Thursday, October 20, 2011

Barack Obama - #3346 - Steve Wynn Goes On Big Rant About Occupy Wall Street, Obama, Deficits and Anger at Government - Business Insider (2) An Unprecedented 26M Americans Are Now Under-Employed - Business Insider (3) Report: Under Obamacare, Less Skilled Workers Will Be Most Likely to be Priced Out of Jobs - Hot Air

On the conference call for Wynn Resorts, CEO Steve Wynn went on a big rant on Occupy Wall Street, Obama, and deficits. Here are our notes in raw form. It's all mostly paraphrased.  In a nutshell, he says: Deficits are killing us, our dollars are worthless, and the Democrats are bankrupting the country and vilifying anyone who's successful. So naturally, people are protesting. It's very interesting about the folks who are occupying Wall Street. That group is quite diverse. There are people in there who think the government should give them more just because they are alive. There are people who are opposing government spending. That group is not homogeneous. What you do have is anxiety and fear that is endemic in the United States of America... due to the government. I am watching my employees standard of living due to deficits. The public is making the connection between deficits and their standard of living. They're seeing their wages go to 80 cent dollars to 70 cent dollars. I have not been able to keep up with the effect of deficits. You're seeing that on Occupy Wall Street. You're seeing it taken to the next level in Greece. People are trying to break into a parliament primarily controlled by the Unions. There comes a moment when the population realizes that it has to stop. Rich people are now being defined by the administration as people who make $1 million dollars Well, most of the businesses in America other than giant corporations are paying taxes under partnerships or S corporations. We have an administration that is fanning the fires that this is somehow undeserved profligate millionaires. It is worse than hypocrisy. It's one thing if it's kids. Americans are waking up; It's taking the form of anger and dissatisfaction with the government. And I think that's probably right. IT IS GOING TO GET WORSE. One side is right, and one side is wrong. You can not sustain these levels of deficits.  The Democrats are bankrupting this country.

An Unprecedented $26M Americans Are Now Under-employed - Business Insider -   While the number of unemployed workers has held steady at around 14 million in recent months, another telling measure of frustration in the labor market—the number of underemployed individuals—rose for a third consecutive month in September, by almost a half of a million people.  Almost 9.3 million Americans are considered underemployed, defined by the Bureau of Labor Statistics as working part-time for economic reasons, such as unfavorable business conditions or seasonal declines in demand.  That's up from just over 8 million in July, but down from a peak of about 9.5 million in September 2010. In addition, about 2.5 million individuals are considered "marginally attached to the labor force," meaning they were not in the labor force, wanted and were available for work, and looked for a job sometime in the prior 12 months. (They are not counted as unemployed because they had not looked for a job in the past four weeks prior to the survey.)  Put together, almost 26 million Americans are either unemployed, marginally attached to the labor force, or involuntarily working part-time—a number experts say is unprecedented.  Read more........

Report: Under Obamacare, Less Skilled Workers Will Be Most Likely to be Priced Out of Jobs - Hot Air - While the president talks and talks and talks about his commitment to “put people back to work,” Obamacare continues to make it less likely that unskilled workers will find full-time jobs, according to new research from Heritage Foundation labor expert James Sherk.  When an employer hires a full-time worker, he is legally bound to pay the minimum wage, the employer share of payroll taxes and unemployment insurance taxes. Now, thanks to Obamacare, that employer will also have to pay nearly $3,600 for a single employee or more than $11,000 for an employee with a family to provide the health coverage that PPACA requires him to provide.  The employer premiums for a single plan, distributed across a full-time work year, will add $1.79 per hour to these labor costs. The premiums for a family plan will add $5.51 per hour. Nationwide minimum labor costs will rise to an average of $10.03 per hour for full-time workers with a single health plan and $13.75 per hour for workers with family coverage.  If the employer doesn’t provide coverage — and has more than 50 employees — he’ll have to pay a $2,000 penalty for each employee. That actually might be cheaper in some instances — but will still mean minimum hiring costs will go up.  So, how will employers likely respond to all of this? You can bet it won’t be to hire more full-time workers. Employers don’t have to pay a penalty for part-time workers, so they have incentive to hire part-time workers at the expense of full-time workers.  Read more.......

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