Category : Economy

David Brooks on the Occupy Wall Street Movement–The Milquetoast Radicals

Realistically, not much is going to be done [in America] to address the short-term problems, but we can at least use this winter of recuperation to address the country’s underlying structural ones. Do tax reform, fiscal reform, education reform and political reform so that when the economy finally does recover the prosperity is deep, broad and strong.

Unfortunately, the country has been wasting this winter of recuperation. Nothing of consequence has been achieved over the past two years. Instead, there have been a series of trivial sideshows. It’s as if people can’t keep their minds focused on the big things. They get diverted by scuffles that are small, contentious and symbolic.

Take the Occupy Wall Street movement….[their] core theme…is that the virtuous 99 percent of society is being cheated by the richest and greediest 1 percent.

This is a theme that allows the people in the 99 percent to think very highly of themselves. All their problems are caused by the nefarious elite….

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Posted in * Culture-Watch, * Economics, Politics, Economy, History, Politics in General, Psychology, Stock Market, The Banking System/Sector, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--

Australian Doctor says parents should be able to select baby's sex

Parents should be able to choose the sex of any babies after their first child to ”gender balance” their family, says a leading Sydney obstetrician.

The head of women’s and children’s health at the University of NSW, Professor Michael Chapman, says Australians are more concerned about achieving a desired ratio of girls to boys in their families than wanting first-born sons.

”In this country it’s more about gender balance than selecting the sex of one child,” he said.

Read it all.

Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, Australia / NZ, Children, Consumer/consumer spending, Economy, Health & Medicine, Life Ethics, Marriage & Family, Psychology, Sexuality

Surgery Rate Late in Life Surprises Researchers

Surgery is surprisingly common in older people during the last year, month and even week of life, researchers reported Wednesday, a finding that is likely to stoke, but not resolve, the debate over whether medical care is overused and needlessly driving up medical costs.

The most comprehensive examination of operations performed on Medicare recipients in the final year of life found that nationally in 2008, nearly one recipient in three had surgery in the last year of life. Nearly one in five had surgery in the last month of life. Nearly one in 10 had surgery in the last week of life.

The very oldest patients were less likely to have surgery. Those who were 65 had a 38.4 percent chance of having surgery in the last year of life. For 80-year-olds, the chance was 35.3 percent, but the rates fell off more sharply from there, declining by a third by age 90.

Read it all.

Posted in * Culture-Watch, * Economics, Politics, Aging / the Elderly, Consumer/consumer spending, Corporations/Corporate Life, Economy, Ethics / Moral Theology, Health & Medicine, Medicare, Pastoral Theology, The U.S. Government, Theology

PBS' Religion and Ethics Weekly: Mending Medicare

[BETTY] ROLLIN: Our medical system can’t keep everyone healthy, but it excels at keeping people alive, which is expensive. Twenty-five percent of all Medicare spending is for the 10 percent of patients who are in their final year of life. For the year 2012 alone, that’s expected to be $137 billion. Most of the money is spent in the last 6 months of life, which is often of little benefit, if any, to the patient. And the conversations between patients and doctors and family members which might make a difference, Dr. Forrow says, aren’t happening, partly because people are afraid to talk about death and because the part of the Obama health care reform plan, which would have reimbursed doctors for these conversations, was shot down.

DR. [LACHLAN] FORROW: Cheap, political, inflammatory comments like “death panels” and “pulling the plug on grandma” for cheap political points have terrified the American people in a way that I think””I think that’s immoral.

ROLLIN: Dr. Susan Mitchell, who has studied advance dementia in nursing home patients, has found that even though these patients can be treated and kept more comfortable in a nursing home, they are often hospitalized where they receive aggressive and sometimes painful treatment that is covered by Medicare.

Read or watch it all.

Posted in * Culture-Watch, * Economics, Politics, Economy, Ethics / Moral Theology, Health & Medicine, Medicare, The U.S. Government, Theology

Social Security kept silent about private data breach

The Social Security Administration has failed to inform tens of thousands of Americans that it accidentally released their names, dates of birth and Social Security numbers in an electronic database widely used by U.S. business groups.

The federal agency has kept silent about a potentially harmful security breach of the personal data of about 14,000 people each year, ignoring recommended reporting guidelines for such confidentiality breaches and violating the intent, at least, of the U.S. Privacy Act which protects personal information of private citizens.

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Posted in * Culture-Watch, * Economics, Politics, Consumer/consumer spending, Corporations/Corporate Life, Economy, Law & Legal Issues, Science & Technology, Social Security, The U.S. Government

(RNS) Report Says Tithing, Church Spending Hit Record Low

Tithing to mainline Protestant churches as a percentage of income is at its lowest level in at least 41 years, according to a new report, and churches are keeping a greater share of those donations for their own needs.

Parishioners gave about 2.38 percent of their income to their church, according to “The State of Church Giving through 2009,” a new report being released Friday (Oct. 14) by Empty Tomb inc., a Christian research agency in Champaign, Ill.

Just over 2 percent of income went toward congregational finances, such as operating costs and building expenses. Only 0.34 percent of parishioner income went to what Empty Tomb calls “benevolences,” such as charities and seminary training beyond the four walls of the church.

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Posted in * Christian Life / Church Life, * Culture-Watch, * Economics, Politics, * International News & Commentary, * Religion News & Commentary, America/U.S.A., Consumer/consumer spending, Economy, Other Churches, Parish Ministry, Personal Finance, Religion & Culture, Stewardship, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--

Marriage, College, Job Won’t Ward Off Bankruptcy

A wedding ring, college degree and a well-paying job: the American dream or a recipe for bankruptcy?

Some of the factors often associated with financial success are increasingly becoming correlated with personal bankruptcy filings, a study released Tuesday by the Institute for Financial Literacy found.

The study found that from 2006 to 2010, bankruptcy filings increased among college graduates and those earning $60,000 a year or more. What’s more, last year, 64% of bankruptcy filers surveyed were married””a number that also increased from five years ago.

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Posted in * Culture-Watch, * Economics, Politics, Economy, Personal Finance, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--, Young Adults

BBC–Life in Uganda, where in one place child sacrifice is a business

The villages and farming communities that surround Uganda’s capital, Kampala, are gripped by fear.

Schoolchildren are closely watched by teachers and parents as they make their way home from school. In playgrounds and on the roadside are posters warning of the danger of abduction by witch doctors for the purpose of child sacrifice.

The ritual, which some believe brings wealth and good health, was almost unheard of in the country until about three years ago, but it has re-emerged, seemingly alongside a boom in the country’s economy.

I happened to catch this on the BBC World News this morning. Be warned the content is disturbing–read it all; KSH.

Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, Africa, Children, Economy, Uganda, Violence

L.A. Archbishop calls on Catholic health care professionals to defend human dignity

The greatest challenge faced by Catholic health care workers is a “growing secularism,” said Los Angeles Archbishop Jose H. Gomez.

“This growing secularism endangers our religious freedom,” he said Oct. 8, giving the keynote address that concluded the Oct. 6-8 Catholic Medical Association’s annual conference.

The archbishop pointed to the federal Department of Health and Human Services’ mandate that health insurance plans cover contraception and sterilization.

“When we stop acknowledging our Creator, we stop acknowledging who we are,” Archbishop Gomez said. “Without God we lose our ethics and the reason for human rights.”

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Posted in * Culture-Watch, * Economics, Politics, * Religion News & Commentary, Economy, Ethics / Moral Theology, Health & Medicine, Labor/Labor Unions/Labor Market, Life Ethics, Other Churches, Religion & Culture, Roman Catholic, Theology

States Adding Drug Test as Hurdle for Welfare

As more Americans turn to government programs for refuge from a merciless economy, a growing number are encountering a new price of admission to the social safety net: a urine sample.

Policy makers in three dozen states this year proposed drug testing for people receiving benefits like welfare, unemployment assistance, job training, food stamps and public housing. Such laws, which proponents say ensure that tax dollars are not being misused and critics say reinforce stereotypes about the poor, have passed in states including Arizona, Indiana and Missouri.

In Florida, people receiving cash assistance through welfare have had to pay for their own drug tests since July, and enrollment has shrunk to its lowest levels since the start of the recession.

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Posted in * Culture-Watch, * Economics, Politics, Drugs/Drug Addiction, Economy, Law & Legal Issues, Politics in General, State Government, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--

(BBC) UK unemployment total reaches 17-year high

UK unemployment rose by 114,000 between June and August to 2.57 million, a 17-year high, according to official figures.

The Office for National Statistics (ONS) said the unemployment rate also increased to 8.1%.

The unemployment total for 16-24 year olds hit a record high of 991,000 in the quarter, a jobless rate of 21.3%.

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Posted in * Economics, Politics, * International News & Commentary, * South Carolina, Economy, England / UK, Labor/Labor Unions/Labor Market, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--

Drivers paying more tolls to use roads, bridges

The toll hikes are more than chump change: Cash tolls on the Chesapeake Bay Bridge jumped to $4 from $2.50, and to $12 from $8 on all the New York-New Jersey Hudson River crossings.

The trend reflects tough economic times and growing uncertainty in state capitols about the future of federal road money. Congress has repeatedly delayed approval of a multiyear funding bill for highway projects.

The tolling also highlights the intensifying national debate over how the USA should pay to maintain and improve highways, bridges and tunnels ”” the federal fuel tax, tolls or something else, such as public-private partnerships. The federal gas tax, 18.4 cents a gallon, has not been raised since 1993; more fuel-efficient vehicles have worsened the funding shortage.

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Posted in * Culture-Watch, * Economics, Politics, City Government, Economy, Personal Finance, Politics in General, State Government, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--, Travel

Charleston, South Carolina, named America's top tourist destination by Conde Nast

Mayor Joe Riley was pleased the city he’s helmed since 1975 is now the No. 1 tourist destination in America.

“We love to share our extensive heritage and tradition of hospitality,” Riley said in a prepared statement. “It is thrilling to see that the visitors who come here not only enjoy what they see and experience, they also find an open welcome from the city. Great food and lovely hotels add much to the enjoyment of our guests who come either for a day or a week. We look forward to the opportunity to show visitors what makes Charleston a great place to visit.”

Voters annually evaluate cities based on six categories: atmosphere/ambience, culture/sites, friendliness, lodging, restaurants and shopping. The city with the highest composite appeal wins top honors.

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Posted in * Culture-Watch, * Economics, Politics, * South Carolina, City Government, Economy, Politics in General, Travel

David Briggs on Clergy, Pensions, retirement, the Economy and the Church

Like their secular counterparts, many clergy who devoted their attention to less temporal matters than financial planning now find themselves amid shrinking church budgets and a poor economy being forced to work beyond traditional retirement ages.

It is an especially critical issue in smaller churches that still do not set aside money for clergy retirement. In a 2008 study of Church of Christ clergy in Texas, just a quarter of respondents said they had plans to fully retire.

But it is also a burden for larger, mainline Protestant denominations. As memberships shrink and many older clergy find it financially untenable to retire, even fewer younger clergy are able to find work.

Read it all.

Posted in * Christian Life / Church Life, * Culture-Watch, * Economics, Politics, Aging / the Elderly, Credit Markets, Economy, Ministry of the Ordained, Parish Ministry, Pensions, Personal Finance, Stewardship, Stock Market, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--

(Globe and Mail) Gwyn Morgan–The decline of optimism in America

So began my business trip to the United States, where I found other Americans to be much friendlier ”“ but extremely worried. The first thing my airport driver said was: “Are things as bad in Canada as down here? Do you think we’re headed for a depression?” A front-page headline in USA Today underlined the reason behind his question: “The new faces of poverty: A record 46 million of us ”¦ are now considered poor, as job losses hit the middle class.” Another headline, “Federal benefits, pensions explode,” summed up the financial chasm facing the government.

Federal, civil and military public-service payments and liabilities for 2010 snowballed to $780-billion (U.S.), higher than the $690-billion cost of Social Security. The TV in my hotel room carried an ad from the American Association of Retired People: “Stop Congress from cutting our benefits ”“ that wasn’t the deal.” Clearly, Americans are very worried about their future, and that of their country.

Read it all.

Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, America/U.S.A., Canada, Consumer/consumer spending, Corporations/Corporate Life, Economy, Psychology, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--

Recession Officially Over, U.S. Incomes Kept Falling

In a grim sign of the enduring nature of the economic slump, household income declined more in the two years after the recession ended than it did during the recession itself, new research has found.

Between June 2009, when the recession officially ended, and June 2011, inflation-adjusted median household income fell 6.7 percent, to $49,909, according to a study by two former Census Bureau officials. During the recession ”” from December 2007 to June 2009 ”” household income fell 3.2 percent.

The finding helps explain why Americans’ attitudes toward the economy, the country’s direction and its political leaders have continued to sour even as the economy has been growing. Unhappiness and anger have come to dominate the political scene, including the early stages of the 2012 presidential campaign.

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Posted in * Culture-Watch, * Economics, Politics, Consumer/consumer spending, Economy, Personal Finance, Psychology, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--

(FT) Concerns grow over Fannie and Freddie debt

HMany foreign investors are not reassured by the increasingly explicit US government guarantee, and are wary of the debt that the two housing agencies issue. The political fallout over the US debt ceiling this summer and the consequent Standard & Poor’s downgrade of US sovereign debt intensified fears that politics might derail the US government promise to guarantee the debt.

“We have become hostage to the irresponsible behaviour of politicians,” said Bader al-Saad, head of the KIA, in a New York speech last month. “What happened during the debt negotiations will make many countries think twice about the investment environment of the US.”

Read it all (requires subscription).

Posted in * Culture-Watch, * Economics, Politics, Economy, Globalization, Housing/Real Estate Market, The Banking System/Sector, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--, The U.S. Government

Telegraph Leader–An entire system of global trade is at risk

If it has been obvious for some time that we are caught up in an extreme financial crisis, the extent of its severity has acquired greater clarity in being described by the Governor of the Bank of England. Never before has the global financial system been so interlinked and integrated, which means that problems in one part of the world are capable of causing severe stress almost everywhere else. We once more face a perfect storm of cascading default, contracting credit and collapsing economic activity.

Yet, despite the parallels, the current situation need not end in the same catastrophe of economic, political and social meltdown as occurred in the 1930s. For most advanced economies, these outcomes are still avoidable. But escaping them is going to require leadership, nerve and collective resolve ”“ things that have so far been in short supply.

The problem is not in Britain ”“ which, despite the appalling legacy of debt left by the last government, is doing most of the right things ”“ but in mainland Europe, where lack of foresight, unwillingness to act, confusion of counsel and lack of clear thinking are indeed everywhere to behold.

Read it all.

Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, --European Sovereign Debt Crisis of 2010, Consumer/consumer spending, Corporations/Corporate Life, Credit Markets, Currency Markets, Economy, England / UK, Euro, Europe, European Central Bank, G20, Globalization, The Banking System/Sector, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--

(Reuters) Biggest identity theft bust of its type in U.S. history

Police said on Friday they eavesdropped on thieves speaking Russian, Mandarin and Arabic to make the biggest identity theft bust of its kind in U.S. history against a $13 million crime ring specializing mainly in selling Apple electronics overseas.

Authorities said “Operation Swiper” indicted 111 people from five criminal enterprises in Queens, New York, the nation’s most ethnically diverse county, where 138 languages are spoken and more than half the population is foreign born.

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Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, America/U.S.A., Corporations/Corporate Life, Defense, National Security, Military, Economy, Ethics / Moral Theology, Globalization, Law & Legal Issues, Science & Technology, Theology, Urban/City Life and Issues

(ABC News' Nightline) Steve Jobs: What Made Him a Genius?

video platformvideo managementvideo solutionsvideo player

Watch it all.

Posted in * Culture-Watch, * Economics, Politics, Children, Corporations/Corporate Life, Economy, Marriage & Family, Science & Technology

WSJ on today's Employment Report–Payrolls Rise as Striking Workers Return

The U.S. economy added more jobs than expected last month, and employment gains for the previous two months were revised higher, providing some hope for the weak labor market.

Nonfarm payrolls rose by 103,000 in September as the private sector added 137,000 jobs, the Labor Department said Friday in its survey of employers. Payrolls data for the previous two months were revised up by a total 99,000 to show 57,000 jobs were added in August and 127,000 jobs in July.

However, the September payrolls data was boosted by a one-time event: 45,000 telecom workers returning to their jobs following a strike at Verizon Communications Inc. in August.

Read it all.

Posted in * Economics, Politics, Consumer/consumer spending, Economy, Labor/Labor Unions/Labor Market, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--, The U.S. Government

Sad graph of the Day–Duration of unemployment is at an all time high

Check it out.

Posted in * Economics, Politics, Consumer/consumer spending, Corporations/Corporate Life, Economy, Labor/Labor Unions/Labor Market, Personal Finance, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--

Some Unemployed Find Fault in Extension of Jobless Benefits

Dan Tolleson, a researcher and writer with a Ph.D. in politics, has been out of work since 2009, except for brief stints as a driver. Still, he opposes President Obama’s call for Congress to renew extensions on unemployment benefits.

“They’re going to end up spending more money on unemployment benefits, while less money is coming in on tax returns,” he said, suggesting that the government should focus on measures that might encourage businesses to hire. “Far better to relax some of these outrageous regulations.”

Make no mistake ”” Mr. Tolleson, 54, has collected unemployment checks, saying he had little choice. But his objection to a policy that would probably benefit him shows just how divisive the question has become of providing a bigger safety net to the long-term jobless, a common strategy in recessions….

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Posted in * Culture-Watch, * Economics, Politics, Consumer/consumer spending, Corporations/Corporate Life, Economy, Labor/Labor Unions/Labor Market, Psychology, The U.S. Government

(WSJ) Steve Jobs’s Best Quotes

Here is one:

“When I was 17, I read a quote that went something like: “If you live each day as if it was your last, someday you’ll most certainly be right.” It made an impression on me, and since then, for the past 33 years, I have looked in the mirror every morning and asked myself: “If today were the last day of my life, would I want to do what I am about to do today?” And whenever the answer has been “No” for too many days in a row, I know I need to change something.

“Remembering that I’ll be dead soon is the most important tool I’ve ever encountered to help me make the big choices in life. Because almost everything ”” all external expectations, all pride, all fear of embarrassment or failure ”” these things just fall away in the face of death, leaving only what is truly important. Remembering that you are going to die is the best way I know to avoid the trap of thinking you have something to lose. You are already naked. There is no reason not to follow your heart.” [Stanford commencement speech, June 2005]

Read them all.

Posted in * Christian Life / Church Life, * Culture-Watch, * Economics, Politics, Corporations/Corporate Life, Death / Burial / Funerals, Economy, Media, Parish Ministry, Philosophy, Science & Technology

Response to Muslim Suit Riles Ohio Pork Industry

A decision by Ohio officials to remove all pork products from prison menus in response to a lawsuit by Muslim inmates is not sitting well with the state’s pork producers and processors.

Both promise action of their own, including a possible counter lawsuit, to address what they consider an unfair and illogical decision.

“We really think it’s not in the best interest, frankly, of the whole prison system,” said Dick Isler, executive director of the Ohio Pork Producers Council. “It seems like we’re letting a small group make the rules when it really isn’t in the best interest of the rest of prisoners.”

Read it all.

Posted in * Culture-Watch, * Economics, Politics, * Religion News & Commentary, Corporations/Corporate Life, Dieting/Food/Nutrition, Economy, Islam, Law & Legal Issues, Other Faiths, Prison/Prison Ministry, Religion & Culture

Steve Jobs–Apple’s Visionary Redefined the Digital Age

Steven P. Jobs, the visionary co-founder of Apple who helped usher in the era of personal computers and then led a cultural transformation in the way music, movies and mobile communications were experienced in the digital age, died Wednesday. He was 56.

The death was announced by Apple, the company Mr. Jobs and his high school friend Stephen Wozniak started in 1976 in a suburban California garage.

A friend of the family said that Mr. Jobs died of complications from pancreatic cancer, with which he waged a long and public struggle, remaining the face of the company even as he underwent treatment. He continued to introduce new products for a global market in his trademark blue jeans even as he grew gaunt and frail.

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Posted in * Christian Life / Church Life, * Culture-Watch, * Economics, Politics, Corporations/Corporate Life, Death / Burial / Funerals, Economy, Parish Ministry, Science & Technology

(ENI) Rowan Williams Visits Zimbabwe Amid Church-state Standoff

Archbishop of Canterbury Rowan Williams will visit Zimbabwe in a show of support for Anglicans who are under siege from a renegade ex-bishop who plans to snub the leader of the worldwide Anglican Communion.

Anglicans in Zimbabwe are embroiled in a church property fight with former Bishop Nolbert Kunonga of the capital of Harare. Kunonga left the church in 2007 over what he said was its pro-gay stance.

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Posted in * Anglican - Episcopal, * Culture-Watch, * Economics, Politics, * International News & Commentary, Africa, Archbishop of Canterbury, City Government, Economy, Foreign Relations, Housing/Real Estate Market, Law & Legal Issues, Politics in General, Zimbabwe

(Onion) New College Graduates To Be Cryogenically Frozen Until Job Market Improves

In a bold new measure intended to address unemployment among young professionals, lawmakers from across the political spectrum agreed on legislation Tuesday to subsidize the cryogenic freezing of recent college graduates until the job market recovers.

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Posted in * Economics, Politics, * General Interest, Economy, Humor / Trivia, Labor/Labor Unions/Labor Market

A 1949 photo of an IBM keypunch operator in the Bond Redemption Department

“A total of 37 punchings was made for every bond.”

Check it out.

Posted in * Culture-Watch, * Economics, Politics, Economy, Federal Reserve, History, Science & Technology, The U.S. Government

On Craigslist, the jobless and desperate plead for work

“Hungry” is the headline on a Craigslist post from Phoenix. In Boise: “I NEED WORK!!!” In Chicago: “Laid off vet needs to pay rent.” In Little Rock: “Please help us!!!” In Richmond, Va.: “Need a miracle.” In Oklahoma City: “Broke girl needs help fast.”

Craigslist, a network of online communities that offers free classified advertisements, is a portal into the misery of people who are struggling to find jobs. Posts from people who are desperate for work read like Haiku poems that detail hard times and fear.

Some people post sad tales that might or might not be true, and ask for cash donations or loans. Most, though, offer to do almost anything legal for pay. Need Ikea furniture assembled? The going rate is $20-$40. Need your garage organized? That will set you back as little as $10 an hour. Jobless people offer rides across town or to the airport. They’ll tend to aging parents, repair cars or replace kitchen faucets.

Read it all.

Posted in * Culture-Watch, * Economics, Politics, --Social Networking, Blogging & the Internet, Economy, Labor/Labor Unions/Labor Market