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More workers joined the federal government's disability program in June than got new jobs, according to two new government reports, a clear indicator of how bleak the nation's jobs picture is after three full years of economic recovery.

The economy created just 80,000 jobs in June, the Bureau of Labor Statistics reported Friday. But that same month, 85,000 workers left the workforce entirely to enroll in the Social Security Disability Insurance program, according to the Social Security Administration.

The disability ranks have outpaced job growth throughout President Obama's recovery. While the economy has created 2.6 million jobs since June 2009, fully 3.1 million workers signed up for disability benefits.

In other words, the number of new disability enrollees has climbed 19% faster than the number of jobs created during the sluggish recovery.

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The Obama administration has exempted two more states - Washington and Wisconsin - from many requirements of the federal "No Child Left Behind" education law.

Now more than half of the states have received waivers, raising questions about the future of No Child Left Behind. Obama started granting the waivers this year to states that promise states to improve how they prepare and evaluate students.

It's part of an ongoing effort by Obama to act on his own when Congress is rebuffing him.

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First, GM and Chrysler owed billions of dollars to the union's Voluntary Employee Beneficiary Association (VEBA) when they went bankrupt. The union and the auto makers created VEBA in 2007 to assume responsibility for the UAW's generous retiree health benefits. The benefits allowed UAW members to retire in their mid-50s with minimal out-of-pocket health-care expenses for the rest of their lives. GM owed $20.6 billion and Chrysler owed $8 billion to VEBA as unsecured claims.

A bedrock principle of bankruptcy law is that creditors with similar claims priority receive equal treatment. If you owe $1,000 each on two credit cards, in bankruptcy you cannot choose to pay $900 to Citi and only $200 to Chase. Each of the creditors is entitled to an equal percentage recovery.

In the auto bankruptcies, however, the administration gave the unsecured claims of VEBA much higher priority than those of other unsecured creditors, such as suppliers and unsecured bondholders.

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meams said:
It's been known for a while that the US is turning into Greece.  It's a shame, because we can't just leave our own currency union to print our way out of this mess.

We're already printing our way out of this mess.

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How do Americans feel about kings?

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zappaisgod said:
Power.  The weaker the people the stronger the government.  What's that saying?  if you have a government big enough to give everything you have a government big enough to take everything.  That's what he and all commie fucks want.  Complete control.

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DeadHearts said:
Im simply saying hes going to get re elected. Im not voting for the ass hat. I mean what the fuck
can be done about it? I honestly believe most Americans think he inherited a lot of bullshit and
deserves a second term to get shit worked out. You have no idea how much of this kind of talk I hear.

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