“A second stimulus should be the one they should have done the first time, something that is relatively fast and thoughtful,” said Phillip Swagel, a professor at Georgetown University’s McDonough School of Business. Mr. Swagel, a former Treasury assistant secretary for economic policy under President George W. Bush, said a more-effective package could include more assistance to struggling state and local governments and personal tax cuts.
“This was supposed to be about jobs, jobs, and jobs. And the fact is, it turned into nothing more than spending, spending, and more spending on a lot of big government bureaucracy,” House Minority Leader John Boehner of Ohio said on “Fox News Sunday.”
Many Democrats, too, said they’re disappointed with the recovery program so far but, for now at least, are resisting calls for a second package. “I don’t think anybody can honestly say that we’re satisfied with the results so far of the stimulus,” House Majority Leader Steny Hoyer (D., Md.) said on “Fox News Sunday.” But he said it was too soon to push for more. “We certainly want to see how this develops over the next few months.”
“We misread how bad the economy was, but we are now only about 120 days into the recovery package,” Biden said on ABC’s “This Week.” “The truth of the matter was, no one anticipated, no one expected that that recovery package would in fact be in a position at this point of having distributed the bulk of the money.”
“The problem is, there have been trillions of dollars printed and spent since last autumn, but none of it to speak of has landed in the hands of consumers, no major income tax rebates, no new meaningful jobs from infrastructure projects, no repeal of property taxes, no health insurance reform such as allowing a cheap “catastrophic only” insurance protection option to families for $200 a month. Has anyone seen anything tangible result from Central Planner intervention? Bridges getting rebuilt? New highways? New supertracks for high speed trains? Energy technology? New parks? Jobs programs? It has all gone to large corporations, to government purchases of corporations.”
To be fair, I’ll point you to a couple recession is ending reports that refute the more dire predictions of many who have called this financial mess so far and I’ll leave it to you to decide where things are headed in the near term:
– “We’ll definitely see the end of this recession this summer,” ECRI managing director Lakshman Achuthan said Wednesday. “As unique and unprecedented as this recession has been, the transition to recovery is showing up in a textbook way in the leading indicator charts.”
On June 1 we pointed to three clear markers that signified the beginning of US economic recovery. As we enter July more and more economists are also reflecting on the signs that the US economy as a whole is returning to growth.
-U.S. manufacturing shrank at the slowest rate in 10 months in June, an industry group said, adding to a raft of data Wednesday suggesting the recession is bottoming out.
Microsoft/Google/IBM and other Rumors/News
General Economic News
Government Layoff News
US and some Canada Layoff News
International Layoff News
Hiring News and News You Can Use
– But last week, Mr. Jobs returned to work on a part-time basis, precisely when he said he would. Experts with only a general knowledge of his treatment suggest his prognosis is good.
– WASHINGTON (MarketWatch) — The service sectors of the U.S. economy contracted at a slower pace in June, the Institute for Supply Management reported Monday. The ISM nonmanufacturing index rose to 47.0% from 44.0% in May. The decline was better than expected. Economists were looking the index to rise to 46.0%.
– JEFFERSON CITY, Mo. (AP) — With its IOUs and plans to close state offices three days a month, California gets all the attention as lawmakers fight to write a budget set off balance by a $26.3 billion deficit.
But the dozens of states that made spending cuts, tapped into reserves or relied on federal stimulus funds to patch together budgets that took effect this past week are hardly free from worry. Many of those spending plans are based on tax revenue projections that have been wrong throughout the recession — and may be unreliable again.
– With states facing a $121 billion shortfall in the next fiscal year, a growing number of them have turned to squeezing their workforce for savings, and effects are being felt, both great and small.
In Hawaii, some criminal trials will likely have to be rescheduled because public defenders are being furloughed — or forced to take unpaid days off — three Fridays a month. In New Jersey, about 5,000 parolees went unmonitored for a day in May and June as their parole officers were forced to stay home.
– SACRAMENTO—Sacramento firefighters have agreed to freeze their salaries for two and a half years, averting layoffs for at least a year.
– The Troy-Miami County Public Library announced Monday it will lay off six workers, reduce employee hours and modify operations as it faces a budgetary drop of more than $770,000.
– CITY HALL — As a part of the shift in the city’s Park Ranger program, six part-time rangers who are at-will employees of the city, will be terminated as of July 15, city officials said Monday.
via Glendale News Press > Politics.21:21:23
– TROY — Hoping to keep up with funding cuts, the Troy-Miami County Public Library will lay off six staff members, reduce hours for most others, park its bookmobile, increase fines and close one day per week.
via Troy library cuts staff, parks bookmobile.21:26:32
-The company, which said it would cut 350 jobs, added that JPMorgan Chase Bank has informed the company that its $10 million line of credit was not available to be drawn down upon until the regulatory matter was resolved.
– That means about 230 union jobs at the Chronicle’s Union City printing plant are now gone.
– SHELBYVILLE, Ind. (AP) — Meridian Automotive Systems is idling a central Indiana factory, putting 295 people out of work.
The company told city officials on Thursday that it was closing the Shelbyville plant for an indefinite period. The announcement came less than month after Meridian announced a planned layoff of 198 people at the plant in stages over the summer.
– GRAND BLANC TOWNSHIP, Michigan — Genesys Regional Medical Center is moving forward with plans to lay off than half of the licensed practicing nurses on staff — and replace them with nursing assistants — unless their union can win a last minute reprieve, reports WNEM (Channel 5). According to the report, 54 nurses will receive pink slips next week.
– The company wants 25 workers to voluntarily take up to three months off because business has yet to pick up.
– Credit-card giant Discover Financial Services LLC has told state officials it plans to begin cutting 55 jobs at its New Albany call center on Tuesday.
– The owner of most of the Bay Area’s newspapers said Friday it would lay off another 18 journalists in the East Bay this summer.
– Sanofi-Aventis’ restructuring plans may not include forced layoffs in Europe, but about 60 workers in the U.S. were told they’d be out of work by year’s end, BNet Pharma reports, and these weren’t “voluntary separations.” Report
– Western Corporate Federal Credit Union eliminated 30 San Dimas, Calif.-based employees last week, adding to the 60 branch processing staff the NCUA had previously announced would be let go over the next 12 months. WesCorp’s staff will drop by roughly 22% from January 2008 to mid-2010.
via WesCorp Eliminates Jobs .14:50:08
– Sunoco announced Monday they will permanently shut down the ethylene unit at their Marcus Hook Refinery that was damaged in an explosion and fire in May, and lay off 40-50 workers in the process.
– Sun Microsystems recently dismissed 61 employees in Dallas as part of a broader restructuring, according to a company filing with the Texas Workforce Commission.
-In what’s being described as an “administrative reorganization” unrelated to the recession, Osler Hoskin & Harcourt LLP has slashed 23 members of its support staff.
via Law Times – Monday, July 6, 2009.14:58:03
– Wyle Laboratories is cutting 67 Austin high-tech jobs at the end of the week, but most will move over to another company that won a government contract Wyle previously held.
– MYRTLE BEACH — Steel mill union officials last week rejected pay cuts and other concessions that mill owners had said could help stave off the indefinite shutdown planned for July 12.
– Medtronic Inc., VML Co. LLC and Shelby County government all filed letters notifying the department that they will lay off a sum of 105 workers.
– East Syracuse (WSYR-TV) – Twenty-five people were notified last week that they’re going to be laid off from The Bristol-Myers Squibb facility in East Syracuse.
– ProHealth Care, which operates Waukesha Memorial Hospital and Oconomowoc Memorial Hospital, announced Monday it would eliminate 50 positions.
– In a restructuring announced Monday, Naperville-based communications equipment manufacturer Tellabs Inc. disclosed it will lay off about 150 more employees.
via Tellabs-layoffs-tlab- — chicagotribune.com.21:18:18
-Providence Sacred Heart Medical Center has laid off 33 employees and reassigned 44 others as part of a broad budget-cutting effort at the hospital.
-Last month, about 40 employees were given temporary layoff notices, reducing the workforce to about 20 at present, according to Tanja MacIsaac, office manager for Modus Modular Structures in Swift Current.
via Modus modular in Swift Current lays off staff .21:23:50
– World Vision has laid off about 50 employees, between 4 and 5 percent of its U.S. workforce, saying a decrease in cash donations in the first half of 2009 has forced it to make some painful cost cuts.
– TORONTO — The Toronto Star says it’s cutting six full-time and 21 part-time positions at its classified department as sales for the section decline.
– FRANKFURT, July 6 (Reuters) – BASF (BASF.DE) plans to cut 3,700 jobs as part of the integration of Swiss rival Ciba and may sell or close as many as 23 of Ciba’s 55 sites, it said on Monday.
– Oracle plans to lay off up to 1,000 workers in Europe, despite strong revenue growth compared with other enterprise software suppliers.
– This morning Bookseller reported that Penguin UK will lay-off around 100 people in the publisher’s London offices. As the publisher restructures, Penguin UK managing director Helen Fraser will retire, and be replaced by Tom Weldon as deputy chief executive.
– The National Union of Journalists has condemned Trinity Mirror’s plan to make a further “savage” round of 66 job cuts in the north-east of England.
– The company said it will cut 26 jobs, mainly in drug discovery, from its current workforce of 82.
– – STEP 1. Categorize your spending: You can’t budget if you don’t know how you’re spending your money. Pull together bank and credit card statements from the last three months, said Barbara McMahon, a financial adviser in Kansas City, Mo. Lump the line items into broad categories, such as food, housing, debt repayment, savings and entertainment.
– TORONTO — Video game developer Ubisoft is coming to Toronto as part of a deal with the Ontario government that will create 800 jobs over 10 years.
– Wal-Mart is seeking 200 people to work at a new store opening in the fall in Tempe, the company said Monday.
– The U.S. Census Bureau in October will open an office in Gardiner that will employ 1,000 part-timers, according to the Kennebec Journal.
Mike: Till Tuesday……………
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