Labor

Iain Duncan Smith says he is proud of his governments record on disability benefits,. Yes, he had the gall to say that despite his government making cuts to two key support streams that were meant for disabled people. The Independent reports: The Government last week voted to take £30 a week from disabled people claiming Employment Support Allowance in the so-called “work-related activity group”. It is now proceeding with cuts to the Personal Independence Payment which will see payments reduced for people who need adapted equipment to live independent lives.

David Cameron’s mother has lost her job as austerity measures imposed by the conservative government have forced a local authority to close the children’s center she worked at. The Berkshire children’s centre where the Prime Ministers’s 81-year-old mum volunteers is being shut down at the end of the month. Mary Cameron said she was “very sad” that the centre is closing. RT reports: “I am very sad that it is being closed down but if there’s not enough money to pay for it things have to go. I don’t really know what can be done really as I’ve just heard about it.

Submitted by Lance Roberts via RealInvestmentAdvice.com,

The Fed’s Got A Problem

The most recent employment report sent the financial market pundits abuzz claiming that the economy was on solid footing with no recession in sight. The problem, for anyone willing to actually look at the data, was the underlying data was mostly disappointing.

When it comes to concerns about their professional future, few things faze Wall Streeters: mass layoffs - no big deal, someone else will hire; empty steakhouses - that's ok, Hustler Club is packed (and expense accounts are accepted just fine). But lower compensation and all hell breaks loose.

Submitted by Jack Salmon via The Foundation for Economic Education,

A new report from JP Morgan Chase & Co. finds that the summer employment rate for teenagers is nearing a record low at 34 percent. The report surveyed 15 US cities and found that despite an increase in summer positions available over a two year period, only 38 percent of teens and young adults found summer jobs.