Unemployment Still Skyrockets Higher Than Obama Said It Would With Stimulus
From Michelle Malkin:
The Obama-conomy: “It’s worse than you think”
Of course, it’s all Bush’s fault:
The U.S. economy is not only shedding jobs at a record rate; it is shedding more jobs than it is supposed to. It’s bad enough that the unemployment rate has doubled in only a year and a half and one out of six construction workers is out of work. What truly troubles President Obama’s economic advisers is that, even adjusting for the recession, the contraction in employment seems way too high. As one administration official said, “This has been a very steep job loss.”
…The Federal Reserve now expects unemployment to surpass 10 percent (the postwar high was 10.8 percent in 1982). By almost every other measure, ours is already the worst job environment since the Great Depression. The economy has shed 6.5 million jobs — nearly 5 percent of the total, far outstripping the 3 percent that were lost in the early ’80s. Economists fear that even when the economy turns around, the job market will be stagnant. Keith Hall, the commissioner of the Bureau of Labor Statistics, sums it up as “an ugly picture out there.”
…But layoffs are only part of the story. The problem isn’t just that so many workers have received pink slips but also that companies are failing to hire…In terms of its impact on society, a dearth of hiring is far more troubling than an excess of layoffs. Job losses have to end sooner or later. Even if they persist (as, say, in the auto industry), the government can intervene. But the government cannot force firms to hire. Ultimately, each new job depends on the boss’s belief — or hope — that sufficient work will materialize.
To paraphrase the Left: Obama lied. Hope died.
The economy is in the tank. Obama’s popularity is sinking.
What’s a flailing president to do?
Go golfing and lease a $20 million farm on Martha’s Vineyard.
- http://wire.factcheck.org/2009/07/02/more-unemployment-blues/
Related posts:
- Obama’s Failed Stimulus in Pictures: 10.2% Unemployment
- How Unemployment Taxes and Obama’s Stimulus Are Killing Jobs
- Obama: “Without Stimulus, Unemployment Will Hit 9%,” Didn’t Work, Now It Is 9.4%
- Stimulus Is Destroying, Not Creating Jobs
- Unemployment at 9.5%; another Obama econ adviser bails; Mrs. Obama hits the beach
- Fed: 7 Percent Unemployment Through Obama Term
- Despite Obama’s Repeated Claims That Enacting $787-Billion Stimulus Was Urgent, 78 Percent of Money Remained Unspent by End of Fiscal 2009 Says Federal Auditing Agency
- Obama vs. Obama: Stimulus Would Help “Immediately” But Not In Four Months
- ‘The Stimulus Jobs Inflation Map’
- Why the Obama Stimulus Failed
Unemployment soars but so does the stock market and the economic GDP numbers. So if you studied some economics 101 before you started writing on here you would be aware that those two numbers lead the rise in consumer confidence, consumer spending, and job growth which always lags behind.
So while you search for that also search for an economist known as Keynes and what he said the govt should do in a recession.
Also since I’m guessing you oppose the stimulus package, learn what Hoover and FDR did in the great depression. You will notice that Hoover a republican who said that the government should not interfere with the free market did not do anything and the economy fell into the great depression, then FDR cam in with the new deal, and with government money helped rescue the economy. Secondly, look at debt in the last 3 decades and look how high the levels were under Reagan, Bush Sr. and Bush Jr. and then look at the rate Clinton’s was. He was the only out of the three to bring it down. His Treasury secretary? Larry Summers, the same one calling the economic shots under Obama. I agree debt is high in this presidency but you have a guy who has already proved himself once calling the shots. So sit back, relax and watch the economy go up and the debt go down. I hope that when the time comes you will give up wasting your time on this blog.
All who read the above laughable comment, please read the following two articles:
http://www.cato.org/pub_display.php?pub_id=3357
http://newconservativeunderground.blogspot.com/2009/01/fdrs-new-deal-made-depression-worse.html
Ignore those links.
First of all the second is clearly biased, and is a blog. It is easy to spin history the way you want. And that blog is an example.
Secondly, search the Cato institute on the net and see their conservative bias as well. They advocated privatization of Social Security. Do you know what that would have meant when the stock market just got killed in the last year. Good thing no one in their sane mind is really ever thinking of doing such a thing. Look at history books. Pick up an economic history book and research what happened. Also, Obama and the Democratic Congress will try to bring back the uptick rule and rules on short-selling eliminated by Christopher Cox, the SEC chairman chosen by Bush. Rules implemented after the Great Depression to avoid the stock market from crashing. Will you oppose them when they do that after the events of the recent year? Will you call them socialists when they try to put rules into a total free-market system that are deemed necessary? Maybe the Cato institute will oppose them.