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Commentary: Pen stroke could help ease black unemployment

From the Washington Post: http://www.washingtonpost.com/business/capitalbusiness/commentary-new-rule-could-help-ease-black-unemployment/2011/09/07/gIQA8XoqKK_story.html President Obama unveiled some ambitious ideas last week to create jobs, a plan that may have little chance of becoming reality any time soon given the $447 billion price tag and the current animus between the president and Congress. But about four weeks ago, Obama signed a little-publicized executive order that may go far in addressing a crisis exacerbated by the economic downturn: the rising unemployment rate and the diminishing wealth of African Americans. On Aug. 18, the White House issued an executive order “to promote the federal workplace as a model of equal opportunity, diversity and inclusion.” This follows on the heels of Section 342 of the Dodd-Frank financial reform law, which created offices to monitor and encourage efforts by federal financial agencies such as the Treasury Department

Unemployment in Black and White

We created the chart at left showing black versus white unemployment in August, 2011. Black unemployment was reported at 16.7%, higher than the 16.2% rate reported in August 2010. Black unemployment was 15.5% in July, 2011. White unemployment fell to 8% in August from 8.1% in July, 2011. Further, white unemployment was 8.7% in August, 2010. I think this puts the recession into clear perspective. While some (the Tea Party in particular) have done a lot of whining, they are in no way, shape or form bearing the brunt of this recession.

Executive Order--Establishing a Coordinated Government-wide Initiative to Promote Diversity and Inclusion in the Federal Workforce

The White House Office of the Press Secretary For Immediate Release August 18, 2011 Executive Order--Establishing a Coordinated Government-wide Initiative to Promote Diversity and Inclusion in the Federal Workforce EXECUTIVE ORDER ESTABLISHING A COORDINATED GOVERNMENT-WIDE INITIATIVE TO PROMOTE DIVERSITY AND INCLUSION IN THE FEDERAL WORKFORCE By the authority vested in me as President by the Constitution and the laws of the United States of America, and in order to promote the Federal workplace as a model of equal opportunity, diversity, and inclusion, it is hereby ordered as follows: Section 1. Policy. Our Nation derives strength from the diversity of its population and from its commitment to equal opportunity for all. We are at our best when we draw on the talents of all parts of our society, and our greatest accomplishments are achieved when diverse perspectives are brought to bear to overcome our greatest challenges. A commitment to equal opportunity, diversity, and

Economics as science: what went wrong

Unfortunately, economics as a "science" has no answer for the questions we face now. As one person noted, "The power of a..theory may be measured as a ratio: the number of facts that it explains divided by the number and type of assumptions it needs to postulate in order to do the explaining. A theory that assumes most of what it is trying to explain is a bad theory." That is why most economic theory is bad theory.