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ALTERNATIVE ENERGY: COULD SUPPORT HALF A MILLION JOBS

Craig Harrington | Published 08/07/08

The implementation of large-scale wind powered grids would require research, development and extensive construction which could potentially create 500,000 jobs in the U.S. within 20 years, according to DOE estimates.

The United States Department of Energy believes that wind power is a viable solution for future electrical needs, with the capability to supply up to 20 percent of America’s consumption.

Wind power would severely reduce the harmful and wasteful environmental effects of current technologies – specifically fossil fuels – while also creating a booming industry in the United States. Furthermore, in supplying one fifth of our current electrical consumption, wind power would more than replace oil-fired power plants in the United States.

This solution is not a quick fix and will take time and patience, but it is a legitimate alternative to the crash course we find ourselves in. The U.S. no longer has a significant technology gap between itself and other nations, and highly skilled and educated Americans are finding it increasingly difficult to find work. Researching energy alternatives could spur a technology boom and offer a welcomed job opportunity for the thousands of skilled workers suffering from layoffs, as well as recent graduates and others entering a now shrinking workforce.

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455,000 New Claimants Seek Unemployment Benefits

Craig Harrington | 08/07/08

First-time claimants to unemployment benefits rose by 455,000 from July 26 to Aug. 2, while the number of continued claimants – those regularly receiving federal unemployment relief – rose to 3.3 million, according to MarketWatch.

According to the Labor Department, the increase is an anomaly created by President Bush’s legislation which extended unemployment benefits to many who were previously left out.

The exact reason for the number of claimants is not as important as the number itself. All told, 3.3 million Americans are continually receiving federal unemployment relief, and nearly half a million individuals filed their initial jobless claim in the last week. According to Robert Schroeder of MarketWatch, initial claims totaling 350,000 signal a weakening economy and 400,000 initial claims signal recession. The four-week average of new claims here in the US stood at 419,500, well beyond the recession threshold.

This is not only a signal that the economy is in dire straights, but it is also a sign that something must be done about it. While unemployment relief is helpful and needed by the jobless, it is a drain on the federal budget and it is economically unproductive. The economy needs a jumpstart, and that must begin with job creation for Americans.

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Service Industry Contracting for 2nd Consecutive Month

Dustin Ensinger | 08/07/08

The current economic downturn is being felt not only by what remains of the manufacturing sector of the U.S. economy, but also in the service sector. For the second month in a row the industry has reported that business activity has contracted, according to CNNMoney.com.

The service sector is comprised of real estate, construction, mining, fishing, agriculture, health care, finance, insurance and administration.

Energy and commodity prices have increased for 62 consecutive months, which is taking its toll on businesses in the service industry. However, businesses are reluctant to pass the rising prices on to the consumers because industry insiders say that the American consumer is already strapped by the same set of circumstances.

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$100 Billion Later, the Recession Continues

Craig Harrington | 08/07/08

Earlier this year, the Bush administration pushed its so-called “economic stimulus package” on to filing taxpayers in an effort to reinvigorate a stumbling economy. However, as July sales reports come to light it seems as if the stimuli have all but dried up, and the net effect has been negligible at best, according to Reuters.

Many major U.S. retailers posted sales for July which fell well short of projected gains, leaving many to worry about the prospects of the upcoming back-to-school shopping season.

The intent of the stimulus checks had been to grant a sustainable boost to the U.S. economy, but most individuals found their rebates being spent on gasoline, food and other commodities with soaring prices.

As the stimulus checks run their course we have seen little net result in macroeconomic terms. The only lasting effect may be the $100 billion added to this year’s federal budget deficit.

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An Inconvenient Truth: National Debt Closer to $53 Trillion

Dustin Ensinger | 08/07/08

A documentary set to be released to theaters this month paints an even bleaker picture of the state of the U.S. economy than most Americans are aware of, according to the Washington Post.

Dubbed “The Inconvenient Truth” of the economy, the film claims that the $9.6 trillion in debt the country must currently contend with is actually somewhere closer to $53 trillion when all unfunded entitlement obligations are included, and those numbers are sure to worsen as more and more Baby Boomers retire and age.

The national debt currently accounts for 66 percent of gross national product, and if corrections are not made that number will climb to an astounding 244 percent by 2040, or double what it was at the end of WWII, when the U.S. was at its highest level of national debt.

These worse than advertised financial conditions leave the U.S. at risk of being held hostage by foreign lenders, because they are financing this nations social programs, public works projects and even our national defense. This accounts for nearly $300 billion a year borrowed from foreign sources, who could bankrupt the U.S. government overnight by electing to shed this debt.

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The Great American Sell-Off: A Disastrous Habit

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Foreign Ownership of U.S. Industries

  Sound recording industries97%
  Commodity contracts dealing79%
  Motion picture and sound recording industries75%
  Metal ore mining65%
  Motion picture and video industries64%
  Wineries and distilleries64%
  Database, directory, and other publishers63%
  Book publishers63%
View Full List of Industries

Foreign Financing of U.S. Government Debt

 Japan$517.2 Bn
 China$405.5 Bn
 United Kingdom$299.7 Bn
 Brazil$128.8 Bn
 Oil Exporters$126.7 Bn
 Luxembourg$76.3 Bn
 Hong Kong$54.3 Bn
 View Full List of Debtholders

U.S. Consumption Spent On Foreign Goods

 Footwear90%
 Audio & Video Equipment87%
 Other Leather Products86%
 Leather and Hide Tanning75%
 Apparel Accessories67%
 Apparel67%
 Computer Equipment59%
 View Full List of Products

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