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Friday's Business News

November Job Growth

Overall the economy in November created the net sum total of 696,000 jobs. That net job gain includes 1099 contractors, per diem jobs and self-employment.

Established private-sector employers in November added the net sum total of 64,000 W-2 jobs. That amounted to 71% of the total net payroll job gain recorded last month.

Payroll employment by the federal government in November was flat. On a year-over-year basis payroll employment by the federal government has declined.

Taxes

Senate Republicans on Thursday defeated a cynical attempt by media/Democrats to raise taxes under the guise of fixing the dreaded Alternative Minimum Tax:

0 / 47 - 0% - Republicans in favor of a de facto tax hike
44 / 44- 100% - Democrats in favor of a de facto tax hike

47 / 47 - 100% - Republicans against a de facto tax hike
0 / 0 - 0% - Democrats against a de facto tax hike

(Harry Reid's vote with the GOP purely was a technical and parliamentary maneuver)

Thereafter Senate MediaCrats caved and allowed passage of a bill that shields the middle class from the AMT -- without hiking other taxes. If the House agrees then it'll be signed into law. Time will tell.

Energy

The U.S. House on Thursday passed a liberal energy bill, the key provisions of which are direct tax hikes and a massive increase in fuel-economy mandates for motor vehicles:

221 / 228 - 97% - Democrats in favor of liberal energy policies
14 / 188 - 7% - Republicans in favor of liberal energy policies

174 / 188 - 93% - Republicans against liberal energy policies
7 / 228 - 3% - Democrats against liberal energy policies

On Friday that bill died in the Senate:

46 / 49 - 94% - Democrats in favor of liberal energy policies
5 / 44 - 11% - Republicans in favor of liberal energy policies

39 / 44 - 89% - Republicans against liberal energy policies
3 / 49 - 6% - Democrats against liberal energy policies

Plus Lieberman and the socialist in favor =

Cloture denied, 53-42 (60 votes needed to proceed).

Glug, Glug, Glug

Speaking of energy:

Brazil's state oil co. announces new offshore oil and gas reserves

The announcement by Petrobras of new oil and natural gas reserves off Brazil's southeastern coast comes one month after Petrobras disclosed the discovery of as much as 8 billion barrels of light crude in an ultra-deep field off the coast of Rio de Janeiro, an amount which by itself could help transform Brazil into a major world oil exporter.

Ah, yes, Brazil.

The oil. The natural gas. Carnivale. The women. The thrash metal music. The "beautiful game."

What more could you possibly want from an obvious target for military conquest, er, from an obvious target for close economic ties and reduced barriers to trade?


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Editors: Jay Tea, Lorie Byrd, Kim Priestap, DJ Drummond, Michael Laprarie, Baron Von Ottomatic, Shawn Mallow, Rick, Dan Karipides, Michael Avitablile, Charlie Quidnunc, Steve Schippert

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