USA: The 0.1 percent decline in the official jobless rate in July was entirely due to the fact that 193,000 unemployed workers dropped out of the job market, not because of any increase in hiring: here.
The number of Americans using the government’s Supplemental Nutrition Assistance Program (SNAP) — more commonly referred to as food stamps — shot to an all-time high of 45.8 million in May, the USDA reported. That’s up 12% from a year ago, and 34% higher than two years ago: here.
Labor Force Participation Hits New Low: here.
Michael Moore | 30 Years Ago Today: The Middle Class Died. Michael Moore, MichaelMoore.com: “Beginning on this date, 30 years ago, Big Business and the Right Wing decided to ‘go for it’ – to see if they could actually destroy the middle class so that they could become richer themselves. And they’ve succeeded. On August 5, 1981, President Ronald Reagan fired every member of the air traffic controllers union (PATCO) who’d defied his order to return to work and declared their union illegal. They had been on strike for just two days”: here.
Much of the commentary on the significance of the Standard and Poor’s downgrade of the US credit rating has dismissed the significance of this event on the grounds that the US would never default on its debt. But 40 years ago today the US did default when President Nixon went on Sunday night television to tell the world that America would no longer honour its commitment to redeem US dollars for gold: here.
Britain: Mothers have been priced out of work and forced back into the home by soaring childcare costs and government spending cuts, researchers said today: here.
Britain’s top company directors have amassed pension pots worth an average of £3.9 million as the rest of the nation sees their retirement packages savagely attacked: here.