UNEMPLOYMENT HITS 10.2%

T

TuTu Monroe

A Realist
The nation’s unemployment rate increased to 10.2 percent in October, the highest rate since April 1983, the U.S. Bureau of Labor Statistics said today.


The total number of unemployed increased by 558,000 to 15.7 million in October.


There was a net loss of 190,000 nonfarm jobs, with the biggest reductions in construction, manufacturing and retail trade.
The report comes on the same day President Barack Obama is expected to sign legislation costing $24 billion that would extend unemployment benefits for 14 weeks to people whose benefits already ran out, or will by the end of the year.


The legislation also extends and expands the $8,000 federal tax credit for first-time home buyers and provides tax credits to businesses that lost money last year or this year.


http://albany.bizjournals.com/albany/stories/2009/11/02/daily48.html


 
Figured you'd be posting this.

It's a bad figure, but I expect this to turn around in the next 3-6 months if current indicators of recovery hold.
 
well by golly I'd say this calls for another 900 billion stimulus to be passed by this administration, since the first one worked so well..
 
TuTu Monroe said:
The nation’s unemployment rate increased to 10.2 percent in October, the highest rate since April 1983, the U.S. Bureau of Labor Statistics said today.


The total number of unemployed increased by 558,000 to 15.7 million in October.


There was a net loss of 190,000 nonfarm jobs, with the biggest reductions in construction, manufacturing and retail trade.
The report comes on the same day President Barack Obama is expected to sign legislation costing $24 billion that would extend unemployment benefits for 14 weeks to people whose benefits already ran out, or will by the end of the year.


The legislation also extends and expands the $8,000 federal tax credit for first-time home buyers and provides tax credits to businesses that lost money last year or this year.


http://albany.bizjournals.com/albany/stories/2009/11/02/daily48.html
Click to expand...




Let me see.......who was the President in April, 1983?
That aside, we knew in January things would get worse before they got better and have no fear, they will get better, much to your dismay.
 
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Onceler said:
Figured you'd ride to the defense of a mindless rightie immediately...
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Figured you'd try to turn this on somebody else. I don't have to "defend" anybody from a statement like that, it isn't an "attack".

Some day I'd like to see you surprise us, maybe have an opinion on something like this rather than "riding to the defense" of the Administration... You know, instead of waiting for Tutu, maybe post it yourself and give a good solid opinion on it rather than attempting to snipe.
 
Onceler said:
Figured you'd be posting this.

It's a bad figure, but I expect this to turn around in the next 3-6 months if current indicators of recovery hold.
Click to expand...

They won't. GDP numbers last quarterly were artificial. Almost half of the increase came from the cash for clunkers fiasco. Double dip time...

I hope I am wrong, but this is how things are stacking up. The stimulus, while necessary, was used in a piss poor manner. It did little, if anything, to create jobs.
 
Damocles said:
Figured you'd try to turn this on somebody else. I don't have to "defend" anybody from a statement like that, it isn't an "attack"...
Click to expand...

Yeah, whatever. You're as predictable as Tutu.

I didn't ignore the thread, and I acknowledged it's a bad figure. Frankly, I think Obama & the admin were incredibly stupid to say that it wouldn't top 8.3. I'm not an economist, but I could have told you in the spring that it would go to double digits before things improved.

They were desperate to sell it, but blew it w/ the rosy predictions...
 
So now just making a post about the unemployment numbers qualifies you as being a "mindless rightie"..

those numbers musta hit an Obamabot nerve..
 
Onceler said:
Figured you'd be posting this.

It's a bad figure, but I expect this to turn around in the next 3-6 months if current indicators of recovery hold.
Click to expand...

never in that time frame. we'll continue to see double digit unemployment for the next 12 - 18 months, if not longer, because CEOs and board members know that the government is not going to let them fail by forking over billions of taxpayer dollars. There is no incentive at all for them to change the current policy as long as they are getting theirs.
 
Onceler said:
Yeah, whatever. You're as predictable as Tutu.

I didn't ignore the thread, and I acknowledged it's a bad figure. Frankly, I think Obama & the admin were incredibly stupid to say that it wouldn't top 8.3. I'm not an economist, but I could have told you in the spring that it would go to double digits before things improved.

They were desperate to sell it, but blew it w/ the rosy predictions...
Click to expand...
LOL.

1. You post some sad snipe attempt.

2. In an effort to get you to see what you have done I post pretty much the same thing, just in your direction...

3. You pretend that you are a victim and that you somehow have driven the level of debate up with your sad snipe attempt.

Rinse and repeat for best effect.

I agree with you on the "rosy predictions" and the desperation. They drove the economy further down in their attempt to sell it too.
 
meme said:
So now just making a post about the unemployment numbers qualifies you as being a "mindless rightie"..

those numbers musta hit an Obamabot nerve..
Click to expand...

Nah; I had concluded that Tutu was a mindless rightie long before this post...
 
Damocles said:
LOL.

1. You post some sad snipe attempt.

2. In an effort to get you to see what you have done I post pretty much the same thing, just in your direction...

3. You pretend that you are a victim.

Rinse and repeat for best effect.
Click to expand...

LOL

You think that me calling the admin incredibly stupid is "riding to their defense."
 
Onceler said:
LOL

You think that me calling the admin incredibly stupid is "riding to their defense."
Click to expand...
Tutu isn't the Admin. And that post didn't call them "incredibly stupid" now, did it?

Figured you'd be posting this.

It's a bad figure, but I expect this to turn around in the next 3-6 months if current indicators of recovery hold.
Click to expand...

Nope, it didn't....

One thing that happened is you started actually posting opinions without the sad sniping (other than this discussion) since. I like that. You're a smart guy, but I predict that the next bad report will be posted by a rightie that you'll "figure" would post it.
 
meme said:
good gawd, can you live in the now..
Click to expand...

No he can't.
That would mean he would have to take responsibility for all the "ropes and chains" he supported and promoted.

If by some quirk of stupid fate the Liberals controlled the Governement for the next 20 years, they would still be blaming EVERYTHING on President Bush.

It's all they have.
Obama's next campaign slogan is going to be:
"UH-I'm still not Bush". :palm:
 
Anyway, Onceler, as I said previously I agree about the "rosy predictions" but I also credit them with the drive to make it even worse in February in order to get it passed.

I do not see incentive to create jobs in the private sector at all and do not have the same prediction that you do about the unemployment numbers.
 
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