Sunday, July 11, 2010

Unemployment in Wyoming and the Black Rock

Since Obama declared his plan to bankrupt the coal industry, Wyoming's unemployment rate has gone from 2.8% in January 2008 to 7% in May of 2010.
As Ron Micheli puts it, "there is no state in the nation that has more to lose with the adoption of Cap and Trade than the state of Wyoming"... video
"My Vision of Wyoming is"...  video
--There are 68,700,000,000 tons of coal in Wyoming
--Wyoming has the third largest coal reserves and 14.4% of the total coal reserves in the United States. Only Montana (120.1 billion tons) and Illinois (78.5 billion tons) have more coal than Wyoming (68.7 billion tons)
--Wyoming Coal mines produced 466,319,331 tons of low sulphur coal in 2008 and directly employed 6,760 people.
--The amount of coal out of Wyoming accounts for about 40% of the nation's coal
--This coal is used in over 37 different states to generate electricity

January, 2008 - Obama declared his ideas about the coal industry and what would happen with Cap n Trade, aka the American Power Act:  "if somebody wants to build a coal-powered plant, they can; it's just that it will bankrupt them because they're going to be charged a huge sum for all that greenhouse gas that's being emitted" - video
Just as an FYI, Cap 'n Trade/American Power Act makes companies buy air - space in the clouds to emit emissions.

June, 2010 - Wyoming coal production still slipping
  • "after reaching an all-time annual high of more than 467 million tons in 2008 ... in 2009 -- down 8.5 percent to 427.4 million tons for the year. As of June 5, Wyoming mines extracted an estimated 180.22 million tons for the year, down 2.8 percent compared to the same period last year"
  • "Nationwide annual coal production hit a high of 1.171 billion tons in 2008, but dropped to 1.072 billion in 2009. For the first four months this year, nationwide production was off by more than 11 million tons, or a full 3 percent, compared to the first four months of 2009"
Since January of 2008, one year before Obama took office, this is what has happened with unemployment rates in Wyoming(according to the bureau of labor statistics)
January 2008 - 2.8 %
February 2008 - 2.7% **The lowest rate of the decade
March 2008 - 2.8% and it continued to rise...
reaching its highest rate in
January 2010 - 7.6%
As of May 2010 - 7%

As a Nation...
"The unemployment insurance system is in crisis due to a combination skyrocketing unemploymentin some cases – poor planning. A record 20 million Americans collected unemployment benefits last year, and twenty-six states have run out of funds and been forced to borrow from the federal government, raise taxes, or cut benefits. In many other states the situation is deteriorating fast" and –

Unemployment, less revenue, because of less job security and growth due to government restraints... States feel the need then, feel compelled, obligated, trained to fall on old habits of turning to the Federal Government to provide funds.

Take a look at Wyoming's reserves, insurance, against the 'leech' that is unemployment...
"We project that Wyoming's fund will remain solvent, but reserves have been somewhat eroded, triggering a tax increase on businesses from $344 to $581 per employee, on average, for 2010."

In January 2008 the funds were at: $240.7M and on the rise and peaking in November 2008 at $262.4M, falling to $114.5M in April 2010 and then up to $128.2M in May 2010.
According to the chart we passed the level of sustainability in January of this year, plummeting to a projected November 2010 balance of $71.8M

----- Our Economy Relies on the Coal Industry

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What is the bottom line?
Wyoming can stand on its own two feet.  We don't need to be taking federal monies and we don't need to be taking part in deals that grow federal regulations that hurt local businesses.
Wyoming has a great opportunity to grow independence and lead the nation as a shining example for states can do, but we need the right leadership to step up the plate who will, as Babe Ruth put it, "never let the fear of striking out get in your way."

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