Latest news with #economicopportunity
Forbes
6 days ago
- Business
- Forbes
Stunning Unemployment Survey Says Millions 'Functionally Unemployed'
According to a new study, true unemployment in the United States is a stunning 24.3%, as millions of Americans are 'functionally unemployed." The bold claim is a stark contrast to the reported unemployment rate of 4.2% in April, as reported by the U.S. Bureau of Labor Statistics. But in a challenging study cited by CBS News, indications are that the government data might be painting an overly pretty picture for employment opportunities. New statistics on U.S. unemployment. getty The Ludwig Institute for Shared Economic Prosperity (LISEP) index indicates an increase in 'functional unemployment' that, according to reports, has topped 24% for the last three months. That's a sharp contradiction to the much-smaller government reported unemployment numbers. "We are facing a job market where nearly one-in-four workers are functionally unemployed, and current trends show little sign of improvement," said LISEP Chair Gene Ludwig. 'The harsh reality is that far too many Americans are still struggling to make ends meet, and absent an influx of dependable, good-paying jobs, the economic opportunity gap will widen.' LISEP's measure encompasses not only unemployed workers, but also people who are looking for work but can't find full-time employment, as well as those stuck in poverty-wage jobs, according to CBS News. The LISEP study seeks to capture labor market nuances that other economic indicators miss, such as Americans who are left behind during periods of economic expansion. Ludwig explains that the unemployment data from the BLS (Bureau of Labor and Statistics) is flawed. "For example, [government data] The study tracks what's called a True Rate of Unemployment (TRU). In a nutshell, this metric tracks the jobless plus those seeking, but unable to find, full-time employment. The LISEP number also includes those in poverty-wage jobs. 'If you're part time and can't get a full-time job, then we count you as functionally unemployed,' Ludwig says. People that don't have steady work and whose jobs don't allow them to live above the poverty line are, in essence, 'functionally unemployed.' The 2025 Federal Poverty guideline, for the contiguous 48 states and District of Columbia, is $32,150 per year for a family of 4, or $15,650 for one person. Note that this single annual income translates to $7.83 per hour, assuming a 40 hour week and 50 weeks worked per year. For a family of four the hourly wage rate is just over $16 per hour. The LISEP data contradicts the current unemployment rate, which remains at or near 50-year lows. Employers continue to hire, although at a slightly slower pace than April, when the economy added 177,000 jobs. So, what's the real number here? Indeed's Hiring Lab says that most official reports are still failing to capture the full labor market impact of rapid policy changes that have marked the first five months of this year. While some employers are in a 'wait-and-see' mode, industries like construction, manufacturing, healthcare, professional services and tourism are continuing to see increased job postings and hiring opportunities. To be sure, the U.S. job market is a complex and multi-faceted system. Trade wars and tariffs have not slowed down the U.S. job market, but headwinds remain for many - including government workers and technology workers that have experienced layoffs. Reports continue to share challenging job prospects for middle managers, within a complex macroeconomic picture. Unemployment numbers really depend on how jobs are counted, and what counts as a 'job'.
Yahoo
25-05-2025
- Business
- Yahoo
Petrodollar Architect Says Trump's Latest Move Could Eclipse the Most Powerful Financial Deal in U.S. History
Ex-CIA advisor reveals the overlooked $150 trillion asset that may define America's next chapter BALTIMORE, May 25, 2025 (GLOBE NEWSWIRE) -- In the 1970s, a little-known international accord reshaped global finance: the Petrodollar deal, which ensured oil would be priced in U.S. dollars, securing America's economic dominance for decades. Now, one of the architects of that original agreement says something even bigger is unfolding—right here at home. 'This is the opportunity of a lifetime,' says Jim Rickards, former advisor to the U.S. Treasury, White House, and CIA. 'We're finally unlocking our American Birthright'.'For the first time in half a century—we can go get it.' Rickards is referring to what he calls a $150 trillion national endowment—an overlooked store of natural wealth buried beneath public lands, hidden for more than 160 years. Bigger Than Oil? The Untapped Power of America's Mineral Wealth While the Petrodollar strategy leveraged global oil, Rickards says this new opportunity centers around America's mineral-rich land base—containing vast quantities of copper, gold, lithium, and other critical materials essential for energy, defense, and technology. 'It's enough to make every single family in America millionaires,' Rickards says. 'Enough to pay off the national debt, four times over. 'This 'trust fund' is not a pile of money to be equally distributed… It's not part of a government program or handout,' Rickards explains. Rickards claims this wealth was made possible through changes to Title 30 of the U.S. Code, but access was long suppressed by environmental regulations. 'Despite giving away 10% of all land in the United States… the government retained the most valuable part. For 163 years, it's held on to it.' Why Chevron Was the Barrier—And Trump Took It Down The primary legal barrier, Rickards explains, was the Chevron Doctrine, a decades-old precedent that gave federal agencies sweeping power to interpret and enforce regulation. 'They gave agencies like the EPA 'kill shot' power to stop any mining project they wanted,' Rickards explains. 'We have massive mineral wealth here… but the government got in the way.' In 2024, the Supreme Court—under a Trump-appointed majority—overturned the Chevron Doctrine, paving the way for access to these long-locked resources. 'Now… for the first time in half a century—we can go get them,' Rickards says. 'Trump is re-opening our mineral-rich Federal Lands. And fast-tracking efforts to recover trillions of dollars' worth of resources.' From Foreign Dependence to Domestic Dominance Rickards believes this new shift could reverse decades of economic dependency on foreign powers—particularly China, which currently supplies many of the minerals America needs. 'The United States is the only nation in the world that locks [its own minerals] up,' says a former Department of the Interior insider quoted by Rickards. 'We're finally shifting from scarcity to surplus. From red tape to real recovery.' About Jim Rickards Jim Rickards is a seasoned economist, attorney, and national security advisor who has served in senior roles at the CIA, Pentagon, and U.S. Treasury. In the 1970s, he played a key role in shaping the Petrodollar Accord. He later advised U.S. leadership during the Iran Hostage Crisis and helped forecast the 2008 financial collapse. Today, Rickards publishes Strategic Intelligence, a monthly research initiative focused on geopolitical and economic developments with long-term impact. Media Contact:Derek WarrenPublic Relations ManagerParadigm Press GroupEmail: dwarren@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CBC
13-05-2025
- Business
- CBC
B.C. First Nation blocks construction on bridge replacement project
A First Nation in B.C.'s Interior is blocking access to the R.W. Bruhn Bridge construction site in Sicamous, B.C., over the alleged exclusion of its workers and businesses from the government-funded infrastructure project. Since 10 a.m., Monday, four dump trucks from the Splatsin Development Corporation (SDC) have been parked at both ends of the bridge, halting construction on the new four-lane replacement. The action was initiated by Splatsin First Nation and SDC in response to what they describe as a pattern of broken agreements by the Aecon Group Inc. and Emil Anderson Construction, the two firms contracted to build the bridge. "This is sort of our only recourse … to set up these blockades to get some attention," said Kukpi7 (Chief) Mike Christian, who also chairs the SDC board. "Our members, you can kind of refer to a lot of them as impoverished. That's why we're fighting back, because every little bit of economic [opportunity] helps." The bridge replacement project is being carried out by Aecon-Emil Anderson Construction General Partnership (AEGP), a 50-50 joint venture delivering the $224-million project for the province of B.C. The work includes the construction of a new multi-use bridge over the Sicamous Narrows, highway widening, and intersection upgrades. Despite being located in Secwépemc territory, SDC says the community has been sidelined from meaningful participation in the project. "This was presented as a two-year opportunity. Instead, they've given us just three months of meaningful work," said Grahame Go, CEO of SDC, in a statement Monday. "What we've experienced instead is corporate opportunism —exploiting our partnership for their benefit and then sidelining us to cut costs." Among the specific grievances outlined by Splatsin are the removal of an Indigenous-operated emergency medical vehicle, the removal of SDC trucks from the site despite a 50/50 trucking agreement with the SDC, and frequent last-minute schedule changes that resulted in job insecurity for Indigenous crews. The nation also says Indigenous workers were sometimes arbitrarily sent home without explanation, and that fuel purchase agreements benefiting Indigenous suppliers were "undermined." Christian said what the community wants is clear: "A signed agreement from the Ministry of Transportation or the two companies that they're going to straighten this issue … stick to the letter of the contract." He says that while this may cause some inconvenience to commuters, traffic is still allowed through a designated detour route. Province 'working closely with all parties' In a statement to CBC News, the Ministry of Transportation and Transit said it is "aware of what's happening at the Bruhn Bridge project." "We recognize the deep cultural roots that Splatsin has to the area," the statement read. "We are working closely with all parties to address the concerns being raised and to resolve the issues as quickly as possible." The ministry added it continues to monitor the situation and encouraged motorists to check DriveBC for updates. Neither Aecon Group Inc. nor Emil Anderson Construction responded to CBC's request for comment by deadline. First Nation says it's a broader trend In its statement, Splatsin said the exclusion it is experiencing is not an isolated incident but part of a broader trend of contractors circumventing obligations under B.C.'s Indigenous participation framework. The Neskonlith Indian Band, also a Secwépemc community, issued a statement of support on Friday, saying it shares Splatsin's concerns and frustration over how the B.C. Infrastructure Benefits (BCIB) model has been implemented. "These practices are not only discriminatory but represent a significant setback for the progress and prosperity of our people," Kukpi7 Irvin Wai of Neskonlith wrote. "We are not asking for special treatment … only for fair and transparent access to opportunities that impact our land and our people". Splatsin is calling on the province to enforce its Indigenous Opportunities Implementation Plan and ensure that the principles of reconciliation are upheld. "This partnership was supposed to be about inclusion and shared opportunity," Christian said in the statement. "Instead, it's become one-sided and disrespectful."
Irish Times
08-05-2025
- Business
- Irish Times
Ireland has strong potential to develop globally competitive offshore wind supply chain, says report
Ireland has strong potential to develop 'a globally competitive offshore wind supply chain', if efforts are aligned on an all-island basis, according to a report commissioned by InterTradeIreland (ITI). Completed by Everoze energy consultants, it highlights the scale of the economic opportunity in offshore wind for small and medium businesses, if supported by coherent policy objectives by Governments in both jurisdictions. The report was commissioned in the context of exceptional global wind resources off the shore of the island, commitments on net-zero carbon emissions, and ambitious targets for scale-up of renewables. For the first time, it details an all-island picture of firm-level capability, mapping more than 160 companies across 12 supply chain sectors. READ MORE Published on Wednesday, it identifies complementary strengths in areas such as engineering, logistics, vessels and cables, while highlighting the economic value of cross-Border collaboration and establishing 'regional industrial clusters'. It also details, however, challenges such as infrastructure capacity and skills shortages, while 'fragmented policy landscapes must be addressed'. These are best tackled through action on an all-island basis to ensure local firms can fully participate in 'this once-in-a-generation opportunity', it says. In tandem with scaling up renewables, the report finds there is a significant opportunity to establish supply chains for green hydrogen that 'will likely materialise after 2030 in a meaningful way' – with its export being the most likely route to viability. Everoze highlights the need for 'a floating wind demonstrator' offshore facility to show how the technology can operate further out to sea, and to establish large industrial hubs close to key developments and ports used for operations and maintenance. Along with building supply chains, it calls for supports to enable rapid expansion of grid infrastructure, reinforcement of the electricity network and availability of long-duration battery storage. 'This is the first time that SME capability in the renewable energy sector has been mapped across the island,' said ITI chief executive Margaret Hearty. 'There is a real opportunity for indigenous SMEs to enter the supply chain, which can be fully realised by working together . . . There are a number of recommendations that we, working with partners can help deliver, including supporting SME engagement through cluster development, procurement guidance, skills alignment and R&D collaboration across the island,' she added. The report will support ongoing efforts to build a successful offshore wind energy industry, said Minister for Enterprise, Tourism and Employment Peter Burke. 'The Government is committed to accelerating investment, both public and private, to ensure we have the conditions in place to achieve the energy transition, while also ensuring the competitiveness of the Irish economy.' Minister for the Economy of Northern Ireland Caoimhe Archibald said a decarbonised energy system presented huge economic opportunities for the North in delivering 'secure, affordable, clean energy'. She said her department was committed to working across Government, the energy sector, business and academia, as well as partners across the island in delivering the opportunities detailed in the report. Drawing lessons from international leaders such as the port of Esbjerg in Denmark, the report sets out a strategic roadmap focused on supporting collaboration, developing a robust local supply chain, aligning research and development, and building skills capabilities, said Paul Reynolds of Everoze. 'The recommendations outlined in this report will help InterTradeIreland and its partners to support cross-Border collaboration and maximise the opportunities for SMEs in the renewable energy sector across the island.'
CBC
07-05-2025
- Automotive
- CBC
Plans in the works to redevelop former St. Thomas psychiatric hospital land into housing
A plan to redevelop the former St. Thomas Psychiatric Hospital grounds into a multi-use community is beginning to take shape, as Central Elgin looks to build housing to meet an anticipated spike in demand from the VW battery gigafactory. The new multi-billion dollar plant, set to open in 2027 under Volkswagen AG subsidiary PowerCo, will support up to 3,000 direct jobs and a projected 30,000 indirect jobs when fully operational in the northeast St. Thomas. Officials in neighbouring Central Elgin say that won't just mean unprecedented economic opportunities, but also a drastic need for new homes. With more than 130 hectares of land sitting largely vacant, the former psychiatric hospital grounds are a promising solution. On Monday, Central Elgin councillors got the ball rolling, endorsing a vision and guiding principles document for the redevelopment — a first step in the planning process to create a larger project roadmap. The document envisions a mixed-use community, potentially housing as many as 9,000 residents and over 3,500 homes. The municipality anticipates it will see most of the additional population growth in the area over the next 25 years. "Given current population and employment growth implications of the VW plant, future development of the Hospital Lands is critical to supporting the quick delivery of housing for direct and indirect employees," the document says. With housing the top issue in recent elections, redeveloping the lands is a chance for Central Elgin to be part of the solution, Mayor Andrew Sloan said. A so-called vision session held in January between council and consultants from NPG Planning laid the groundwork for the document when it comes to what a new community should include. "People really want to see a mix of commercial," Sloan said. "There's a lot of interest in having a downtown area with parks and opportunities to walk, ride bikes … different levels of people from incomes as well as age." Council and community engagement will come in the fall which will help determine things like housing types, and how parks and community services will be incorporated, said Mary Lou Tanner, president of NPG Planning. A directions report will be tabled by year's end, and a public meeting will be held in early 2026, followed with an Official Plan amendment, creating the policies and mapping how the community will be laid out, Tanner said. When residents might actually see shovels in the ground depends on the province, which owns the land. "At this point, it is dependent on when the province divests itself of the lands. That is the linchpin to getting moving on shovels in the ground," Tanner said. Sloan says the municipality hopes to get direction from Infrastructure Ontario soon about whether they'll divest the site to Central Elgin, or sell it on the open market. Either way, Central Elgin has planning review authority. "We're part of the solution regardless if we own it, or we're working with someone that does own it, but preferably, we'd like to have a chance to own it ourselves," Sloan said. The total former hospital grounds cover roughly 168 hectares of land. Nearly 32 hectares is occupied by the former hospital buildings, the Southwest Centre for Forensic Mental Health Care SCFMHC and an OPP detachment. Tanner says it's expected the current mental health care facility and OPP detachment will remain. "We are working to plan for the whole site," including the former hospital buildings, "but what ultimately gets sold will be the province's decision," Tanner said. CBC News has reached out to Infrastructure Ontario for comment. The redevelopment plans are largely possible thanks to the VW battery plant. In 2023, the province passed legislation allowing St. Thomas to annex 607 hectares of farmland from Central Elgin to attract the German automaker. A roughly $80 million settlement reached last year between the two municipalities saw Central Elgin gain 1,700 cubic metres per day of wastewater treatment capacity for the hospital lands. The former St. Thomas Psychiatric Hospital opened in 1939, and was operated by the province until 2001 when it was divested to St. Joseph's Health Care London. The facility closed in 2013 with the opening of the Southwest Centre for Forensic Mental Health nearby. In 2021, a Fifth Estate investigation revealed that from 1977 to 1983, men found either guilty or "not criminally responsible" for rape, murder and other crimes had been sent to the hospital from Oak Ridge Psychiatric Unit to serve as patient-teachers to women with mental illness. The report served as the catalyst for a class action lawsuit, certified last year, alleging psychological, physical, and sexual abuse.
