Double-digit Unemployment
Unemployment hit 10.2% in October which is painful for many especially those without college degrees as they have been hit the hardest. There is no solace for the unemployed in the following fact, but employment always lags behind economic growth.
Here is an interesting chart supplied by The White House that shows some light at the end of one of the longest recessions in US history.
Tags: Economy, President Obama
The New York Times has some reaction from various economists about what this all means. BTW, none are named Mike Protack.
The drop in job losses is probably the only good news in an otherwise dismal jobs report.
Sadly, my brother-in-law became one of the statistics yesterday. This may be the straw that breaks the camels back for them and force them into bankruptcy. I hope it doesn’t happen, but it seems almost inevitable at this point.
Sadly, my brother-in-law became one of the statistics yesterday.
That freaking sucks, as it does anyone.
It’s no one you know, Smitty. Just FYI.
I’m so sorry, LG.
I had to fire someone this week and it was heartbreaking. I didn’t want to but my hands were tied by his actions.
FYI, state numbers aren’t out yet.
Still sucks no less, Geek. I feel for anyone having to walk in this environment (or any, really).
Comment by liberalgeek
“Sadly, my brother-in-law became one of the statistics yesterday.”
Sorry to hear that! I was axed at at the end of July but kind of knew it was coming last November when our hours and pay was cut. 8 months of living on death row was pretty tough. Others were laid off before me and all were with the compnay longer. What pissed me off the most was being told I was being laid off and I had to leave right then. Mr. professional me was so concern my desk and wanted to help those spliting my job responsiblities.Boss was , we’ll be fine but thank you. But when I told her a coustomer was due in two days later with $9,000.00 she needed to know more,LOL. I was working three job functions inheriting one from the last person laid off.
I was able to prepare as much as I could and have a 401k (not much) to liquidate to buy time in hopes of recovery. One thing that sucks big time is no healthcare, first time in 30 years without. Little Kilroy 23 still in colleged, diabetic and no income was able to get Medicaid a wonderful government run healthcare program. If Medicaid wasn’t available he would be shit out of luck.
Delaware $172,634,955.00 237 Jobs see page 6“
http://www.ed.gov/policy/gen/leg/recovery/spending/arra-program-summary.pdf this is a USDOE report and 237 saved or new jobs was it for the $172,634,955.00 Fed stiumuls for Delaware and 7 of those jobs were administrative. 4.5 billion more is in the pipeline re: Race to the Top and 900 million will go toward administrative cost and not directly into the classrooms.
We honestly need infrastructure jobs.
IT ALL SUCKS !
I think we need a second stimulus specifically aimed just at jobs and aid for states. President Olympia Snowe cut the aid for states out of the last stimulus plan. Krugman is proposing a new WPA. Honestly, I think it’s a good idea.
It’s scary, isn’t it. 🙁 Sorry, guys.
but employment always lags behind economic growth.
why do I picture a monkey with symbols smacking away as I read that line?
where is the REST of the stim money? it was my understanding we were gonna see those Recovery Act logos. Wasn’t Joe Biden supposed to over see that? Instead of talking about another stim… which will only constipate the wing-nuts (and honestly even socialist me is wondering where the money will come from) Hows about releasing the rest of the money that was already passed!
(wing nuts, DO NOT confuse my questioning of my government with agreeing with your anti-american insanity)
But really, if anyone can “talk me down” as my favorite TV newscasting lesbian would say, i would LOVE to know why all the recovery act money hasn’t been used to build trains yet, please do.
donviti, gdp and unemployment loss go hand in hand, see Okun’s Law. Another item is that in a recession, productivity goes up as people fear for their jobs and it takes time for the profits generated to create new jobs.
There’s this thing called Google, why don’t you use it.
If you think about this in terms even of the way your employer makes hiring decisions even in good times — they are definitely going to make sure that they are getting the productivity they can out of the people already employed. You add more people when you can’t expand existing capacity any more. If the economy is starting to get better, then it will take a bit of time for the current capacity employers are already carrying will need to be added to.
Or — no one just starts hiring because the NBER says the worst is over.
Suprised none of you have outspokenly blamed God for this as well.
It sucks alright…Just EXACTLY the way Ross Perot explained it to us…In 1992. “A great sucking noise” resultant of NAFTA.
Merely, one of the many mechanisms by which America shall inherit a third world status. Greed is the taproot of all evil. PERIOD.
“Whatever” is what the ‘know-it-alls’ said, all the while AMERICAN Corporate Greed realized America herself has no fences. The fence was of Jehovah’s origin…But we don’t need Him anymore…
The GREED of the smartypants movement is where the road suffered a fatal fracture. Corporate Greed sets the stage for one government, and then the one human in charge…Hmmm.
Keep going with your college educated eludication. Things only get worse. Physical WORK is what produces change in a positve direction.
Nothing shall change the outcome, as it is written…Only you can change within. Only we can slow down the shadow of Darkness.
Slice off the layers of deception and conditioning and listen to the Spirit of Man, and the intercession of His Holy Spirit.
You better figure out which God you serve for those who worship ALLAH are rising up with death in their hands. Only those born again in Spirit shall enjoy life beyond this place.
JESUS IS THE ANSWER!!!
OK, I blame god and Jesus.
Sorry about your BIL, LG. My brother was laid off a year ago and just started (this week) a new gig. And this is in California, so I am hoping that is a sign that things may turn around. Emphasis on the hoping.
Thanks for stopping by Mike. I hope you are using your internet time wisely at the hospital.
It’s sad that this economy has taken us back to Reaganesque levels of unemployment. We all need to pull together and rise together. Of course, the teabaggers will call it socialism.
Good luck to your BIL, LG.
For a. price — here is a breakdown of the stimulus spending as planned back in the winter.
10B won’t get you lots of new trains, but it is being spent on current line upgrades and planning efforts for some high speed rail lines. The real spending on high speed rail comes much later unfortunately.
I am so sorry. I think I led Michael Johnson to this site when I commented on Brian S. poignant post over at The Mourning Constitution. Go read his caveman nonsense. Again, I am so, so sorry.
Here’s some of Michael’s nonsense.
Again, my apologizes.
pandora,
I’m sure you got that guy all fired up just by voting and flaunting it, you vixen.
Thought I’d give the blind paperless pushers something to gather over at the water cooler…
THE ONLY TOPIC WORTHY OF WORDLY EFFORT IS THE REFORMATION OF THE TAX LAWS IN REGARDS TO CORPORATIONS…
But then of course,,, NOW they ARE Global, and will simply pull the plug on us completely. The monster has ALREADY destroyed the cage.
IF the LEFT really had it in them to worship things other than their own perverted flesh (I.E. Gay Marriage, Women’s equality, Affirmative Action, PRO CHOICE (PRO MURDER), Anti-Jesus ),,, then MAYBE they would have thrown a monkey wrench into the RIGHT by sewing their pockets shut. But then again, you walk around with a bag of candy as well…
The two party system is designed to fail….Just like a marriage without the covenant with GOD as the highest authority.
YOU ARE WASTING YOUR TIME…Once one could get PAID for such anti-physical energy,,, but them days are comming to an end.
Welcome to welfare and Medicaid. Just the way YOUR President wants it too be.
Can you hear him snicker under his breath as yet another shooting occurs today….
http://en.wikipedia.org/wiki/In_God_We_Trust_(Brand_Nubian_album)
Contrary to Muhammad’s bulldung,,, JESUS IS THE ANSWER!!!
The stimulus spending is simply ANOTHER DEEPER METHOD of destroying AMERICA.
Remind me to stay away from your church, yet I’m sure with your antics, they certainly invite no one to attend from the general public.
remind me again why the gov’t invented the internet
Did I mention how sorry I was?
Michael Johnson is David Anderson on steroids.
Oh, don’t apologize. In a long life of reading impenetrable nonsense in school essays, no one has ever tried out the non-word “eludication” on me. I’m charmed.
And since it’s new, we can define it.
I’m claiming it as “Eludication: n, having to do with escape, escapism. The quality of being fantasy, fiction. ‘Tax protesters use Fox News as the source for their eludication.’ or ‘Challenging the eludication inherent in that argument requires a complete overhaul of his dysfunctional paradigm.’ ”
I shall use it OFTEN. 🙂
I don’t know what’s worse, Michael’s thinking that he will live in the clouds when he croaks, or the liberals worship of all things government.
. . . .or wingnuts misrepresenting what liberals worship
Actually, h., we all know what you think is worse.
h. –
It is embarrassing that they worship me, but I’ve learned deal with it.
C’mon Nemski, if Obama whipped it out and yelled “who wants a taste”, you and the rest of the DL crew would fight your way to the front of the line. Don’t deny it.
Why is it that our ability to recognize people like you, h., as the defective, selfish, greedy beings you are translates in your feeble mind to “worship of all things government”?
And apparently when Michael Johnson came here to whip his out to see who wanted a taste, h. shows up right on cue. Hope you are enjoying yourself!
Ah, plus we get the typical conservative homophobia. Classy to the last.
I don’t fear the queer.
Yes Cass, it is entertaining.
Sing it with me!
Jesus loves the corporations
All the LLC’s of the world
Red and Yellow, Black and White
They are precious in His sight
Jesus loves the LLC’s of the world
to dampen the lightening mood…
more DE layoffs.
first of all, cass thank you for the link. I’m still however unsatisfied with calls for more stim when we havent used up the first one.
second…..I just LOVE the new mike! he is BY far my favorite new crazt christian right wing terrorist wing nut. thank you soooo much for comming by!
swarm and defend! swarm and defend!
it is not O’s fault at all. He has done nothing wrong…
Sad, sad. Unfortunately, with cap and trade, we will see more of this.
Oh yeah, he’s definitely back!
Edit: this comment is for DV, not partisan-boy/girl above.
Figure I’d unload all of my “wingnut” talking points.
“I don’t fear the queer.”
Uh-huh. You just accuse people of homosexuality because you’re so full of loving kindness. It’s OK, h. Teh gays aren’t going to ass-rape you.
it is not O’s fault at all. He has done nothing wrong…
Awesome! And those lazy wingnut defensive rhetorical postures are settling in nicely!
(For those of you following at home, no one here made the case that Obama has done nothing wrong — just explaining about lagging employment indicators. Note also the accusatory moves in dv’s post — not actually engaging the explanations people provided, just accusing us of doing something that we aren’t.)
Let’s get the Chinese to finance another stimulus bill…that should fix it.
just explain about lagging employment indicators.
those of you so quick to defend, note the intent of explaining that something is a lagging indicator. Why go to the effort at all if not to defend the current and blame the former. How long does it lagg for? 11months? Next month it will be 12?
Awesome! And those lazy wingnut defensive rhetorical postures are settling in nicely!
you are too easy and predictable.
call me crazy, but I’m one of those liberals that sees 2 ongoing wars with no end in sight. No regulation. No accountability. Backroom lobbying. golf trips for donations. Replace all that wish bush and we bash. Replace it with O and we defend. correction, you defend.
yada yada yada
Iraq war has a timetable set by Obama in Feb 2009
Afghan strategy forthcoming
Accountability = Elections
Hate to bring bad tiddings on the unemployment front, there are a couple disturbing trends that may keep the job picture bleak for a long, long time. Last quarter saw the largest jump in productivity in 6 years, meaning busunesses are doing more with less employees, this helps increase profits in two areas, less wages paid and fewer benefits, like health care to be responsable for. The second area that has different parameters than other recoveries is out scorcing, as orders increase companys are more likly to fill those orders from overseas venues, again the same reasons, lower unit labor costs, so full employment here may never become a reality in the U.S. A tight labor contributed to a drop in over all wages last quarter and that will continue as a trend. Tight labor markets tend to depress wages of those with jobs. The only bright side is corporate profits are recovering nicely, thanks to new markets in the emerging nations. This is more of a permanent change in middle class wealth than a recession.
Cheap labor is being used to keep overall inflation low despite policies that would normally cause inflation. I’m ready for a little protectionism. Not that I want the US to be strongly protectionist, but a correction is in order to bring some normalcy back to labor markets.
We can’t have manufacturing in this country, it’s bad for the air.
the non political projections I have seen indicate that unemploymnt will begin to drop as early as 3rd Qrtr 2010 and as late as 2nd Qtr 2011.
Thank you STI, for making my productivity point. This unemployment will be persistently deep for quite some time. DV, however, will not be interested in the why or wherefores because this gets in the way of the fact that he is just plain UNHAPPY about it all and Obama is utterly responsible for that I guess.
There is already an agreement with Iraq for combat forces to be gone by August 2010 and for everyone to be gone in 2011. Obama actually campaigned on doing Afghanistan correctly — whatever that means — so containing that ought not be a surprise.
There is very little liberal about cherry picking your facts in order to support the rants you want to have today. And don’t kid yourself that this cherry picking counts as “accountability”. That would imply the processing of all of the data, which you are in no way going to do.
swarm defend
Let’s roll
yada inflation yada…coming next yada
Sorta sad that DV has narrowed his ambitions to be the next David Anderson.
Let’s roll indeed.
Lizard; Projections on unemployment have been off there mark for sometime now and will continue to much more positive than they turn out to be in reality. The situation is quite different now, for instence over 50% of “american” brand cars and their parts are manufactured in canada and mexico, so they will hire and expanded first due to much lower unit labor costs. The american worker is much too pricey for the globel economy, health care must share part of the blame for that, but our cost of living is a factor also.
There is very little liberal about cherry picking your facts in order to support the rants you want to have today. And don’t kid yourself that this cherry picking counts as “accountability”. That would imply the processing of all of the data, which you are in no way going to do.
Whatever makes you feel better. I’m pretty sure 2 wars and not regulating the banks are pretty big matzah balls hanging out there. I can cherry pick. but then so can you. the difference is you think you are right. Wait…and so do I? Oh my gosh….but wait, you KNOW you are right…right?
you call it picking my facts, I call it pointing them out. We can do this all day Cass. your smarmy I’m better/smarter than you act oozes in your writing.
Whatever makes you feel better.
DV, however, will not be interested in the why or wherefores because this gets in the way of the fact that he is just plain UNHAPPY about it all and Obama is utterly responsible for that I guess.
Replace that DV with CASS and unhappy with Happy and the only difference is that “your” guy is in office. You are fine with the bread crumbs you get.
Me, I want the whole dinner.
“The american worker is much too pricey for the globel economy”
Hence the Global stock market gaining, while American umemployment continues to LOSE.
The breakover point will be when factroy jobs come back to America adjusted at the global rate of let’s say 33 CENTS an hour.
CORPORATE TAX LAW is the ONLY SOLUTION,,, while they are still here…
Wait till the Obama gloats over the Copenhagen Treaty…
Market will go HIGHER, and more of ya’ll be hanging with us losers in the welfare line…He,he!!!
Who is this crazy person? Was he invented to make David Anderson sound less insane?
Sorta sad that DV has narrowed his ambitions to be the next David Anderson.
nah, I don’t agree with torture. I want gay marriage. I want DADT reversed (oops, was I cherry picking)
I don’t agree with indefinite detention.
I don’t agree with extending the patriot act
I don’t agree with not prosecuting those who tortured
I don’t agree with not looking back and holding those people accountable.
I don’t agree with trying to use the “state secrets” arguements to prevent the release of photos
I know I’m cherry picking here…but the current guy in the office is ok with all of that.
So is David Anderson
Crazy he may be but his points are sound, the american worker is caught between a rock and a hard place, the solution is for americans to buy less but buy domestic made products, a sort of self inflicted isolationism, doubt that will ever happen, the sales are increasing at Wal-Mart due to hard times. It,s hard to compete with chinese workers who obtain middle class status by earning 12,000 per year, they have the left over soviet style block housing and socialized medicine to keep their cost of living well below ours.
Great idea, but we don’t produce very much these days.
The difference here is that DV is complaining that Obama hasn’t just hired everyone and put them back to work. Meanwhile a.price has suggested that he would like that, but doesn’t know where the money will come from.
It seems to me that this is the dynamic that Obama is trying to balance here. When the stimulus was being passed, every commentator that was in support of it said that it would help the economy, but that it wouldn’t fix unemployment immediately, since it lagged by a year to 18 months.
The graph above tells some of the story, but remember that unemployment is still going to suck, even when the graph goes positive. When it goes flat, it just means that the unemployment number has stopped growing. I suspect that a recovery on Wall St will help unemployment slightly, as 401K’s recover and some people decide that they can just take the money and run. They’ll get yanked out of the unemployment numbers and go into a less-than-grandiose retirement.
But we have a long way to go. George Bush took 8 years to f#@% us and it will take more than 9 months to unf#@% us.
9 months or 9 years. Raising taxes and stimulus bills won’t fix it.
h.; we culd create a demand and change that, but I doubt most americans understand what,s happening to our way of life to due this, outscorcing is just in it,s early stages, some day your children may attend schools staffed by teachers on big screens teaching from india or china. They are constantly looking for ways to outscorce everything, not a problem if we did not need jobs.
Now come on, DV! It’s a little disingenuous to blame the current administration for these numbers. If it’s at the same level come next summer, then I’m all for laying blame on BO but for now I’ll make an analogy you can understand, since you love seamen….
Our economy is akin to steering a carrier, not a PT boat.
and TS, do you think everyone’s fed taxes will be raised or are you just ignoring context?
sheeeeeeiitttt – the wealthy have been riding the welfare train since ’01…it’s time to pitch in.
Tom (…must resist engaging the crazy…) – No one presumed to “fix it” with stimulus. The intent was to stop the bleeding and soften the landing. I am certain that you would have loved unemployment to be in the 20’s now (so you could blame Obama) but there has been pressure applied to the wound and it is starting to show signs of stabilization.
Me, I want the whole dinner.
Which helps you to cherry pick your info and helps you to be comfortable rhetorical groove that David Anderson is so good at — there is only the information that lets him keep his world view.
But here is the real source of your difficulty here, DV. We ALL want the full dinner. ALL of us. We also understand that we have a President who did not promise us a FULL dinner and we have a government that doesn’t work in the kind of parliamentary fashion that lets a president enact sweeping policy. Most of us aren’t going to stamp our feet and hold our breath — because incremental progress is the way the system is set up to work.
Besides you wouldn’t know if I was right or not — it isn’t exactly that you read much of what happens here as we already know. You read just enough to get your rant on, to assign your wrong labels to people, to accuse them of words or behavior that isn’t in evidence, because the rant is about all that interests you.
Or really, the only thing that interests You is You.
lg,
I think BO said 8% cap on unemployment…is it now 20%? or are we not sure what “is” is…
Stimulus is more a temporary fix, like the new deal, private sector employment never recovered during the depression until we started arming for war, the bases to a thriving capitilist economy lies in what the private sector does. People are creatures of habit, the longer they go without spending the more of a habit it becomes, people who found jobs in the 30,s still tightly held on too what they earned, it,s entirely necessary, just as the new deal was, to lessen human suffering, but it will not serve to jump start the economy as many hope. The good thing about FDR is he explained this to the american people in his fire side chats, what these government programs amount to are socialism, which is something are children may have to turn to if we don,t return jobs to this country.
Can we outsource the political parties?
Sure, send them to kinnest in israel, a couple more parties won,t even be noticed.
As far as blaming Obama for any of this, that,s ludicrous, are problems stem from a natural expansion of the free market that was bound to happen sooner or later, our cost of living is just too out of wack, the way we do health care is all wrong, single payer is used everywhere else, and our other prices inflated naturally, anytime there is a boom and people have money prices rise, unfortunatly prices go up like a rocket and come down like mollasses, causing a lag time that,s pretty painful. I,ve read books on this that were written as long ago as the 1970,s. Warning of this transition from rich to not so rich but it,s doubtful it could have been totaly prevented, even now people are not totaly convinced that it,s happening, they look at our present situation as temporary, but in spite of a few spikes up here and there we are a nation in decline and we need to make adjustments to core with it.
I jsut want wall street reigned in. Their recession is over, lending hasn’t increased. they are still able to make money with U/E at 10%.
Nothing has changed only the name.
that and stroking sandy is becoming very enjoyable
DV, i agree with you, kinda.
you cant say the foreign relations has stayed the same.
and while he hasn’t actually DONE anything with afganistan, that alone is much different from just throwing money at KBR.
as far as wall street goes, in my mind president obama needs to prove he is the guy i voted for. He is the president of the united states, and OWNS Wall Street’s ass. It would be popular to everyone but people who work in DC, (dems AND pukes)
I would still volunteer another 100 hours to help get him re elected, but in my mind he needs to choose a side on this one.
Wall street is what it is the street at the intersection of profit and greed, it,s located here but it,s eyes are on china, india, and the rest of the emerging markets, as an example, Proctor and gamble now does more than 50% of their business in other countries, so are they an american company? the point is, not if they chose not to be, and sadly that,s true of more and more multinationals, so it,s very difficult to control what they do, the solution lies in creating a social safty net that mirrors what the rest of the world has. We want the old days back when we were the only nation that manufactured and consumed goods at a terrific rate, that emerald city has left the building forever.
Problem is our gov’t “oversight” committees have yet to prevent the collapse from happening again by reeling in the Financial World’s indescretions of overextending credit…due to the fact that some of the blame comes back to them.
the banking obby is just not going to let that happen, it,s how the system works, government of the corporations, for the corporations and by the corporations. sad fact of life. Trouble is half of we the people is so propagandised to beliving they can do no wrong it,s impossible to do anything about it.
There is no economic growth, there is growth in government and of course national debt.
Obama is a total failure and his stooge Geithner is a Wall Street puppet.
Mike Protack
Truth IS TRUTH
Pepsi and Coke taste about the same and have no nutritional value.
In fact, they make one more thirsty for TRUTH.