Stimulus is working...unemployement rate jumps to 9.7%, a 26 year high

Foxrac said:
It's getting worse before getting better.

Losing job has become more less right now, only around 200,000 job has lost in August so much less than several month ago.

Blame on Obama for poor economy is nonsense, IMO.
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CBO’s projected average unemployment rate next year is 10.2 percent. And 2.3 million more people unemployed next year than expected.
http://www.cbo.gov/ftpdocs/105xx/doc10521/08-25-BudgetUpdate.pdf

According to the chairman of the Atlanta Federal Reserve the real unemployment rate is 16 percent and counting.
Atlanta Federal Reserve Chief: <font color="red"> Real Unemployment Rate is 16%</font><br>Update: <font color="red">CBO Now Projects an 2.3 Million Additional Unemployed Next Year, On Top of Already-Expected Millions</font>
 
kokonut said:
CBO’s projected average unemployment rate next year is 10.2 percent. And 2.3 million more people unemployed next year than expected.
http://www.cbo.gov/ftpdocs/105xx/doc10521/08-25-BudgetUpdate.pdf

According to the chairman of the Atlanta Federal Reserve the real unemployment rate is 16 percent and counting.
Atlanta Federal Reserve Chief: <font color="red"> Real Unemployment Rate is 16%</font><br>Update: <font color="red">CBO Now Projects an 2.3 Million Additional Unemployed Next Year, On Top of Already-Expected Millions</font>
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I don't believe in all of your crap, economy in 2010 is still unpredictable and you just provide a source that support your assumption.
 
The CBO is there to provide information to the presidents. The figures and estimates come from the CBO = Congressional Budget Office.
Congressional Budget Office - Home Page

When unemployment rate continues up that means less workers which translate less taxes to collect as tax receipts for the Federal Govt each year. And that translates higher and higher taxes to those who are working in order recoup what's was lost from unemployed Americans.
 
kokonut said:
The CBO is there to provide information to the presidents. The figures and estimates come from the CBO = Congressional Budget Office.
Congressional Budget Office - Home Page

When unemployment rate continues up that means less workers which translate less taxes to collect as tax receipts for the Federal Govt each year. And that translates higher and higher taxes to those who are working in order recoup what's was lost from unemployed Americans.
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I don't care about CBO made predict about economy in US, I rather to see on my own, not CBO or your opinion because everything can change in anytime.

In my opinion, I think economy in 2010 will start improve and better than in 2008 and 2009.
 
Foxrac said:
I don't care about CBO made predict about economy in US, I rather to see on my own, not CBO or your opinion because everything can change in anytime.

In my opinion, I think economy in 2010 will start improve and better than in 2008 and 2009.
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It won't start improving until january 2011.
 
As massive numbers of job losses in the United States continue, who is to blame?
June 5th, 2009 at 2:28pm | Comments


Share this with your friends! Facebook Twitter Who is to blame for the continued rising unemployment rates in the United States? Our American political pundit Lauren Rollheiser weighs up the options…

Political spinning is alive and well and the devastating loss of jobs in the United States is not off limits. The most recent job report, released last Friday showed that in May 2009 345,000 people became unemployed, increasing the national unemployment rate to 9.4%. Some smaller states are well above this rate. Michigan, the home of the auto industry, for example has a 12.9% unemployment rate.
But where does the blame for this lie? Republicans of course, blamed President Obama for the economy during the campaign before he had even been elected President, let alone taken office. When the economy began to take a downturn, Obama catapulted above opponent John McCain in the opinion polls. And as the election wore on and the economy worsened, Republicans pointed to Obama’s lead in the polls as the cause of the faltering economy. According to political spin doctors, just the idea that Obama could win the election was enough to crash the world economy.

Democrats used the same data to hold a microscope up to the Bush administration, suggesting that the faults of the previous 8 years were obvious, the public knew it and that infacr was the reason for Obama’s lead in the polls.

Now that Obama is comfortably in office, the spinning for both sides of the political sphere continues.

The results of the new jobs report as confirmation that the nation as a whole is experiencing high unemployment has sent Republicans into overdrive, using the staggering numbers as “proof” that the stimulus package they opposed is failing.

However Democrats point to better-than-expected results as “proof” that Obama’s risqué stimulus package is working. They argue that although 345,000 jobs lost in one month is never a good thing, it could have been much worse; in January 741,000 people lost their jobs.

Those who do decide to put away the political goggles and look at events as they have unfolded will see that Obama has repeatedly reiterated that the stimulus was created to put a floor on the economy, but could/would not save every job, and that jobs would continue to be lost through 2009.

Either way unsurprisingly such a huge job loss does not bode well for our current president. It was obvious in January when Obama came to office that he was facing a no-win situation where regardless of his actions; people were losing jobs, homes, and life savings. It is always difficult to balance an argument with an “it could have been worse” stance, especially when simply moderating the downside is the only available option.

While job losses continue, opposing political pundits are trying to use this to their advantage. Republicans stand on the principle that government should stay out of personal lives, which is great in theory. However, this theory erodes when that personal life includes a job loss, which is when people look to the government either as the culprit or the one to fix it. Personally, I feel that the move by some Republicans to oppose the stimulus package was more of a political stunt than an attempt to stick to principles. Opposing government aide for the auto industry was a risky move and no doubt as the job losses in this industry begin to roll in, it will be Obama that killed the auto industry, not the Republican party.

Republican ideals are based on free markets and allowing businesses to fail when they lose their competitive edge. But the “you got yourself in this mess, now deal with it” stance is a hard sell, prompting some republicans to shy away from their ideals, and leading most of the country questioning what it is they really stand for.

With the economic situation in the US and around the world becoming increasingly bleak, the political positioning of some members of government is sickening. Across the country people are losing their jobs and homes and around the world, economies are collapsing. I think that instead of using the situation for their own professional advantage, politicians should be acting as the public servants that they claim to be and quickly find some decent solutions.


Read about debate over who is to blame for continued job losses in the united States | t5m Insider

In January, over 700K people lost their jobs and how can Obama be blamed for it when he just barely took office? :hmm:

I gotta agree with Ms. Rollheiser
 
Some of those lost jobs are going overseas never to return again. Congress needs to stop the off-shoring. We need to produce something in the US again.
 
sallylou said:
Some of those lost jobs are going overseas never to return again. Congress needs to stop the off-shoring. We need to produce something in the US again.
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Yeah. That's something I've been worried about for years. Our manufacturing base has been gutted.
 
I think that instead of using the situation for their own professional advantage, politicians should be acting as the public servants that they claim to be and quickly find some decent solutions.


I really think the stupid blame game need to stop and they need to focus on improving the economy. Seriously...
 
sallylou said:
Some of those lost jobs are going overseas never to return again. Congress needs to stop the off-shoring. We need to produce something in the US again.
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Pretty easy to do if we are allowed to pump and mine our own source of domestic oil. We have more oil than the Middle East. Why spend the bulk of $500 billion dollars for their imported oil when money could be easily recirculated back into our own economy and create jobs at the same time? But before you answer, please tell me why it was ok for Obama to lend billions of dollars to Brazil to help finance exploration of its huge offshore oil field discovery? While Democrats banned offshore drilling, got rid of oil and gas leases in Utah, and opened up the 111th Congress with a bill to permanently prohibit drilling in the Arctic National Wildlife Refuge (ANWR)?
 
Oil is not the answer. Oil is a depleting resource. Technology is the answer. Producing products of value is the answer. Growing and raising real food is the answer (not the crappy industrial food and processed food that we have now). I'm old enough to remember when the US wasn't like this. We had manufacturing operations. Not everything was made of plastic or in China. I'm not saying that we should go back to the old way but we need something to move forward. The thinking needs to be long term and sustainable, not short quarterly profits.
 
sallylou said:
Oil is not the answer. Oil is a depleting resource. Technology is the answer. Producing products of value is the answer. Growing and raising real food is the answer (not the crappy industrial food and processed food that we have now). I'm old enough to remember when the US wasn't like this. We had manufacturing operations. Not everything was made of plastic or in China. I'm not saying that we should go back to the old way but we need something to move forward. The thinking needs to be long term and sustainable, not short quarterly profits.
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The answer is that oil is our answer and for us to rely on them for ourselves independently while we allow "green" technology to develop over time allow us to ease into transition. And not worry about the loss of oil supply because a war or some turmoil going on in Saudia Arabia, Venezuela, the Middle East, etc, that would affect gas prices easily and our national security. Plus, using our own oil allows us out of that leverage that Saudi Arabia has over us. And they know it! And so do we, well, at least many of us see it already.
Saudi prince urges U.S. to recognize oil dependency | Politics | Reuters

U.S. President Barack Obama has been pushing to boost green energy which cuts emissions of heat-trapping gases and reduces the use of fossil fuels. In his election campaign, Obama raised some potentially disturbing issues for the Saudis, such as ending dependence on Middle Eastern oil.

In the article translated into Italian and published by Italian newspaper Il Sole 24 Ore, Turki said energy independence was an unrealistic, groundless and harmful concept which was likely to re-emerge once economic recovery pushed oil prices up.

"There is no technology on the horizon which can replace oil to satisfy colossal needs of U.S. industry, transport and armed forces. Any future scenario will be characterized by mix of renewable and non-renewable energies whether you like it or not," Turki said.

His criticism comes as the U.S. Senate is working on a wide-ranging energy and environmental bill aimed to put limits on the amount of greenhouse gases that big industries are allowed to emit.

Turki, a former Saudi intelligence chief and envoy to Washington and London, said the United States, the world's biggest energy consumer, should put aside the rhetoric of energy independence and instead recognize interdependence of energy producers and consumers.

"Whether you like it or not, the destinies of the United States and Saudi Arabia are linked and will remain (linked) for decades," he said.
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We spend some $500 billion dollars a year for imported oil. A good chunk of that is for Saudi Oil. In twenty years we'd have spent between 10 to 20 trillion dollars for imported oil, and that accounts for the slow change over to "green" energy and improved fuel efficiency, etc.

Avg number of years car owners own their car is about 10 years. It's going to take a long, long time to change our infrastructure. Why put our national security at risk by being so overly dependent on imported oil?

I'm telling you, this political correctness thing is gonna the bane of our future for us, our kids and grandkids.
 
PWNED by Saudi Arabia. Everybody knows it. At least many of us do.
 
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