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  • Obama Economy: Wall Street to Lose 10,000 Securities Jobs

    Just last week, America learned that September was yet another bad month for the Obama economy, with the unemployment rate remaining flat at 9.1 percent. A new report out today predicts more bad news down the road: Wall Street could see 10,000 securities jobs lost by the end of 2012. That’s on top of the 22,000 jobs the industry has lost since January 2008.

    The Wall Street Journal reports:

    New York City’s securities industry could lose nearly 10,000 jobs by the end of 2012, New York state’s comptroller predicted, a painful blow to the area’s economy and government budgets.

    In a report set to be released Tuesday, Comptroller Thomas P. DiNapoli also said bonuses are likely to shrink this year, reflecting lower profits on Wall Street.

    Since January 2008, the securities industry in New York has seen 22,000 jobs evaporate. If Mr. DiNapoli’s prediction of 10,000 more jobs losses between August 2011 and year-end 2012 comes true, that would represent a decline of 17%. About 4,100 jobs have been eliminated since April, and deeper cuts are widely seen as inevitable given a recent flurry of corporate expense-trimming announcements.

    The news is the latest in a long line of dark clouds to gather over the U.S. economy. Unfortunately, the policies the Obama Administration is pursuing are making businesses less likely to succeed, not more likely to increase hiring. New health care regulations increase the cost of hiring workers, pending Environmental Protection Agency regulations will substantially raise the cost of energy, and proposed tax hikes will make it more difficult for business owners and entrepreneurs to invest and expand. In a new paper, Heritage’s James Sherk explains the path that the federal government should pursue instead:

    The labor market remains weak because businesses have retrenched. The rate of business expansions and startups remains well below its level at the start of the recession. To reduce unemployment, America needs more entrepreneurs like Steve Jobs, who started Apple in his garage. Today Apple employs 49,000 workers. The government cannot centrally plan such entrepreneurial innovation. It can, however, encourage it.

    Congress should resist the urge to “do something” about the economy and should instead ensure that what it does is constructive. Passing a third stimulus bill would increase the debt burden and fail as completely as the past two stimulus packages did. Congress should instead work to improve the business climate and remove barriers to business success.

    Read more of Sherk’s paper Sluggish September for Job Creation at Heritage.org.

    Posted in Featured, Ongoing Priorities [slideshow_deploy]

    3 Responses to Obama Economy: Wall Street to Lose 10,000 Securities Jobs

    1. ROYSTOLL2 says:

      Obama and his Democrat bretheren just do not get it. The one thing that stopped this recovery in its tracks was when they "passed" OBAMACARE. This bill was so bad that they had to resort to many illegal and or immoral ways to pass it. I myself felt violated in that I couldn't believe that our government could violate our Constitutional protections like that. If that law does not get overturned, there is absolutely nothing that the federal government cannot do to you. It is like we lost all of our freedoms in one fell swoop. If it stands, I will buy equipment to eliminate at least four people to survive. Sorry, but I am not going to let my business fail,…period.

    2. Bobbie says:

      People, think about it. No matter what man does, good, bad or evil, is all apart of evolution. the EPA has no right to dictate and especially based on nothing but speculation. Man cannot save or protect mother nature. Mankind is beneath her and the EPA is beneath mankind. Pollution is natural but does effect some people. Necessary regulations have reduced as much as possible and innovation remedies that too but also dangerous as the pharmas have created all kinds of drugs that even go as far as interrupting the natural course of women providing pills to control menstrual cycles and the natural course of men providing remedy for erectile dysfunctions. With all kinds of pills in between. If the government really cared, don't you think they'd have some control over the drug mfg's. experimenting with our bodies, instead of holding us back from productivity?

      The more people take drugs to combat something their natural cycle runs and get over without drugs (periods, depression, colds etc.) the less people will have the ability to get over anything without drugs. what do we know it's doing to our bodies? Don't fall for the convenience ladies. creating future illness and destroying females natural course. Men? It's your call.

      Cancer can not be prevented by any means but to bring an injection to claim it does, is destroying the body in other ways. To have government mandate a means beyond our individual control nothing by injection should EVER be mandated by ANYONE for any purpose other than terminally contagious! But by governmental authority is a government not to trust!! oh, I got cancer. guess the ignorant drug injected by mandate of government authority, didn't work. Government lost it's credibility to where it's never worth the risk…

    3. TimAz says:

      Wall street overwhelmingly supported Mao-Bama as their president with campaign contributions. As the old saying goes, show me who your friends are and I'll show you your future. If you play Russian Ruolette often enough, you will take the bullet eventually.

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