have a plan in place if high inflation ensues, and staple items at the grocery store and gas pump start rising dramatically? Or for the increase in public assistance that would be needed if the biggest employer, State Employees, have to be furloughed?
In March 2010 David Dear submitted a report that stated:
“It is expected that the State of North Carolina will have an approximate $1 billion shortfall. The shortage at the state level will determine what other mandates will be sent down to counties.”
If Mr Dear is concerned about “shortages” from Raleigh at a $1 billion state deficit, what will the ”shortages” look like with a $4 billion deficit as The Center on Budget and Policy Priorities has estimated? To quote Mr. Dear, “What other mandates will be sent down to counties” from Raleigh? Furlough’s? Benefit cuts? Medicaid cuts? Releasing prisoners from jail early like California is? Retirement Plan cuts? Social Unrest?
Gaspee Gazette attempted to contact Mr. Dear to comment on this story by email and phone. As of the publishing date he has not responded.
Are the citizen’s of Shelby, and Cleveland county ready for some truth…or are we going to continue pretending that none of this exists? That this is America, and it can’t happen here.
This originally from AP, I read on The Blaze and the WSJ:
Four of the 16 Eurozone governments have been warned or had their credit ratings ”Downgraded” by Moody’s and Standard & Poor this week alone: Spain, Greece, Belgium and Ireland.
If you add to Mr Jin’s equation that Europe’s meltdown is continuing, and that several states in the US are also facing meltdown, I would have to answer yes.
Mr. John Stemberg tells Rick why he is discarding his Boy Scout uniform after more than 37 years of affiliation with the Boy Scouts of America. In the second half, Pastor Steve Gallagher talks about the Intoxication of Babylon.
Thursday,May 23, 2013 May 23, 2013
Christian Action Network founder Martin Mawyer discussing Islamic terror camps in the USA. In the second half, Nenner Research Center managing director David Gurwitz discusses cycles in business, climate, and war.
Wednesday,May 22, 2013 May 22, 2013
Trends Research expert Gerald Celente shares his thoughts about the IRS scandal and the criminal cabal running many national governments. In the second half of the program, Answers in Genesis magazine chief editor Mike Matthews talks about Biblical evidence of an ice age and climate changes.
Tuesday,May 21, 2013 May 21, 2013
Former World Bank legal counsel Karen Hudes talks about corruption in the international bank, and her recent arrest in Washington, D.C. to intimidate her. Later in the program, Rick shares his thought’s about provocateur Adam Kokesh’s call for thousands of patriots to march on Washington this summer with loaded firearms.
Monday,May 20, 2013 May 20, 2013
Evangelist David Lankford shares a prophetic dream about the price of silver. Nathan Leal shares details about four dreams he had in one night about civil war in America.
Today one of the legends in the business, Jim Grant, spoke with King World News about what he really thinks regarding key markets and the extreme difficulties that people and investors are facing around the world. Below is the third in a series of written interviews with one of the most highly acclaimed individuals on Wall Street.
Today Egon von Greyerz shocked King World News with more stunning news regarding clients having problems getting their physical gold out of Swiss banks as well as other major banks as the gold shortage intensifies. Greyerz also discussed the fact that suppliers cannot keep up with demand and the reason will surprise KWN readers around the world. Below is wha […]
Today legendary Jim Grant told King World News that the current monetary system will not last and therefore it’s way too soon to pronounce the gold bull market is over. Grant also discussed the enormous and tragic price tag of irresponsible central bank policy. Below is the second in a series of three written interviews with one of the most highly acclaimed […]
With so much turmoil taking place around the globe, today King World News interviewed one of the legends in the business, Jim Grant, Founder of Grant’s Interest Rate Observer. KWN will be releasing a series of written interviews today with Grant where he discusses gold extensively, the end of the current monetary system, Fed and central bank policy, distorti […]
Today one of the wealthiest people in the financial world spoke with King World News about what he described as the most extraordinary contrarian indicator he has ever seen in his life. Rick Rule, who is business partners with billionaire Eric Sprott and the CEO of Sprott USA, also shares with KWN readers how they can make fortunes going forward in these tur […]
The Beginning of the Second Term FLEE!!! SEVEN COMPELLING REASONS TO MOVE FROM AMERICA Introduction Introduction If you’re looking for reasons to be hopeful that America will turn around and things will get better, this is not the right article to read. If you’re looking for happy-clappy talk about a better election result in 2014 or 2016, stop now. This i […]
WHY DID HE WIN? It’s inevitable after an election loss. Blame and fault are widely cast. The pundits blame Romney’s message. Some say Americans were fooled into casting their votes for the incumbent. Republicans didn’t appeal to women, Hispanics or the young, they say. But, really, why did the President get re-elected? Regarding who selects our leaders, God […]
In September we looked at the THE PERFECT PRESIDENT. The thesis of the post was that we currently have a President who is Marxist, Muslim and anti-colonial (a/k/a Anti-American) by background, training and family relations. Only God could have brought to the most important office in the world such a man with such a dangerous background. As the “Perfect Sto […]
“The Most High is sovereign over all kingdoms on earth and gives them to anyone he wishes and sets over them the lowliest of people.” (Daniel 4:17) Over the last three plus years many Christians, this writer included, have expressed increasing levels of frustration, even anger, over the actions of the incumbent President of the United States. ‘Why does he […]
In a lengthy interview on a radio show last night the host Pastor shared with me his firm conviction, which he received as he was delivering a recent sermon, that America has been found guilty in the Court of Heaven. He shared with listeners that two other Watchmen who attended the April Vero Beach conference recently told him that they had come to the same […]
I paused today, seeing a video report from Fox News that said President Obama has appointed Atty. General Eric Holder to investigate the Department of Justice concerning potential improprieties surrounding the James Rosen affair. In other words, Eric Holder will be investigating the Department which he heads. How ridiculous is that?
This article was written by Madison Ruppert and originally published at End The Lie According to a report, Rep. Adam Schiff (D-Calif.) is preparing legislation that would end the 2001 Authorization for Use of Military Force (AUMF) and in doing so would remove much of the authority for the war on terror [...]
Neal Thomas
