Thursday, June 24, 2010

Progress and Chaos

Who would think that progress and chaos would go together. Getting WeSaveUMore off the ground is the pure harmony of these 2 ingredients.

We are definitely making progress and headway, while also experiencing chaotic moments. However, it is all good.

Membership is growing. Merchants and retailers are enrolling.

Working towards getting this site 'live' in July.


Tuesday, June 22, 2010

Nevada leads the nation in unemployment

Even though we intend to create at least 15 jobs with our company, it doesn't appear that it will even make a dent. However, it is a start. And with the circular path of stimulating the economy, I feel great that "we are doing our part". Help us get America working. - WeSaveUMore

The economy has dealt Nevada a new economic woe.

The ignoble race to the bottom of the jobs market has officially bypassed the car-making mecca of Michigan and made its way to Nevada. The Silver State, once the country’s fastest-growing job market, has become the nation’s worst performer. Its May unemployment rate, a state record of 14 percent, is the highest in the land, dislodging Michigan from a distinction it owned for more than four years.

Unemployment in Las Vegas came in at 14.1 percent in May.

What’s more, Nevada’s jobless rate has soared 8.8 percentage points since the recession began in December 2007. That’s the biggest gain of any state.

For long-time observers of the state’s economy, Nevada’s new No. 1 status comes as a bit of a shock.

“I did not think I would live to see the day,” said Jeremy Aguero, a principal in local research and consulting firm Applied Analysis. “Frankly, I don’t know if anyone thought we’d go from among the nation’s lowest for unemployment to its highest. That doesn’t mean we didn’t realize we were susceptible to a downturn, but it’s sobering for all of us to see just how susceptible we are.”

Added Bill Anderson, chief economist with the state Department of Employment, Training and Rehabilitation: “If you’d asked me two years ago, when Nevada had essentially been the fastest-growing state in the nation for two decades running, one couldn’t have imagined that things would deteriorate this far. In previous recessions, the worst thing that happened was our job base held steady.”

That’s not what occurred this time, however. The state has lost about 180,000 jobs, including 83,000 positions in construction and 43,000 jobs in leisure and hospitality, noted Stephen Miller, an economics professor and department chairman in the College of Business at the University of Nevada, Las Vegas.

Nevada’s jobless rate continues to rise even as most other states have seen unemployment declines. Joblessness fell from April to May in 37 states. It also fell nationally, from 9.9 percent to 9.7 percent. Economists credited the declines mostly to discouraged workers surrendering the hunt for work and dropping out of the labor force. Hiring for the U.S. Census also contributed to job growth.

To understand why Nevada isn’t sharing in jobless declines, consider its unique economic landscape.

For one thing, the state’s labor force hasn’t dwindled. It’s actually grown 5.5 percent since January 2007, including a 1.6 percent increase year over year in May. Part of the gain could result from population growth, and part of it likely comes from stay-at-home spouses and retirees re-entering the work force to bolster flagging household finances, Anderson said.

Plus, Nevada simply grew faster than every other state, which means it had farther to fall. And don’t forget the state’s reliance on the leisure and hospitality sector and construction — its top two employment categories before the downturn arrived.

“The dynamics of this recession just hit home in Nevada,” Anderson said. “Almost all recessions have had a negative impact on the so-called Rust Belt (Midwestern manufacturing states), and we’ve been able to weather those storms. But the way this recession unfolded, it also affected housing and discretionary spending.”

So how long can Nevada expect to wear its dubious new mantle?

To forecast how the recession plays out in Nevada, observers are watching several broader trends.

Start with near-term hiring and layoff patterns. The state added 4,800 net new jobs in May, but 4,400 of those posts were temporary Census positions, so they won’t help long-term job formation. Come July 1, a new surge in unemployment could come as governments begin their fiscal years with smaller staffs to accommodate budget cuts.

And in an “alarming reversal” of historic trends, the number of jobs in the combined category of education and health services actually fell from April to May, Anderson noted. After spending most of the recession expanding in spite of the downturn, the sector shed 1,500 jobs, mostly among small medical and dental practices and training providers in vocational or technical schools. Anderson said it’s too early to tell whether the decline is a one-month anomaly or the beginning of a trend. For his part, Aguero believes the state remains underserved in the health sector, with room to grow.

Anderson is also eyeing barometers measuring consumer sentiment. The best scenario for Nevada’s jobs recovery would be a boost in consumer confidence and a willingness to budget for nonessentials such as travel, he said.

Visitor volume has already stopped its free fall, with statistics from the Las Vegas Convention and Visitors Authority showing stable or increasing tourism numbers for eight months running. Still, visitors aren’t spending as much as they used to. Aguero said he’s looking for hints that stabilized visitation is translating into staffing additions inside local resorts. Hotel-casinos now employ one person for each hotel room, down 40 percent from 1.4 people per room at the economy’s peak. If spending improves enough, the market could see that employee-room ratio begin to inch up.

Sustained trouble in housing markets could also affect Nevada’s job-growth prospects.

Nevada made part of its boom-era money on the relocation of retirees and small to mid-sized businesses. But many Americans owe more on their home than the home is worth, and that places them under a sort of “house arrest” whereby they can’t move, Aguero said.

Miller is homing in on talk of economic recovery faltering nationally, especially given lackluster retail sales. The concern? A double-dip recession, with revival cut short as the country sinks back into a second downturn.

“There should be some discussion about the possibility of another (federal) stimulus, though that’s a tough row to hoe, because people seem to be dead-set against fiscal spending,” Miller said.

Even the value of the dollar could affect recovery in the Silver State, Miller noted. As the dollar surges against a weakening euro, vacations to Las Vegas become more expensive for foreign visitors. That differential in buying power could curb improvements in local spending.

Experts say Nevada will face sustained job-market turbulence in coming months and even years. The state doesn’t need any new homes or office parks, so construction employment will languish. And consumers remain reluctant to spend thanks to relatively high national unemployment and home-foreclosure rates.

“Nevada will continue to struggle in the months ahead,” Anderson said. “I think the conventional wisdom is that we’re going to lag this national recovery. It’s going to take a long time for our residential and commercial construction sectors to rebound, and consumers have turned very cautious and are going to be very stingy when it comes to discretionary spending, including taking trips to Nevada’s tourist destinations.”

Job cuts have moderated; year-over-year job loss in May was 2.8 percent, down from 10.2 percent in the same period a year earlier, Anderson noted. Still, he said he expects ups and downs in unemployment in coming months, with slightly upward trends in the near term.

Aguero said he expects Nevada’s jobless rate to stay around 14 percent for the next six months or so, and it should remain relatively elevated into 2011. He said he wouldn’t be surprised if the rate creeps up slightly, or if the Silver State spends “a fair amount of time” in the top spot for unemployment. But Aguero also pointed to stabilization in the jobs base: Nevada has actually added jobs in some months in 2010, a departure from the unrelenting monthly declines of 2009.

Miller sounded more optimistic.

Unemployment is likelier to head downward rather than continue to rise, he said, and he expects some improvement in unemployment by the end of 2010.

Tuesday, June 15, 2010

Oh No!!! --- Hot off the press

The economy is in bad enough shape. This is even more reason why the time has come for "". Our business will help to create jobs and stimulate the economy.

"Here comes the double-dip recession" by Dick Morris -

The drop in the stock market (now about 1,000 points on the Dow) is a graphic indication of the stark fact that we are entering the infamous double dip of the recession, long feared and predicted. The economy is not in a V after all (down and then up) but in a W (down, up, down again and then, finally, up). And the cause of the second dip is not the recession itself, but the cure administered to it by President Obama and the Democratic Congress.

Consider the indications (data provided by New America Foundation, analysis by Sherle R. Schwanninger and Samuel Sherraden):

— Gross domestic product growth has only been 2.2 percent, 5.6 percent and 3.2 percent for each of the last three quarters, well below the rebounds typical in past recessions.

— Total civilian employment has rebounded by only 1 percent since the depth of the unemployment five months ago. In 1973, at a comparable point, it had rebounded by 7 percent. In 1981, by 8 percent. In 1990, by 4 percent. And in 2001, by 3 percent. U-6, the broadest measure of unemployment, stands at 17.1 percent

— Housing prices have dropped by 30 percent since 2006, and “many economists expect housing prices to decline at least another 10 percent,” according to Schwanninger and Sherraden.

— While corporate profits are 30.6 percent higher than one year ago, wages are up by only 1.6 percent, less than half their rate of increase two years ago.

— Financial sector profits make up 35.7 percent of all domestic corporate profits. These gains are driven by trading revenue, which does not reflect real economic growth. Schwanninger and Sherraden report, “In the first quarter of 2010, Goldman Sachs, Morgan Stanley and Bank of America earned 72 percent, 45 percent and 16 percent of their net revenue (respectively) from trading profits.”

— Personal savings dropped from a high of almost 6 percent to 2.7 percent in March, 2010, so households have cut their debt by just $300 billion since it peaked in 2008. So household debt, which rose from 60 percent of GDP in 1990 to almost 100 percent in 2008, has only dropped to 97 percent. It has a long, long way to go before it goes down enough to free consumers to spend more.

— Meanwhile, retail sales have averaged only a 1.7 percent increase over the past three quarters, half of which was merely to restock inventories. Schwanninger and Sherraden note that “in a typical recovery, the rebound is closer to 3.5 percent.” And most of that increase is due to expanding government cash transfer payments, which now make up 18.3 percent of personal income. “Excluding transfer payments, personal income increased just 0.3 percent since the third quarter of 2009.”

— And stimulus spending, which has failed to generate private sector growth, is now winding down. Only 43 percent of the tax benefits and entitlement spending remain to be doled out, as does 63 percent of the contracts, grants and loans in the stimulus package.

— The strengthening of the dollar due to the collapse of the euro will dry up U.S. export trade. Exports to EU nations account for 21 percent of American and 20 percent of Chinese exports. Schwanninger and Sherraden note that “a European slowdown will reduce demand for the two primary engines of world economic growth.”

But this second downturn in the economy will be accompanied by inflation, making it worse than the first recession. With interest rates set to rise (because the fed is no longer massively purchasing securities to keep them down), taxes set to go up (because of Obama’s ideology) and global energy use about to increase, sending prices higher (because the rest of the world is recovering), prices have to go up. But with no growth in real personal income and household credit close to all-time highs, there is not enough demand to pay the higher prices, so a deeper slump will ensue.

The solution? Cut — don’t raise — taxes. And bring down the deficit through massive spending cuts. Reduce our borrowing needs by slashing our spending. Free up capital to feed job growth.

It should be evident to all that Obamanomics is a disaster. It reminds one of nothing so much as the Medieval practice of bleeding the patient to make him well by expelling the evil spirits that dwelt within. When the patient did not recover, they just bled him more and, when he died, they just said that the spirits killed him. The practice of spending, borrowing and then taxing to fuel job growth is the modern analogy.

[Dick Morris, former political consultant and pollster, writes a nationally syndicated political column and provides commentary for Fox News.] COPYRIGHT 2010 DICK MORRIS AND EILEEN MCGANN; DISTRIBUTED BY CREATORS.COM

Sunday, June 13, 2010

Local governments to submit balanced budgets Tuesday

Now that they are finally balanced, our local governments will present their budgets to the state Tuesday.
To get back in the black, Clark County, Las Vegas, North Las Vegas, and Henderson had to cut a total of $214 million.

The City of Las Vegas had to make deep cuts to get the job done. Council members approved a long list of cuts, including 200 jobs and brownouts for the fire department. All local governments say they are anticipating similar or higher shortfalls for the next fiscal year.

Economy not so good for teenagers, either

LAS VEGAS, NV--More than one in five teenagers in Nevada can't find a job. This news comes as the summer job season kicks off....

The Nevada Department of Employment, Training and Rehabilitation, which tracks the jobless rate, says March data shows 21.8 percent of 16-24-year-olds were unemployed. The rate, calculated over a 12-month average, is almost twice that of older age groups.

State data also showed the 16-24 age group also fared worse in the job market than blacks, Hispanics, and adult men and women.

State economist Bill Anderson says give Nevada's overall high rate of unemployment -- 13.4 percent -- young Nevadans face a tough challenge. Anderson says the competition for employment is especially high among the lower-skilled jobs typically filled by youth.

Monday, June 7, 2010


It's been a hectic weekend. Scrambling to make massive changes to the website. Verifying that it flows and links properly. It is all just starting to come together quite nicely.

Started the process of signing up merchant members. Our plan is to fill the merchant calendar with 2-3 weeks worth of merchants by the time we launch. ETA launch date is @ June 21'ish. We are striving to provide our customer members with awesome deals and incredible bargains every day.

Members have been signing up at a fairly rapid pace. Help us to grow the customer member base by referring friends, so they can take advantage of the deals and bargains also. Don't forget, we posted the details of the WeSUM Rewards Program on the website. The points you build up can reward you an additional 10% off a deal's already discounted price, so start saving up points by referring your friends.

We began receiving job apps over the weekend. Will be reviewing them as they come in. Can't believe how many individuals are unemployed. Help us do something about it.

God bless and peace to all!

Wednesday, June 2, 2010

When Will It Get Better!!!!!!!!!

Gives new meaning to "The Check Is In The Mail".

Page Last Updated: Wednesday June 2, 2010 12:17pm
PDTACS, the vendor for the Nevada Department of Employment, Training and Rehabilitation's (DETR) Unemployment Insurance program, experienced a technical difficulty that resulted in approximately 100,00 unemployment insurance benefit recipients not receiving their payments this morning. ACS is diligently working to resolve the problem. An update will be sent as soon as possible. "DETR sincerely regrets this inconvenience and is working with ACS to resolve the problem expeditiously," said Cynthia Jones, Deputy Director of DETR and administrator for the Employment Security Division. We realize this type of delay in payment is unacceptable as people depend on the timely receipt of their benefits to meet their financial obligations. Deposits to benefit recipients' accounts will be made just as soon as possible. Updates will be provided as soon as they are available."

Tuesday, June 1, 2010

Blocked Out of Pepsi

Oh well, next month. There were many people faster than us. But the mission continues. We will perservere and get this business off the ground with or without it.