5/22/09: CBO Say Unemployment To Rise Through Next Year
Posted by the912project on May 21, 2009 · 145 Comments
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145 Responses to “5/22/09: CBO Say Unemployment To Rise Through Next Year”The Restoring Honor Rally August 28, 2010
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President Obama warned that unemployment wwould exceed 8.2% if his stimulys bill DIDN'T pass, didn't he?
OK, Why is almost everyone surprised that uneployment rate is going up and up? Almost everyone in this country loves outsourcing, so they can buy on the cheap at Walmart and ect. The end result is tons of unemployed, Americans. With this current trend continuing, maybe we should just start writing the checks out to China and get Rosetta Stone Chinese.
My father told me that he will qualify for $1,600/month in Social Security benefits ONCE HE IS APPROVED. Let's keep in mind the fact that he was making nearly $4,000/month before his heart attack in January 2008. So please tell me how a man who suffered a heart attack 16 months ago doesn't qualify for benefits the very 1st time he applies. He is going to be 61 in October and he misses not being able to work and provide for him and my mother. I am doing contract work for a staffing agency now and the CBO needs to tell us that the unemployment rate is going to go up? Please, tell me something I don't already know.
The Media stated the national unemployment rate is about 9% right now. That is bad enough. However, many are saying the unemployment rate is drastically higher. Some have not applied for unemployment. Others are unable to file for unemployment. The national average for unemployment is actually closer to 15%. Let us contrast that by realizing that the unemployment rate during the Great Depression was around 22%.
Most Economist state we are already in a depression, with inflation around the corner. I hope everyone is ready for this wild ride.
The reason we are headed into Depression is because we foolishly allowed our jobs to be transfered out to Mexico and then China , so that the Multinational Corporations can make more money for their shareholders.
There is no reason for the US economy to get better.
Caterpillar is a prime example of Obamanomics. BHO publicly makes a huge deal about how Caterpillar will specifically benefit from the so called shovel ready projects. Then how is it that about 10 days ago Caterpillar announced it's 3rd round of layoffs since Obama publicly announced how well off Caterpillar would be as a result of the Porkulous Bill. Why is the main stream media not covering this story? Buy a clue people. Obama's orations don't match his actions or results. It's all smoke and mirrors. Obama wants this country to fail. Proof is in the pudd'n.
Caterpillar is a prime example of Obamanomics. BHO publicly makes a huge deal about how Caterpillar will specifically benefit fromthe so called shovel ready projects. Then how is it that about 10 days ago Caterpillar announced it's 3rd round of layoffs since Obama publicly announced how well off Caterpillar would be as a result of the Porkulous Bill. Why is the main stream media not covering this story? Buy a clue people. Obama's orations don't match his actions or results. It's all smoke and mirrors. Obama wants this country to fail. Proof is in the pudd'n.
I wounder when all the talk will end?
mines already gone
well dont expect the green jobs to be worth a dam. california homeowners are fighting the offshore wind turbines because they "disturb the pristine view"
the solar plants in the southwest are being blocked by enviromentilests because of their "disturbance of the local flora and their water use concerns"
in the northwest the tree huggers say "wind turbines kill birds" and are taking it to court
On the subject of our seniors SS the congress voted themselves a cost of living increase for 2010 but SS Seniors don't get one next year, I mean come on guy's who needs this increase worse? You be the judge
Consider sending this to all your American friends, so we can all be ticked off and maybe get the refugees cut back to $1,012.00 and the pensioners up to $2,470.00 and enjoy some of the money we were forced to submit to the Government over the last 40 or 50 or 60 years.
Please forward to every American to expose what our elected politicians (Nancy P. included) have been doing over the past 11 years – to the over-taxed American.
SEND THIS TO EVERY AMERICAN TAXPAYER YOU KNOW
IMMIGRANTS OVER 65:
If the immigrant is over 65 they can apply for SSI and Medicaid and get more than my mom gets for Social Security, and she worked from 1944 till 2004, only getting $791 per month because she was born in 1924 and there is a "catch 22". It is interesting that the federal government provides a single refugee with a monthly allowance of $1,890.00 and each can also obtain an additional $580.00 in social assistance for a total of $2,470.00/month.
This compares very well to a single pensioner who after contributing to the growth and development of America for 40 T O 50 years can only receive a monthly maximum of $1, 012.00 in old age pension and Guaranteed Income Supplement. Maybe our "pensioners" should apply as refugees!
That just fries my A**. It really does. OMG it incenses me.
I remember when my mother was diagnosed with a terminal illness. She died a few years later. My brother and I supported her and paid for her medications until her SS was approved. A few months after her SS was approved she had to go into a nursing home as we couldn't give her licensed 24 hour care.
We were never reimbursed by the feds. I remember my Mom crying because she was being given the runaround. It was only when my brother threatened to throw a tire threw the window of the SS office they woke up and took care of my Mom. And to hear that these recent immigrants can get SSI? It's sickening.
I'm seriously mad as hell and I'm not going to take it anymore.
I had to continue this post as it was too long.
I'll tell you what screwed up the economy, out of control illegal immigration, shipping jobs offshore (leaving many Americans out of work and with no purchasing power), congress (aka whores) taking bribes and catering to their cabal of special interests and high taxes.
I don't trust EITHER the repubs or the dems. I think they're misguided, arrogant and really think us tea baggers or 9-12'rs are stupid hicks who know no better.
The sleeping giant has been awakened. I'm blogging, talking to others and helping getting things started.
I REFUSE to let these jerks screw up my country and my state. I refuse to. I don't have children but I have 2 little nephews I think the world of and I'll be damned if I let these unappreciative bloodsuckers take over my country.
Well they may be right the unemployment count may show to be 10% by the end of the year, however that does not mean there are only 10% without jobs, people stop filing when their unemployment benefits run out. Who knows it maybe well over 20%. This I think is due to the wonderful policy of Free Trade, which has exported millions of jobs that we use to do here. Someday they may come for yours.
just for laughs, why not stage the next wave of tea parties at the local unemployment agencies and have every one ask for a unemployment forms to fill out, imagine the panic of a million or more people asking for a form to file for unemployment on the same day. think that would shake things up a little. how long can we stay on this road before it is to late.
Isn't this what everyone wanted when they voted Obama in office, He won right!
The evil corporations are going away, the greedy businesses are going away, that's all we have heard for 8 years is how evil these corporations were, so now the people got what they wanted, so shut up and quit complaining about unemployment, just what did they think would happen!
I guess we now have to look at the government to take care of all our needs, the question is,where is the government going to get the money to take care of us all, when there is no more privet sector jobs left that they got the taxes from to pay all their salaries and they tax the millionaires in to the poor house.
All we hear on a daily basis is how intelligent Obama is and how he inherited this mess, well he has 4 years to figure it out and fix it. Yes he did inherit some of it but not all, he is adding 4 times to the mess he was left, and please name one president that wasn't handed a mess when he came into office.
i guess no one likes my comments ive only got a 34 approvel
Chevy 400 I have been at the same point level for six weeks now, they stopped adding to them, and my intense debate doesn't even work anymore. I think they are changing the site up.
Ps, I like you comments, I think all the points will change once they figure out what and how and where they are going with the site.
Don't worry, the damned thing doesn't even count my points at all. I should have hundreds, I have zero.
At some point in the very near future most of the Obama faithful will have to come to the realization of something that most of us already know.
This is now Obama's recession.
No! I'm sorry to say but I thank you are wrong, most have their head's so far up their azz's, that thay will believe anything he tell's them. He's cool and he's black, that's sad but true. Remember the D.C. mayor caught smoking crack with a prostitute in a hotel? Was he wrong? Yes! Was he realected? Yes! Why? Because he was black. Some will say that had nothing to do with race, those are the people who voted for " Ocrap " right there! So just remember it's Bush'es fault all of it
no you dont say !!!
To hell with the left time to stop trying to get along wih the left and put them on the defensive DUMP all Government social programs. I used to be a middle of the roader but now im back! CUT UP THE FEDERAL CREDIT CARDS.
Has anyone realized while Obama touts american business he is ripping it down with his demonization. Is it just me or why does it seem everyone is out there saying oh this guy should be laid oiff and that group should be cut back, have we lost our minds people! Stop the demonization! Let people work! This is crazy! The spiral will continue until people respect each other's jobs! hey i would take a cut if it meant our company would keep everyone on. People are hurting all over. We must not tear each other down. I blame this attitude on the poison coming from our Governmental Leadership at the top, Obama the buck stops with you, now do something right for once!
Can someone name a job, any job that has actually been created since Obama Took Office?
All I see in California is layoffs, and closures.
Teleprompter Repair is now a full time position at the White House.
I wonder if he uses it when he is intimate with Michelle? She still looks like a TV to me, a basketball player with a sex change. It's like saying Grace Jones is pretty. Gives me the willies!
800 new IRS agents to come steal what we refuse to pay in to the coffers. Not sure if they are hired yet, but they will basically pay their own saleries by collections.
Hasn't there been 66,000 new government jobs created ? Probably Acorn people to do the census.
That's how spending works. It takes a while for people to hire people. ON the other hand, tax breaks to business and wealthy individuals works right away, and goes to industries that have growth potential but no money to realize it. But who am I to argue with the great magician Obama and his wonderful staff including Larry Summers who single handedly brought down Glass Steagle and put the whole financial system at risk?
There has been a strong need for czar's! Other than that maybe Acorn so they can get ready for 2010-2012.
Yes, I believe there has been a number of additional jobs created at the unemployment offices. How can I be wrong.
This may be unrelated. But did anyone watch Glenn's show today.(05-22-09) The part where "comedian" Henry Waxman thought it would be hilarious to use a speed reader to read his bill on the floor of the house. These arrogant SOBs. Obama had it right. It is time for change. All of them need to go. Thanks GOP for standing up and fighting for us. Thanks to any Democrat out there who thought this is wrong for standing up and saying no. When people of the United States of America ask these guys and gals to read the bills before they are passed and before they spend any more of our money, they need to read them. We need to know exactly where the money is going and who is spending it. Thanks again Congress. I hope it was another couple billion dollars. But who is counting. Come on people, we need to fight this corruption and fight it now. They have gotten away with this for to long. Again on Glenn's show today, Independents are increasing there power and both the Dems an Rep are losing theirs. I will be switching my affiliation on Monday. Again, thanks Dems and Reps for screwing us.
heard it makes me sick they vote on a bill they dont even read themselves WHAT THE HELL DO THEY GET PAYED FOR AND FOR THE REST OF THEIR LIVES !!! and of course when you hear it unless your a speed listener who can understand it . cap & trade great there goes our electric bills and gas prices . so who does this benifit ? these clowns are really starting to piss me off !!!!!!!!!! just lets rush everything through. there nothing to see hear folks just move along ! AHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH!!!!!!!!!!!!!!!!!!THEY JUST DONT CARE !!!!!!!!
I don't think that I have EVER been insulted more by any action of my government!!! These people are making a joke out of the health system that is responsible for the wellbeing of myself and everyone I care about.
The best thing we can do is encourage legislators who support our principles, regardless of party affilaition. The next best is to communicate regularly with our legislators at both the state and federal level–communicate, suggest solutions and identify areas where you agree with them. Don't be afraid to ask for what you feel is important.
Remind them that you vote!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Mr. Webmaster, thank you.
In the last 5 months we have lost 2,000,000 jobs. Our unemployment rate has reached 8.9%. Our credit rating is under scrutiny by the world community and may go from AAA to something less than that with an increase in interest because we may be a credit risk. As we increase our debt via spending, who is going to purchase the notes if we are not a good credit risk? Nobody. So, we increase taxes. We are becoming a Debtor Nation. All of the people who work will support all of the people ho don't work. SOCIALISM.
So, why are we allowing our jobs to go overseas. Bring the jobs back is the only fix.
One major factor will continue to increase the unemployment rate, or worse, the rate of hire.
As Obama & the left leaning congress continue to pound business and corporations, and as the threat of new taxes arise (corporate income taxes, unemployment taxes, removing the health insurance pre-tax exemption, etc), businesses mobile enough will simply move off-shore. If these business companies are so evil, why do we buy the shoes and drink the soda, or fill our fuel tanks and so on?
We need industry, we need corporations, we need small business. Small business fuels the economy from the bottom up, and as the government threatens to take over industries (energy is on tap right now in congress), the roll of business will continue to change, or simply go away.
Let free market prevail or we'll all be screwed.
for those of you who have become frustrated with this forum site because of your inability to post more than 4 lines – please try our new message forum here = http://Group912.org
Two things which are most certainly worth thinking about. The first one is that one of the reasons the stimulus bill was passed with such urgency was that it would prevent the unemployment rate from going above 8%. The Obama worst case scenario without the stimulus package had unemployment peaking at the insane number of 9% The Obama camp even made a pretty little graph on it. Now that the unemployment rate is above 9% and still climbing why did we spend that much money again?
http://michaelscomments.files.wordpress.com/2009/...
The second thing that needs to be looked at is that all of Obama's plans (green energy, health care, cap&trade, etc) all hinged on a rosy picture of the economy having an insane amount of growth next year and for every year thereafter for the next 10 years. I would be most interested in seeing a revised graph that shows how much money we are going to spend and how much we will need to borrow. The rosy picture pained by Obama was scary enough, but if things are worse and continue to get more dire then how on earth are we going to pay the bills?
Gee aren't these the same people who said no stimulus is better than bad stimulus when Obama was fear mongering his do all save all plan? Why does congress even have this office if they continue to ignore their advice.
Gee… no kidding……
The bottom fell out of my business, I went back to work, that job went away, and now I'm struggling to keep my house. This "stimulus" crap isn't doing ANYONE any good.
Stay tuned sports fans. Things don't look good for the home team.
God Help the Republic.
laid off last november …………..going bankrupt
The only thing I know for sure is that you and I are not alone. Of course, once there are enough of us homeless, the messiah can call for a "National Emergency", invoke all manner of political omnipotence, and do all kinds of nasty things.
I wonder… I'm a alone in wondering if there will actually be any elections in 2010?
Perhaps I'm just paranoid…
Hang in there brother.
God Bless.
I've been unemployed for five straight months. This is NOT news I want to hear but it IS news I expected. <sigh>
Obama fixed all of our problems, this can't be true. Wait, let's blame Bush! More proof that Obama is a talker. Just because he says doesn't make it true.
I'm curious to see how the failed stimulus is going to turn out to be Bush's fault. That'll take some work, but I think Obama is up to it.
I just wonder how much longer Mr. Obama can go before his own people start to question his ability to take any responsibility. The blame game can only go on for so long.
Remember to use these numbers when contacting your representatives. When we use facts as the premise for our suggestions and comments, it gets taken as more credible. There's nothing like an informed constituent to get their attention.
I know we get lots of form letters back, but the pressure of the volume does have an effect. The House member especially are vulnerable every two years and since they are the ones originating spending bills, the unemployment numbers can help them justify stopping the spending now.
California voters are to be congratulated. They chimed in with the first 'hell no' to new taxes and so it will be politically more risky for anyone to confer more taxes and fees on voters. We need to keep up the pressure.
Really? Why would unemployment rise, it wouldn't be because they don't know where money begins and where it ends…would it? You borrow from me, I borrow from you- back and forth a few dozen more times and say you know what, I can't remember who owes who.
Signs of recovery? WHERE? Where are they, Mr. President?
I think a 12.9% unemployment rate in Michigan speaks volumes to the contrary.
I think a 21 BILLION dollar deficit in California says the exact opposite.
I think +10% unemployment in Oregon, and +9% unemployment in my state of Washington makes it clear that things are not getting better, but worse, Mr. President.
It's 15% here in Lenawee County, MI
15%?????
I am so sorry to hear that. I hope you are gainfully employed?
all the sites i visited varied… florida was between 9.8% and 15.5%
These are states that are ruled over by liberal Democrats. Do they see any connection with this? No way…it's all George Bush's fault anyhow.
its 11 % in florida where the hewll are they getting there numbers !!!
The economists all say that unemployment is a 'lagging indicator.' As if that is supposed to make the unemployed feel better. Once the effects of all his programs like health care and cap & trade (translation=steal) are realized, unemployment may hit the high teens.
Unemployment is going up and the stock market seems to be also? All I know is that all the time I spent living in a tent may be put to good use, unless of course if the government makes it illegal to do so on public land, and burns it and runs me off. I am semi-retired and live in a 55 plus complex. Everybody's unemployed "children" are moving in now for lack of a better place to go. There's way too many empty 30 beer packs in the dumpsters now from this influx of unhappy young people who really don't like or respect old folks and the landlord tolerates them because it's too easy to move and rent someplace else right now. Looks like there are lots of angry unemployed people with way too much time on their hands. It's summer and getting hot which puts everybody in a worse mood here. Yesterday I rented a secured climate controlled storage locker to put our valuables in so we can leave occasionally and not be robbed. One of our new "friends" here was asking how much my motorcycle was worth, so I can see it'll disappear soon if I don't secure it. Thanks Mr. Obama.
Unemployment is going up and the stock market seems to be also? All I know is that all the time I spent living in a tent may be put to good use, unless of course if the government makes it illegal to do so on public land, and burns it and runs me off. I am semi-retired and live in a 55 plus complex. Everybody's unemployed "children" are moving in now for lack of a better place to go. There's way too many empty 30 beer packs in the dumpsters now from this influx of unhappy young people who really don't like or respect old folks and the landlord tolerates them because it's too easy to move and rent someplace else right now. Looks like there are lots of angry unemployed people with way too much time on their hands. It's summer and getting hot which puts everybody in a worse mood here. Yesterday I rented a secured climate controlled storage locker to put our valuables in so we can leave occasionally and not be robbed. One of our new friends here was asking how much my motorcycle was worth so I can see it'll disappear soon if I don't secure it. Thanks Mr. Obama.
OMG You mean to tell me that the stimulus package isn't working? Well clearly we have to SPEND MORE of the taxpayers money!!
And so goes Obama's government….
Pleas, people! Pipe down!
Don't you realize the important thing to consider here is that Obama's policies and economic stimulus plan have created millions of jobs by preventing them from being lost. So you see, unemployment is actually much lower than it would be, and when it continues to rise it will be much lower then than it would have been without Obama creating jobs by preventing millions of them from being lost.
I can't understand why you people are so slow to grasp the "genius" of Obama's job creation program!
Note:
It also follows that when the country has been destroyed, that it would have been much more destroyed if not for Obama's economic policies. Get it?
Madness borders on genius.
You need a sign that says "Sarcasm"!
You know, I was going to put sarcasm in there somewhere, but then I couldn't bring myself to do it. It amazes me how many people can't recognize biting sarcasm. I thought that for all of the people who didn't get the sarcasm, that putting quotation marks around the word genius would be enough to tip off most people. Although, you would think the sheer absurdity of it would give it away! Then again, maybe not. We might end up hearing it as an Obama talking point!
Tough and impossible are not the same thing. Yep. The situation will be tough. But We the People are tougher.
My flag has not flown since November 4 and will not again until we elect someone else to the White House. I fly the Gadsden Flag instead. I don't think we have a country anymore.
Nancy – I thought the same thing….but than after really thinking about it, I thought…….why take it out on our troops, this Country, or our Flag? Our Flag has been through wars, attacks, and is still flying proud.
And it will make it through the idiots on the hill too.
This weekend my flag is flying high for my dad who is a Veteran (that passed) and for our MILITARY! NOT I repeat NOT for the crooks on the hill.
I keep my flag out with a light shining on it. All the time. (Except bad weather).
Inaugeration day I had it lowered to half. Since this Country is in mourning. LOL
I'll raise it when we have a president who cares for this Country, but as respect for my daddy it's stays out.
Happy Memorial Day to you! : )
Us, too. It seems that no one else bothers to decorate their graves or reflect on their spent lives.
I'm going to the family cemetery today. Only old folks seem to be there on Memorial Day and for All Souls Day. The American Legion sees that flags adorn the headstones of all Veterans, and the old folks plant seasonal flowers to remember the loved ones. But the Legionnaires are aging, too. What will become of these plots when the American Legion members and the old folks disappear through attrition? Who will step forward as we veterans have done to commemorate our loved ones?
Why isn't FORD jumping up and down about GM getting HUGE government bailouts in what amounts to be a hostile takeover by the government? I sure would be!
I agree! Ford definitely has a better idea! (remember that from the old ads?)
I suspect the answer to your question lies in another," What good would it do?" Ford will need to focus on the overseas markets to survive, that is if they can. GM will continue to lose money, and the Government will continue to dump more in for the next decade or so. Their excuse will be that " In order to protect the investment that the US Tax Payers have made in GM, we will do everything that is necessary to keep the company moving forward and the legions of UAW members employed. Failure is not an option here folks, it's a national security issue of paramount importance. We can't just walk away!" In other words a never ending stream of government subsidies. Based on that, Ford will be behind the 8 ball on an uneven playing field. However, if they offer the public the kind of high quality vehicles they want, even if they cost a bit more, they will win in the end. Unless the EPA and Congress, regulate them into extinction.
of course they want gm they have ONSTAR . they will equip all there cars and they will know where you are how fast your going how many miles you travel ect . THEN YOU WILL HAVE TO BUY CARBON CREDITS TOO !!!!! and if you dont pay they will shut you down via satelite !! BIG BROTHER !!!!
But, why would the economic forcast be worse??? Our president has spent like 3 trillion dollars, taken over 2 industries, and passed new laws on credit card companys…How can they say it will get worse, when our president has done soooooooooooooooooooooooooooooooooooooooooooo much to "save" the economy?
answer…
It's not over until Obama says it's over.
Because Guys like George Soros et. al are buying up remaining stock assets and are positioning themselves for the 'next phase.'
To ALL our troops, Veterans, currently serving, past, present, (and those thinking about it) THANK YOU FOR YOUR SERVICE from the bottom of my heart. Thanks for making the ultimate sacrifices for me.
I pray you stay safe, and know that I'm constantly proud of each and every one of you. God Bless You, and have a safe and happy Memorial Day!
To those who hasn't served – Please pray, and remember those in uniform before you go to your BBQ'S. Tell one in uniform thankyou, they appreciate it.
I may not be on this site this weekend much, tomorrow I will be attending a local military funeral for someone local. Even though I don't know him, I feel it's my duty as an American to attend.
Happy Memorial Day Everyone! Stay safe, and God Bless America. By the way….raise your flags high, if you don't have one, get one. Mine stays up all year. : )
Umemployment will continue to raise, the "brain trust" is pushing for "Cap and Tax" , BH0 wants universl health care by taxing those that make over 250,000 or is 150,000 (Isn't this most small businesses), mmmm, does anyone see that the current regime is destroying America to set us up for a take over by the government by one party, one leader. This time next year, America will cease to be the world power that "we" have spent 200 + years to become, and countless men and women have given the ultimate sacafice to defend and protect. Do I sound pessamistic, yes. Why, because I have heard nothing but talk, I have not seen any action, except one Tea Party event. Where are the emails flooding congress, where are the challenges in court for the violation of the Constitution. I hear the talk show hosts talking, but no action.
To put it mildly…'PUT UP OR SHUT UP' or those that have died defending our country, would have died in vain.
Enjoy your holiday weekend, enjoy your sales, enjoy the sports events and the time with your family, I plan to spend some time with my fallen comrades.
Same here – we always participate in and help support our local events honoring our fallen heroes. Thank you for your service.
Semper Fi Devil Dog
Geitner,Obama still claim our econ is stabilizing,,,maybe they are refering to thise "back door income they are getting as bribes",,,as everyone else can read,,,Dow is still going down,,,unemployment still at 600,000 a week,,,( my God what of those that used up thier unemployment),,,house forclosures up 32%,,,new house starts the worst sence 1950,,,,,and still spending,spending,taxing taxing,,,,,with less emploed persons,with less hosing taxs,,,with less just about everything,,,those of us that make money/work will carry een more dead beats,,,notice NOT one word about the illegal aliens,,,not one word on how much they are still costing us,,,,nor one word about the10,000 SSN checks that were mailed out to dead peole,,,not one word if they gt any back,,some one is cashing them,,,,
Yet Obama,Congress,say our econ is stable,,,,
It's all Bush's fault!
"I found this national debt, doubled, wrapped in a big bow waiting for me as I stepped into the Oval Office."… Barack Obama
Gee, Stock Market at 14,000, unemploynent lowest it has been in 20 yrs. under Bush.
Fanny and Freedy making loans to people that couldn't afford them because of Janet Reno, Franklin Raines, head of Fanny, making 90 million in 6 yrs, yea its all Bush's fault
I'm thinking that eventually even his followers will get sick of Obama blaming Bush on eveything,it will start backfiring on him soon.
There comes a time when Obama will be forced to except this as his economy and people will start turning on him.
I don't think the DOW is down, but rather flatlined. One day up another down. I don't think the economy is all clear yet by any means. No one has faith in the economy, WALL STREET, BIG MANUFACTURING, the UNIONs or certanly not our government. And yes, taxing and spending is becoming a way of life. I think those that are throwing money in the stocks right now, or even in property in the USA are nuts. My money is being spent on feeding family members laid off since November, getting my house ready to bring my adult kids back here to live if necessary and stocking up on what I can that might be useful to trade or have on hand 'just in case.'
As someone who works in the renewable energy market (the photovoltaic industry), I feel I should say that renewable energy field has not been helped by the less than stimulating "stimulus" package either. As I and my co-workers have all been laid off and have had our hours cut recently. It makes you wonder who is being stimulated by this package? Wow that sounds ahhhhh never mind.
They used the stimulus as a way to take our money and be off with it. They didnt pump any into the economy for jobs. Its gone! Poof! There are no green jobs being created, no construction, no road jobs, NOTHING! Just a way to rob from us. Thats it in a nutshell!
All that stimulus money probably got lost in the acorn mess that they will not investigate.
Did people really believe that it was going to create or save 4 million jobs.!
This of course means that the Obama stimulus package did not work, but no one would ever admit that. What the stimulus package did do is stimulate Pelosi and Barney Frank and all of the other Democrats who wanted trillions of dollars going to those who voted for them as earmarks. The stimulus package has destroyed the economy so badly that China who was buying our debt no longer believes in us and is using other forms of currency other than the US currency which after Obama it considers unstable. I am not sure I can blame China since printing money madly and spending money you don't have is idiocy. But I sure can blame the Obama government for creating what is going to be a huge inflation issue as the US dollar becomes a joke – and yet no jobs come from it. He kills more jobs with his energy policy and his auto industry mandates than his stimulus package creates. Drill for oil here !! and Leave the auto industry alone !!
Fantastic!! Now you will have more people not working, taking money that is worth less, while paying more for everything. Sounds like a game plan to me……….if you are planning on throwing the game.
Or destroy the American way of life. First destroy the ecomony, then destroy the will, then…..attack and take control.
i agree! I really believe that is the game plan and it looks to be going as planned.
I am so glad we got all of these stimulus and bailouts rammed down our throats. I thought these were supposed to "stimulate" immediately with these "shovel" ready jobs. What bull crap. There has been only 4 % of the stimulus monies distributed thus far. Nice job. Now there are reports that the man put in charge of overseeing the money, Joe Biden, doesn't really have a clue where the money is going. Thanks federal government again for screwing my kids future.
The stimulus bill was a shovel ready job. They never clarified what was getting shoveled, thats all.
Shovel ready was supposed to mean able to start within 120 days from receiving the stimulus money. I know DOT's were preparing project lists early in 2009, perhaps even earlier. I agree with you RJ, they have screwed to pooch big time.
The CBO is correct when is says unemplyment will continue to rise through next year into double digit numbers!
But i may disagree about how long we will be in this mostly Democratic caused resession. I feel it will take decades, instead of years, to come back to the normal ranges! There is no way that we can cope with the spending spree that our Democratic led Obama policies will stiffel any growth for the near future. It may look like it is starting to pull out of the downturn, but then the Interest rates, and Inflation will take over, and it will take a long time for the economy will clear out the stench of the Obama policies. Only then, will our country come back!
If China quits buying our debt, we are screwed!
If China stopped buying our debt it would be better for us in the long run. We would hurt really bad for a while until the markets corrected. It would put a quick stop to all this wreckless social spending.
When you are unemployed there are a lot of federal projects that can go by by, like the upgrades to the John Murtha Airport.
Look at California, the voters are pissed and taking the process back. It shows you cannot cram social agendas down the voters throat forever. Even Dem voters have figured out the math will never add up no matter how fuzzy the unions make it. They chased out those with money and left those in the middle on down holding the bag. If the Repubs can find enough REAL fiscal conservatives to run we might be able to correct DC.
If the right gets really smart they will throw ads showing the Bush debt, then the Obama debt and how much we have to pay in interest on the all of Obama's social engineering and, most importantly, what can be done to fix it. It takes awhile but most nonpartisans CAN do the math and will vote with their empty wallet in the 2010 elections. Money talks, or rather, the severe LACK of money…
Doesn't matter I've been unemployed since Jan.Only i was a independent contractor so no unemployment checks here.
In spite of the bad news and we all know that the bad news will continue, I suspect families and communities are going to invent ways to take care of the unemployed. Necessity is the mother of invention. Americans are unusually resilient. We will find solutions that will be like making end runs around the government. Government won't follow our example, unfortunately. We the People will ultimately fix the problems. We are our only hope.
mwb1951; But we never had a president like Obama before! An Obama that fights the American way tooth, and nail! Its going to be tough!
The sad part is that the only job creation has been in the governmnet sector. We need more governmnet jobs like we need a hole in the head.
Yeah, and don't forget that those jobs are an average salary of $72000 with benefits and a guaranteed 2% raise each year. While the private sector workers' wages are stagnant at best, gov employees continue to see increases. Unbelievable!
Unemployment is a poor overall measure of the economy…more of a commentary on how businesses are tightening their belts because BHOs economic policies mean certain suffering for all businesses. A real measure of our economy is the GNP, but you won't see stories about that because in order to support GNP growth, one must support business growth. The agenda, here? To promote federal involvement in job promotion…meaning more government, menial labor and minimum wage positions…which will lead to more union support and an increase in minimum wage. Can anyone say Carter-nomics? And we all know how well THAT worked!
Although more people are losing their jobs, we should be thankful that the dems in congress are looking out for the little guy by passing a bill that forces employers give mandatory vacation time to all full and part time employees. Who and what inspired this wonderful peace of legislation? Why it was Representative Alan Grayson from FL while he was on a vacation in Disney World. Just listen to these inspired words… “Honestly, as much as I appreciate this job and as much as I enjoy it, the best days of my life are and always have been the days I’m on vacation.”
Hey you know, he's right. In fact let's just take this a step further and have the government force employers to pay for their employees to always be on vacation. Then their employees will always be happy. There's the solution to all our unemployment problems! I'm so glad our congressmen are looking out for the little guy.
Wait, I think you're on to something!! Let's send all the politicians on permanent vacations and secretly replace them with people who give a d*** about this country. The pay to the current politicians would be the same, and they would do FAR less damage!
I agree – and how about we take it a step further and allow those vacations to be 'income tax-free,' so we can stimulate those business that otherwise would be forced to pay those payroll taxes! Wow….
Grayson and his ilk in the US Congress deserve permanent vacation.
Did everyone catch that, it's likely to take, "several years" before employment reaches the 5% it was before the recession. You folks can call me what ever you want to, and think I've fallen off the high cliff, but the 10% they are touting is not a factual number to begin with. First of all, out of 320 million Americans, take out the number of children who do not work, remove the retirees that do not work, stay at home mom and dad's who do not work, folks who are disabled who cannot work, those with mental issues in state facitiies (Texas has thousands) who cannot work, even the homeless who do not work, so the ones who were working are the ones being counted and close to 18 % of that smaller number have lost their jobs and it is predicted to increase. Now, if it is going to take "several years" to get it back to 5%, we're talking about only half the folks getting their jobs back, the ones on the 5% to begin with will have moved away from the job market. And here is the off the rocker part- where is the optimism in "several years" is coming from?
I think once folks realize that there is no such thing as a free ride and the Obama administration has lied and is lying to us to get and keep that popular vote, more folks will become 'depressed' and 'disabled' and end up not working at all. No workers, no income taxes.
Therefore, the next phase in the 'big plan' is not only to give us all health care but also to give us uniforms and line us up for the nearest work camp. BIG BROTHER will be giving us our you WILL work physicals and find us all some way of contributing to the big machine that Obama has created in just around 100 days. Heck, he will have a GM 'bus' drive us all to the physicals and work camps. Can anyone say WPA and CCC?
I have to agree wholeheartedly. My Grandfather, an only child, joined the CCC against the wishes of my Great Grandparents. They were concerned he would be a changed person upon returning. I have several pictures from that era and the men were young and all answered that call. But, here is the amazing part, during his CCC years my Grandfather said they talked to them about everyone being equal, that the government would take care of them, it lit some kind of spark in my Grandfather because he was a strong voice against government intervention, welfare, food stamps and anything that would take your freedom away. I think he was a little too outspoken, the Corps of Engineers forced a sale of the family farm to make wasy for the Truman Dam (Missouri). he was left with twenty acres and a stronger voice against the government.
Yep, more blown up statistics – just like a University saying 90% of their pre-med students get into medical school when in reality it's 90% of their pre-meds with a 3.7 or higher get into medical school.
It's funny, because when I was in THIRD GRADE, we had a unit on gimmicks and double speak. I think maybe the majority of people in this country were thinking about going home and having a snack during that unit instead of listening.
One other component to that stat. I believe the numbers they calculate are those that are receiving unemployment benefits. You forgot to exclude those whose unemployment benefits have expired.
The other number you didn't mention. All the small business owners that are unemployed that can't collect unemployment insurance(although we still have to pay in to the system) therefore are not counted in the unemployment numbers. I have been in business for 20 years and have paid more than my share of unemployment compensation insurance. Now when I'm sitting here with no work, I can't even collect. If it wasn't for us "right wing extremist conservative business owners" the left wing union nuts would be starving to death. Why has common sense gone out of style?
I did, without intention to do so, forget those folks which is a large number as well. htm and you are both on target. I seriously think the number is in or close to, the 20% range, but the closest I could locate was the 18% for April-09. And, the media still reported an 8.1% unemployment rate. Are they not disclosing this so as to not panic people? Because I think people are seeing it for themselves. But what gets me is the "could take several years" to get back to 5%. Obama knows his green jobs are waste, he knows the stimulus is waste, so where is the optimism coming from? What is so sad about my ommission is that hundreds of our landmen in the oil and gas industry have been off work since Janurary 09, all self-employed and cannot claim unemployment so they are not counted in the statistics. The tax dollars the Gov is losing from that alone is astronomical. The coffers are going to run very low for years unless of course Cap and Trade passes and those Bush tax cuts laspe, then the big buisnesses will soon be hurting so badly nothing will be running.
Many small business owners are subcontractors to the building industry. As a response to the building slowdown, the general contractors are terminating long-established relations with their subcontractors in cost-saving strategies. How are the general contractors continuing in business? By entering into new subcontracts with firms employing illegals at $5 per hour. My 30 year relationship with a general contractor is now history, and I am no longer paying taxes to the Commonwealth of Pennsylvania as a result of the Brave New Economy created by the Obama stimulus plan. And I receive zero in unemployment compensation from Pennsylvania as a former small business owner.
20 years of pain, my boy. 20 years of pain. And no guarantees after that, either. We went and spent the farm and did it with debt. Every facet of our society, individuals, Government and corporations have increased their debt to equity ratios steadily and there is NO MORE ROOM. Heck, our borrowing is now $11.2 trillion not counting social security and medicare promises down the road for which there is no revenue plan to fund them. $11.2 is 79% of our $14.2 GDP and already over the 60% of GDP limit that the European Union has set for membership. Imagaine that…. we couldn't even get into the European Union… tell me that's not embarrassing. We're the largest debtor nation on earth and we're getting WORSE BY DESIGN: Barack Obama's design? He is either a madman or an evil force out to destroy us. There is no black magic effect that spending will have. It's just a new guy in office that wants to do it his way now or it's a complete Manchurian candidate out to ruin the country and subject us all to the New World Order when we are on our knees and weak as a baby deer.
We need to march on Washington July 4th and make them listen to the Tea Parties. Only 6% of the stimulus package has been spent. Sever billion to TARP. We can stop this and reverse this if we can make our statement. We need a march and speaches like the Forest Gump speaches in The Mall. We also need to each one take one tea bag tag and place it in a box, stamping each hand to get an accurate count of people who travel to Washington for this. I already have my airline tickets.
I am not going to take this laying down even if I have to pay Cap and Trade tax to fly to Washington. I refuse to lose my country even for 4 years to a Community Orgainzer, a Loud mouth (either Pelosi or Biden), a plastic surgery addict, a dirty old man from Vegas and a tax cheat. My country does not rewrite contracts, fire management of private companies, or refuse to take money back from companies trying to pay it. This is not the country I was raised in and BY GOD, if this is the Change and where we are going, I will be leaving soon myself.
This is unsustainable by any means even if Obama keeps telling people that he can cut the deficit in half "his first term in office", how so. Unsustainable means that we're all, everyone of us bankrupt. We have nothing but debt. If the unemployment rate is to take years to recover, how are those still working going to even afford to live with the taxes they will have to pay. Oh, I fear for my son. There is no way. I wish I could be more positive and hopeful but I am having a hard time trying to get over the numbers.
The way I see this is, First term srew shlt up realy good and get everone where they want us "flat busted" then in second term change the 22 amendment and he is the last "prezadente". The only thing stopping them right now we still have guns and lots of them . so there what they have done so far take over banks , auto's ,credit cards,insurance,the have the schools already , they want coal "crap and tax , next is oil and gas, what do think the smart grid is about ?? They tried with bullits that did not work so they went with gun powder with a self life of 6 mo's or less i already have some it will not lite its 8 mo's old thanks to canada. They will not have to take our guns from us ,they won't work. As far as jobs go turn the oil field loose,lots of jobs there and in every state.
ed
last month found a hidden story about a southwest state rep ( new mex or ut?) wants to repeal the 22 ammendment
I'm trying to square this with real economic growth. My understanding is that costs have been cut, so it gives the appearance of growth, but really isn't. It also may indicate that the economy has stopped contracting, but I still don't see "growth" as a necessary corollary.
I know that increasing unemployment means individuals are squeezed with regard to liquidity – no spare cash. This also means even more spending by the federal government, and because we will still be in "crisis" will be used to justify that horrible universal health care "plan".
well DUH. think about this . the united states has supported the rest of the worlds economies for longer than ive been alive. with ours going down the crapper where does that point everyone else to ???
I don't doubt that one. Our son got provisional part time employment. My brother and daughter have not secured employment and our pension money can only help in limited ways. I'd like to know if Barack Obama's Aunt is out of this country and who is helping her live her without means of support. Charity must begin at home.
Last I read, she is living well at the taxpayers' expense in subsidized housing.
And, with amnesty she'll be living on it for the rest of her life here in America.
Well, I'll be graduating in August and I'm truly hoping that I'll be getting a job. I'm really looking into the government, because the last place to stop hiring is uncle Sam. Your kids seem to be going through the same thing I'm going through.
'Shovel ready' usually means that all the plans are in place, INCLUDING FUNDING. Most state and local gov'ts have a cost estimate of a project, then secure funding before spending on the engineering fees, permits, etc. So does this mean that state and local gov'ts can take funds allocated for a project and spend it on something else, like salaries, because they are getting 'stimulus' money?
in my kneck of the woods 3 of every 5 people i talk to are laid off. i wonder how that equils 8.1%
got a passport, jobs just as bad elsewhere
WOW! I think they are compiling a national average and I am sure larger states brings the average to a more reportable number. I think it is far more serious than they want us to know. Could we be borderline depression and so not to panic the public and risk all consumer spending to be cut off except food, they just average it out to half the percent? 3 out of every five people is severe, that is worse than Elkhart Indiana isn't it?
You know like I was saying yesterday and even last week, there is a shift occuring because alot of our employees will not return to the oil and gas industry, they cannot tolerate the roller coaster effect of the economy. Do you think this is the effect in Florida and other states and industries as well?
some of it is. but the reality of it is that in volusia county alone during the bubble we were averageing 30 to 50 homes built per day. when i worked for rinker materials slabs poured yesterday had block walls going up today. slab on monday ment dryin on friday, sold complete 2 weeks later. prices were 250,000 for 2 bed 1.5 bath on an 80×60 lot
took a heck of a lot of people to do that. now they are all out of work
Dang, that is a lot of work in a short amount of time for a big price tag. I think the shift will continue and we'll see folks from the construction industry, the oil and gas industry, the health industry and the banking industry, maybe even the real estate industry move totally into new job markets, not sure what areas will expand at this point except solar and wind for us as competition for land leases and well locations, but it is going to get worse all over. 30-50 homes a day is remarkable, and at the same time we were putting in a natural gas well every 17 days and that was a feat of great accomplishment. And it just all went poof.
well dont expect the green jobs to be worth a dam. california homeowners are fighting the offshore wind turbines because they "disturb the pristine view"
the solar plants in the southwest are being blocked by enviromentilests because of their "disturbance of the local flora and their water use concerns"
in the northwest the tree huggers say "wind turbines kill birds" and are taking it to court
i hated it . even tho it was my job. from woods to finished house in 30 days
thanks guys
I remember someone saying that those that owned their homes outright would even be in danger because local property taxes would have to drastically increase. And, the guy arguing said, no-cities and states will be forced to live within their means, we will see slower service and a disrutption of the fast pace world we have become accustomed to, but local and state governments will have to stop and rethink priorities. After seeing these numbers I just think now that the "years to recover" is probably the most truthful thing I have seen in the media in a while.
If Obama can cut the deficit in half in his first term I will personally go to Washington and kiss his butt. Of course, I'm not really worried about having to do that as the chance of that happening is zero.
There is one bet you can make with absolute certainty. He is a bald face patronizing liar to the dumbasses of America.
The numbers are staggering. Glenn did a nice job making it real for everyone on yesterday's program. He went through the mathematical impact of a decline in our AAA credit rating causing interest rates to balloon for treasuries. He used the example of a house payment and showed how higher interest rates increased the house payment. It was a nice job bringing it home to everyone. Our national interest burden alone, without any payment of principal will go to 800 billion dollars, nearly a trillion, and about a third of the budget. We are on the brink of American disaster. The numbers are way to large. Without a cultural revolution that gets us back on the work ethic train and off the entitlement train, we are toast, buddy. Count on it.
Well… you're right. Taxes will be as high as rent. An rent will be as high as rent. So rent will be double. Still Ok to own the home. But you will still need a job as a retiree. I hope Alaska secedes. See you up there.
That is just sad, no one will be able to enjoy their golden years, We won't even have the term golden years. Maybe they are right, things in America and the American's way of life is changed forever.
I saw that, and am so glad he is using visual props that tend to be remembered better by viewers than just a talking point. We are on the brink, and it is reality. Not sure if anyone else heard this growing up, but "we're going to "he ll" in handbasket" was the term in the 70's that I remember so very well. Honestly, today the handbasket is collasping from the bulging deficit and entitlements. I cannot see a way out, and if Obama can cut this in half then something is in the mix that is not being shared with us, because he wants so badly to be the hero, to be admired by all. I think our day of rekkoning is coming swiftly and honestly as much as I am a postive person, I see no other option but further down and then a point of complete devistation. I sure hope i am wrong.
Obama just wants to look like a hero for now. But he WILL raise taxes next year. Tax revenues are falling and spending is increasing. That means debt and/or printing money. Debt creates higher taxes and robs productivity and job creation. Printing money fuels inflation. All he has to do is to make more people happier that vote. If he taxes the richer people and gives to the poorer people, he accomplishes that. The moderately rich will get their pockets emptied to give to the poorer people. The super rich will steal from the moderately rich as well as our retirement assets and property values take another hit when the market realizes we are not crawling out of this mess in the next six months.