Friday, November 12, 2010


"One minute you're up half a million in soybeans and the next, boom, your kids don't go to college and they've repossessed your Bentley. Are you with me? "
-Louis Winthrope III, Trading Places

Its time to play completely unrelated news once more!

STORY NUMBER ONE: Federal pay, courtesy The New Editor:
USA Today'sDennis Cauchon reports:
The number of federal workers earning $150,000 or more a year has soared tenfold in the past five years and doubled since President Obama took office, a USA TODAY analysis finds.

Federal workers earning $150,000 or more make up 3.9% of the workforce, up from 0.4% in 2005.
From an August 2010 piece titled, "Federal workers earning double their private counterparts":
USA Today's Dennis Cauchon reported:
Federal civil servants earned average pay and benefits of $123,049 in 2009 while private workers made $61,051 in total compensation, according to the Bureau of Economic Analysis. ... The federal compensation advantage has grown from $30,415 in 2000 to $61,998 last year.
STORY NUMBER TWO: Courtesy Sweetness&Light:
Spending rolled in for the year that ended September 30 at $3.45 trillion, second only to 2009′s $3.52 trillion in the record books…

What did Washington spend more money on? Well, despite two wars, defense spending rose by 4.7% to $667 billion, down from an annual average increase of 8% from 2005 to 2009.

Once again domestic accounts far and away led the increases. Medicaid rose by 8.7%, and unemployment benefits by an astonishing 34.3%—to $160 billion.

The costs of jobless insurance have tripled in two years.
In total the US goverment spending is up over 21% in just two years. But its the fault of President Bush, President Obama tells us. He was forced to spend so much.

STORY NUMBER THREE: This time the Jammie Wearing Fool passes it on:
New U.S. claims for jobless benefits rose last week, hardening the view the central bank will pump more money into the economy, and keeping pressure on Democrats poised to lose congressional seats in November 2 polls.

At the same time, record-high imports from China helped push the U.S. trade deficit wider in August, while rising food and energy prices pushed inflation at the wholesale level up twice as fast as expected last month.
At least they didn't use "unexpected." They just used "higher than expected." Which I guess is the same thing, really.

STORY NUMBER FOUR:Just a quicky from Financial Times:
The agriculture department on Tuesday cut estimates of US corn yields for a third successive month, forecast record soyabean exports to China and warned of the slimmest cotton stocks since 1925.
Totally unrelated all this news. No connection at all.

1 comment:

SentWest said...

Hi Christopher, I recently read a piece on another blog that ties in with this, at least as far as the continuous bloating of the Federal employee salary:

It really does tie in, and it quite eye opening.