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Economics

Despite Improved Figures, US Employment Stagnates

• May 14 , 2012
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Statistics are a strange creature. Depending on how they are viewed or interpreted, a figure can be both positive and negative. It’s often a question of perspective.

For example, take a look at unemployment figures. During an election season, these numbers are most important, both to the incumbent and the competitor. Few things fuel the discontent of the citizens like high unemployment. The last few years have not been most favorable to the US public, with unemployment running relatively high. Regardless of the cause, the President is expected to find a cure for this illness.

Over the last few months, Federal figures have shown that unemployment has been on the decline. Yet, Citizen “A” looks at Citizen “B” and both are still jobless, as well as many of their neighbors. Where, then, are these jobs?

The strange truth is that there aren’t many new jobs. In fact, American employers have offered half the number of new jobs that they made available several months ago. Unemployment figures have fallen because benefits are no longer available and many have simply left the workforce, thus avoiding the statistical count. Unemployment hasn’t changed; just the numbers have.

The good news is that America is relying upon itself. More Americans have gone back to school to further their educations. Many are creating their own small businesses, using their skills and ingenuity to provide for themselves.

Statistics are fine for campaigns. But, for everyday use, look no further than the person next door.

Chaim Katz

Saying Goodbye to the Canadian Penny

• April 6 , 2012
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How much is a penny worth? It’s worth less than you think, especially in Canada. A host of countries around the world have discontinued the circulation of pennies and Canada is about to join their company. According tot a statement by Canadian Finance Minister, Jim Flaherty, the Royal Canadian Mint will stop producing the penny, and the Canadian government will pull the pennies from circulation at the end of 2012.

Each copper coated penny costs 1.5 cents to produce, making theme hardly worth the effort. Businesses spend more time than they’re worth, counting pennies for deposit. Although consumers will still be able to use pennies in all stores, they will be eased out of general use. Currently, stores are not required to accept more than 25 pennies for a single transaction. Once the penny has officially been discontinued, the government plans to enact legislation to round prices to the nearest 5 cent increment.

A similar dilemma faces the United States. The U.S. penny costs 2 cents to produce, making it an even greater loss than the Canadian penny. But, repeated efforts by the US administration to discontinue the penny have not succeeded. The 2008 Presidential election heard promises by then candidate Barack Obama to discontinue the penny, as a cost saving measure. But, it seems that there are some things that even a US President cannot accomplish.

Image: Pixomar / FreeDigitalPhotos.net

By Chaim Katz

Couple Sues Landlord for Takeout Bills

• April 5 , 2012
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Dining out in New York City may be gastronomically pleasing but may also become expensive over a period of time. One New York couple, having no alternative, is suing their former landlord to cover their expenses.

Beverly Taki, 66, and her husband Louis Malone, 68, have file suit against their former landlord and co-op board, Gumley Haft Realty. According to the details of the lawsuit, the management company, for no apparent or stated reason, shut off the gas to the apartment for a 10 month period, beginning in October 2010. The couple paid $5,700 maintenance for the luxury Eastside Manhattan apartment but were unable to use their oven for cooking, forcing them to continually order takeout food. The couple repeatedly asked the management to install an electric oven until the gas would be restored but Gumley refused. As there had been no complaints about gas leaks, it is unapparent why the gas was shut off to their apartment.

The couple sold the apartment for $4.4 million in July 2011, and is seeking restitution in the amount of $27,000 to cover their takeout food bills for the 10 month period. The management company could not be reached for comment.

By Chaim Katz