Unemployment creeps up to 9.5%
posted at 10:11 am on July 2, 2009 by Ed Morrissey
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The nation’s unemployment woes continued in June as the rate moved up a tenth of a percentage point to 9.5%. The US lost jobs across all sectors, with the exception of public employment in government, education, and health industries. Long-term unemployment increased to 30% of the total:
Nonfarm payroll employment continued to decline in June (-467,000), and the unemployment rate was little changed at 9.5 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. Job losses were widespread across the major industry sectors, with large declines occurring in manufacturing, professional and business services, and construction. …
In June, unemployment rates for the major worker groups–adult men (10.0 percent), adult women (7.6 percent), teenagers (24.0 percent), whites (8.7 percent), blacks (14.7 percent), and Hispanics (12.2 percent)–showed little change. The unemployment rate for Asians was 8.2 percent, not seasonally adjusted.
Other than government jobs, the situation continues to look bleak:
Employment in manufacturing fell by 136,000 over the month and has declined by 1.9 million during the recession. Within the durable goods industry, motor vehicles and parts (-27,000), fabricated metal products (-18,000), computer and electronic products (-16,000), and machinery (-14,000) continued to lose jobs in June. Since the recession began, employment in motor vehicles and parts has declined by 335,000, or about one-third.
In June, employment in construction fell by 79,000, with losses spread throughout the industry. Since the start of the recession, construction employment has fallen by 1.3 million. Mining employment fell by 8,000 in June, about in line with the average monthly decline since its recent peak in October 2008.
Employment in the professional and business services industry declined by 118,000 in June. This industry has shed 1.5 million jobs since an employment peak in December 2007. Within this sector, employment in temporary help services fell by 38,000 in June; this industry has lost 848,000 jobs since the start of the recession.
Clearly, the nation is heading in the wrong direction. There isn’t a single sign of job recovery in this latest report despite four months of Porkulus spending. Not one single sector except for government shows job growth, or even a hint of it.
Three months ago, Obama bragged that his stimulus had begun to create a “rush” to hire construction workers. Since then, the construction industry has lost over 120,000 jobs, and this month’s report shows that trend accelerating at a season when construction should normally be hiring.
Porkulus has utterly failed, as has the Obama administration’s fiscal policies. Businesses have conserved capital in the face of massive new taxes and costs associated with Obama’s stated fiscal policies, such as cap-and-trade, foreign-income taxation, and the higher interest rates that will spring from the massive deficits Obama plans to create. The capital necessary for growth won’t appear in the market under these conditions, as we have clearly seen. When will the media begin to hold this administration responsible for Obama’s economy-killing agenda?
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North Korea
starts the fireworks:
SEOUL, South Korea (CNN) — North Korea test-fired what appeared to be two short-range missiles off its east coast on Thursday, South Korea’s Yonhap news agency reported.
“One was fired at 5:20 p.m. and the other at 6 p.m. from Sinsang-ni,” near the eastern coastal city of Wonsan, South Korean defense ministry spokesman Won Tae-jae said, according to Yonhap.
I wonder if Barry is going back to Hawaii for the fourth…
Upstater85 on July 2, 2009 at 11:32 AM
That’s not the point. Evryone was told that this needs to pass right now. It will save or create(LMAO) jobs right now.
Congress didn’t even know what was in the bill that they voted on, it was passed so quickly.
It’s all pointless, because the only way to save the economy is though less government intervention, chiefly in the form of taxes. The porkulus disaster will not help the economy years from now. It won’t help today, next week, next month, 10 years from now…
It does nothing to stimulate any short-term or long-term growth at all.
reaganaut on July 2, 2009 at 11:32 AM
I was hoping she’d suffocate in Chavez’s rolls while licking uh…
Upstater85 on July 2, 2009 at 11:32 AM
That’s great! How is it going? I am not sure there is much of a market for self employed trained monkey (data entry).
Cindy Munford on July 2, 2009 at 10:58 AM
Sorry Cindy, I was away for a while tending to business. It’s a slow start, the future looks good. About taking unemployment, you have been paying in for years, so don’t feel bad about taking some back, that it exactly what it is for.
you have the luxury of time, think about waht you love to do and figure out how to make money doing it. It will come to you when you least expect it.
Good luck!
booter on July 2, 2009 at 11:33 AM
Who says O’bummer is not a success?
He is the most successful MANCHURIAN PRESIDENT ever!
MaximusConfessor on July 2, 2009 at 11:34 AM
WTF?
Reagan was an actor for many years. That sounds like private-sector employment to me. And Palin worked for a time in broadcasting; I’m not sure what else.
Obama spent less than a year in some form of murky private-sector employment. My impression is that the idea of making a profit so revolted him that he sprinted to an opportunity where he could be paid with other people’s tax money or charitable donations.
Get back to me on Reagan and Palin because I don’t understand your point.
BuckeyeSam on July 2, 2009 at 11:34 AM
You mean like this:
California ready to send out 30,000 IOUs
http://www.ft.com/cms/s/0/1d18743c-666f-11de-a034-00144feabdc0.html
Many States Warm Up IOUs As Budget Deadlines Pass
http://kdka.com/national/state.budget.deadline.2.1066786.html
izoneguy on July 2, 2009 at 11:35 AM
I’m no Milton Friedman, but there’s a gap between the theory and practice of Keynsian economics. Keynes’ original idea was that during prosperous times, the government would save, and then let those savings out during economic slowdowns. As far as I can tell, the theory was never really practiced: crooked, opportunistic politicians thought that borrowing and spending was the same thing, and did it irrespective of actual economic conditions.
So, in a sense Keynsian economics has failed because we can’t trust politicians to stick to the discipline required.
I’m actually a big fan of making all government debt illegal. That way, politicians can’t pump up their election chances at the expense of later generations. People may argue that debt is an important tool of government, and maybe so, but it’s clear that the fools we elect simply cannot be trusted with it.
mr.blacksheep on July 2, 2009 at 11:36 AM
I didn’t know Ronnie was in the service.
Boy is my face red!
Lanceman on July 2, 2009 at 11:37 AM
I remember Carter’s appeasement of foreign tyrants, stagflation, and the headline: Mush from the Wimp.
Our economic situation is worse than Obama said it would be if his Stimulus Plan was approved. He’s making us debt slaves to China. He’s a worse appeaser than Carter, and he’s buddies with anti-American, leftists thugs.
More Mush from the Wimp.
Let them eat Gruel.
Loxodonta on July 2, 2009 at 11:37 AM
Eh, that’s nothing. Just wait until obamanomics REALLY kicks in.
No kidding…the anti-business provisions of the Obama plan are completely staggering. To top it off, if you do manage to keep or get a job the inflation/taxation are going to make it very difficult to keep a home or keep from going hungry. It’s no wonder people question whether Obama is ruining the country on purpose or not. It actually seems like he is.
Goodeye_Closed on July 2, 2009 at 11:37 AM
There fixed that for you, you really ought to learn to use your spell checker… ;P
doriangrey on July 2, 2009 at 11:38 AM
After completing fourteen home-study Army Extension Courses, Reagan enlisted in the Army Enlisted Reserve on April 29, 1937, as a private assigned to Troop B, 322nd Cavalry at Des Moines, Iowa. He was appointed Second Lieutenant in the Officers Reserve Corps of the Cavalry on May 25, 1937, and on June 18 was assigned to the 323rd Cavalry.
Reagan was ordered to active duty for the first time on April 18, 1942. Due to his nearsightedness, he was classified for limited service only, which excluded him from serving overseas. His first assignment was at the San Francisco Port of Embarkation at Fort Mason, California, as a liaison officer of the Port and Transportation Office. Upon the approval of the Army Air Force (AAF), he applied for a transfer from the Cavalry to the AAF on May 15, 1942, and was assigned to AAF Public Relations and subsequently to the 1st Motion Picture Unit (officially, the “18th AAF Base Unit”) in Culver City, California. On January 14, 1943 he was promoted to First Lieutenant and was sent to the Provisional Task Force Show Unit of This Is The Army at Burbank, California. He returned to the 1st Motion Picture Unit after completing this duty and was promoted to Captain on July 22, 1943.
In January 1944, Captain Reagan was ordered to temporary duty in New York City to participate in the opening of the sixth War Loan Drive. He was re-assigned to the 18th AAF Base Unit on November 14, 1944, where he remained until the end of World War II. He was recommended for promotion to Major on February 2, 1945, but this recommendation was disapproved on July 17 of that year. He returned to Fort MacArthur, California, where he was separated from active duty on December 9, 1945. By the end of the war, his units had produced some 400 training films for the AAF.
izoneguy on July 2, 2009 at 11:41 AM
Ogabe was raised a hard-core communist, and he has Idi Amin-like delusions. I have no doubt it’s deliberate.
mr.blacksheep on July 2, 2009 at 11:41 AM
BuckeyeSam on July 2, 2009 at 11:34 AM
Lanceman on July 2, 2009 at 11:44 AM
Not yet, he still has his propaganda machine and a majority in Congress. A leading indicator of failure will be when the media starts remarking on the fact that he is half white.
highhopes on July 2, 2009 at 11:44 AM
remove yourself from the path of the big rolling shit ball that is getting bigger n bigger.
hawkman on July 2, 2009 at 11:44 AM
I also don’t think the One is going to be happy as a special envoy to Haiti after his time is up. I think Obama’s ambitions are global at this point. It’s going to be real interesting.
Goodeye_Closed on July 2, 2009 at 11:44 AM
When they and their spouses and family members become unemployment statistics too?
Buy Danish on July 2, 2009 at 11:47 AM
Why are you so gruel? I’m graveling this meeting to order. What I meant to post is: Let them eat Ice Cream.
[I reserve the right to revise and extend your remarks.]
Loxodonta on July 2, 2009 at 11:47 AM
I had assumed years ago his nearsightedness precluded him from serving.
My tail is between my legs :/
Lanceman on July 2, 2009 at 11:48 AM
Hopenchange
Hopenchange they all said
as they crawled out of bed
only to see employment in the red.
Who’s responsible? They all shout
Is it the president? I have doubt.
Hopnchange they all said
as they crawled out of bed
only to see employment in the red.
Perhaps it WAS Barack?
One of them had a heart attack.
Hopenchange they all said
as they crawled right out of bed
only to see employment in the red.
He offered me change, he offered me hope.
I happily obliged, like a dope……now I mope.
FontanaConservative on July 2, 2009 at 11:48 AM
That is a pretty impressive number there, and that doesn’t include those who have fallen off the roles because there are no jobs. How many of the employed have had to take big paycuts, reduced work weeks, and reduction of basic benefits? I bet they’re happy too.
I’m wondering how many college kids who graduated in to this economy are considered “employed” because they’ve had to take retail or fast food jobs to start paying their massive student loans.
How many Obama voters will realize that this is Barry’s economy and start to regret the Hope and Change.
Hope don’t feed the family unless she’s a waitress at IHOP.
Laura in Maryland on July 2, 2009 at 11:49 AM
You don’t need to be embarrassed, I wouldn’t want to compare what I know to what I don’t know. The beauty of HotAir is someone like izoneguy on July 2, 2009 at 11:41 AM will fill us all in of the specifics. It is greatly appreciated.
Cindy Munford on July 2, 2009 at 11:49 AM
My mother used to tell me that sometimes I was dumber than a box of baracks!
Lanceman on July 2, 2009 at 11:50 AM
IT CAME FROM THE 60S, THE SEEDS OF CAP & TRADE.
The New Left we call them Progressives Today the movement was born in the 60s and 70s it included the failure of the school system to teach children an intentional movement. I highly recommed everyone read “The Return of The Primitive” previously titled the New Left, the Anti Industrialist. The Green Movement wants to drag us all kicking and screaming back into the Dark Ages.
http://youhavetobethistalltogoonthisride.blogspot.com/2009/07/new-left-seeds-of-cap-trade.html
Dr Evil on July 2, 2009 at 11:50 AM
Actually we’re using the terms Obama set to evaluate his plan. HE’S the one who said it had to be passed quickly. HE’S the one who claimed it would reduce unemployment in the near and long term. So by Obama’s own metrics, the plan is a failure.
Now as for the long term evaluation of the plan – have you seen the projections for the deficit over the next 5 to 10 years? It’s uglier than a Helen Thomas naked photo shoot.
The U.S. needs a President with courage and convictions. Bambi has shown neither. He’s a waffler with only political expediency to guide him. Oh, and he’s had no experience in business and has no administrative accomplishments to speak of.
Fill me with hope, this does not. Change, something must.
PackerBronco on July 2, 2009 at 11:52 AM
CHANGE YOU CAN BELIEVE IN!!!!!!!!!!!!
By the way, can you spare any change?
pilamaye on July 2, 2009 at 11:52 AM
Well, it’s time you grow up. Stop being such a Barry.
Loxodonta on July 2, 2009 at 11:52 AM
I’ll give change if you give me hope?
FontanaConservative on July 2, 2009 at 11:53 AM
No. But we still have some Hope left. Will that be debit or credit?
Loxodonta on July 2, 2009 at 11:54 AM
Well, hell. You do have to admit that getalife was on the right track there.
It explains all the adultery the politicians have been copping to.
Yoop on July 2, 2009 at 11:57 AM
I would say Jan 20, 2012 when a Republican is elected and then it will be Bush’s and his/her fault because Obama was just so awesome.
txaggie on July 2, 2009 at 11:59 AM
Assuming the same type of statistical smoke-and-mirrors approach is used at the state level, California might already be past the 20% mark.
Keep watching us, folks. California is your future.
TheMightyMonarch on July 2, 2009 at 12:01 PM
Officially, that number is 2.2 million, add that to the mix and re-crunch the numbers. We are already in double digits.
Vashta.Nerada on July 2, 2009 at 12:02 PM
We’re told that no matter if the climate warms, cools or stays the same, it’s all due to AGW. Unemployment is the new global warming. However high it goes, it just means Obama’s plans are working perfectly.
whitetop on July 2, 2009 at 12:02 PM
Obama’s Stimulus Report Card in Pictures
A picture says a thousand words. Here are some pictures that define Obama’s massive and continuing economic failure. The pain you feel is real…
First up unemployment. The worst going back to the 60’s.
http://1.bp.blogspot.com/_pMscxxELHEg/SkyqrHQO5MI/AAAAAAAAFt8/q1fDP6sqsrk/s1600-h/EmploymentJune09.jpg
Second worse job loss percentage since World War 2 and nowhere near a bottom.
http://2.bp.blogspot.com/_pMscxxELHEg/Skyq54TUtPI/AAAAAAAAFuE/JywLBQ0kG_o/s1600-h/JoblossPercentJune2009.jpg
The worst initial and continued claims since 1971.
http://2.bp.blogspot.com/_pMscxxELHEg/SkyzHp0RoQI/AAAAAAAAFuU/cSb4U81qKLY/s1600-h/WeeklyClaimsJuly2.jpg
Construction jobs. Remember all the construction jobs Obama was going to create? He’s failed miserably here too.
From the bls site..
In June, employment in construction fell by 79,000, with losses spread throughout the industry. Since the start of the recession, construction employment has fallen by 1.3 million. Mining employment fell by 8,000 in June, about in line with the average monthly decline since its recent peak in October 2008.
Of course look at construction spending…
http://3.bp.blogspot.com/_pMscxxELHEg/SktvvlibNjI/AAAAAAAAFtc/McCFB95S8hw/s1600-h/ConstructionSpendingMay09.jpg
How are new home sales doing?
http://2.bp.blogspot.com/_pMscxxELHEg/SkIzHALpY3I/AAAAAAAAFo0/5w6_U_yPflk/s1600-h/NHSMay2009.jpg
How about retail sales? As you know, consumer spending is 70% of GDP.
http://3.bp.blogspot.com/_pMscxxELHEg/SjE1oquZ5FI/AAAAAAAAFgA/xQvvYVHJK60/s1600-h/RetailMayYoY09.jpg
How’s manufacturing doing? Let’s look at capacity utilization.
http://1.bp.blogspot.com/_pMscxxELHEg/SjecTyZcv0I/AAAAAAAAFiI/vGkcdW25U2k/s1600-h/CapacityMay2009.jpg
The economic contraction is widespread, in 49 of 50 states according the Philly Fed survey.
http://2.bp.blogspot.com/_pMscxxELHEg/SkD55j9xsVI/AAAAAAAAFoM/wWlyO6CvZKM/s1600-h/PhillyFedMayMap.jpg
But the stock market is doing fine. Well it should NOT be based on cliff diving S&P earnings.
http://seekingalpha.com/article/127203-s-p-500-earnings-biggest-decline-on-record
So what does that mean for the stock value measurement of price to earnings ratio? A historic high of 120!
http://www.chartoftheday.com/20090522.htm
When will it sell off? Perhaps very soon based on consumer confidence and market divergence. Last time these two diverged to this extent the market had a huge sell off last fall. Note the red shaded areas and the subsequent price plunge…
http://www.zerohedge.com/sites/default/files/images/CONCPSIT%206.30.jpg
Well I think you get the picture. Obama has and is continuing to fail with no change of strategy on the horizon. A continuation of these trends is to be expected and will be the death knell of the dem congress and O’s failed presidency.
Note: If these graphs have you depressed, I prescribe a couple of hours watching CNBC.
voiceofreason on July 2, 2009 at 12:03 PM
ROTFLMAO…. Who ever thought that the Zimbabwean 1 trillion dollar note would be worth more that the US dollar…
doriangrey on July 2, 2009 at 12:03 PM
baghdad baraq on the economy. it’s right where we want it. i would hate to think where we would be if the stimulus had not worked. the dow is down 175 right now
rjoco1 on July 2, 2009 at 12:03 PM
Yeah, the honeymoon won’t last nearly as long no matter who succeeds Obama. If it’s Palin, I don’t wanna even imagine how the media will treat her from Day 1.
BTW, I don’t envy whoever does follow in Obama’s footsteps. He’s gonna leave a mess of unimaginable proportions for that person to clean up.
Doughboy on July 2, 2009 at 12:03 PM
Obama’s not concerned about reelection. He’s concerned about implementing government control as much as possible while he can. The Che option, destroy then move on. The implementation of the cause is greater than one man.
True_King on July 2, 2009 at 12:03 PM
the scary part is our country will soon be defenseless. Our military is in disaray and the country is broke. Just to ramp up for a big war, we would need to buy steel from China. Good luck with that, especially if China is the enemy.
Hell if the axis of evil (Iran, North Korea,
IraqVenezuela) were to team up and set off a few nukes on US territory or get help from China and set off an EMP bomb over the country rendering the electric grid and all communications useless, that’s it for the good ole USA.Yea we could inflict some damage on the aggressors but it would be minimal considering the nation would be almost non-functioning and chaotic. Also don’t forget the quality of our leadership right now from BOTH parties and the apologist we have as commander in chief. I think our enemies see this too.
Goodeye_Closed on July 2, 2009 at 12:04 PM
check that–176
rjoco1 on July 2, 2009 at 12:04 PM
I wonder how many “discouraged workers” were DROPPED from the rolls? I mean, job losses were UP 100k over expectations, and total unemployment only goes up 0.1%? Something fishy about that.
And can someone explain how the total job loss number jibes with the first time fillings number? Seriously, the first time number is averaging 620k over 4 weeks, and yet we only lost 467k last month?
What am I missing?
todler on July 2, 2009 at 12:04 PM
Yesterday, BHO stated that the goal of the porkapalooza was to save government jobs. He has also been preaching that the stimulus is working. So says BHO, Benny Hinn Obama. However, many of us can see this charlatan for what he is, a FRAUD.
ICBM on July 2, 2009 at 12:05 PM
Bingo! Would Sarah even want the job in 3 1/2 years?
That maybe part of ‘Bozo’s master plan.
Lanceman on July 2, 2009 at 12:07 PM
Would someone please explain how Hussein can spend TRILLION(s) of dollars and not generate one job from it?
BigMike252 on July 2, 2009 at 12:10 PM
That’s uglier than Henry Waxman without soft lighting.
Laura in Maryland on July 2, 2009 at 12:12 PM
He’s generated many jobs, unfortunately they all include the title “Czar”.
Laura in Maryland on July 2, 2009 at 12:13 PM
He has a gift.
Cindy Munford on July 2, 2009 at 12:13 PM
As my BS meter pegs, I wonder how:
Barry “Double Digit” Obama lies, 10% unemployed cries.
T J Green on July 2, 2009 at 12:13 PM
LOLOL
Jeff from WI on July 2, 2009 at 12:19 PM
Please help me understand how a Communist like Obama keeps making Czars. I thought the Commies hated and killed the Czar.
Jeff from WI on July 2, 2009 at 12:21 PM
They were just jealous…
Upstater85 on July 2, 2009 at 12:23 PM
Once again, the Treasury Secretary and the banking cartel he represents suckered another President into indebting us even more. This creates inflation, combined with the coordinated credit squeeze and it’s resulting defaults, the banking cartel makes out like bandits by repoing assets cents on the dollar. Man, those central bankers are good at this, they’ve consistently done this since their inception.
Make a bubble, burst the bubble, hoard the assets. Brilliant.
What’s particularly cool is that it’s happened countless times before in nations the world over, and everyone here calls it the business cycle, lol. The media’s awesome.
True_King on July 2, 2009 at 12:24 PM
Most people think the word czar is derived from Caesar, but it is really Russian for crony;)
Laura in Maryland on July 2, 2009 at 12:27 PM
Obama: Muslims gave us the compass, Che gave us the machete, and Russia gave us the Czars…
Upstater85 on July 2, 2009 at 12:29 PM
It’s okay, everybody, Obama’s all over it.
califcon on July 2, 2009 at 12:30 PM
AP is bound to have a “Audit the Fed,” call out tonight… Oh, wait, that doesn’t involve MegMac…
Upstater85 on July 2, 2009 at 12:30 PM
When Barry, Joe, Nancy and Harry are unemployed, we’ll paradoxically see a higher employment rate in America.
When Democrats are in power, working people lose.
NoDonkey on July 2, 2009 at 12:31 PM
Does this man have any other flavors other than “deeply concerned” and “immensely troubled?”
Oh, yeah, “constipated.”
Upstater85 on July 2, 2009 at 12:32 PM
and the president in training has now had three days in the red. Expect some kind of big dog and pony show speech about hopenchange soon.
http://www.rasmussenreports.com/public_content/politics/obama_administration/daily_presidential_tracking_poll
Fighton03 on July 2, 2009 at 12:32 PM
Adam Smith is in charge …
PackerBronco on July 2, 2009 at 12:34 PM
HEY BARRY, WHERE’S THE JOBS YOU PROMISED???
The dumb Dems just don’t get it. Keynesian economics failed in the 30s, and have proven to be a massive failure in the present stimulus 78 billion heist.
WHERE’S THE BIRTH CERTIFICATE???
byteshredder on July 2, 2009 at 12:34 PM
O/T: The Vice-President just landed in Baghdad, unannounced. God help us.
kingsjester on July 2, 2009 at 12:36 PM
Good news! Experts say companies are running out of employees to lay off!
Mr_Magoo on July 2, 2009 at 12:37 PM
Holy crap you’re right! I just looked at those numbers. Someone is fudging the numbers worse than usual. Send this in to Ed or Allah.
elduende on July 2, 2009 at 12:39 PM
They used to tell me I was building a dream, and so I
followed the mob,
When there was earth to plow, or guns to bear, I was always there right on the job.
They used to tell me I was building a dream, with peace and glory ahead,
Why should I be standing in line, just waiting for bread?
Once I built a railroad, I made it run, made it race against time.
Once I built a railroad; now it’s done. Brother, can you spare a dime?
Once I built a tower, up to the sun, brick, and rivet, and lime;
Once I built a tower, now it’s done. Brother, can you spare a dime?
Once in khaki suits, gee we looked swell,
Full of that Yankee Doodly Dum,
Half a million boots went slogging through Hell,
And I was the kid with the drum!
Say, don’t you remember, they called me Al; it was Al all the time.
Why don’t you remember, I’m your pal? Buddy, can you spare a dime?
Once in khaki suits, gee we looked swell,
Full of that Yankee Doodly Dum,
Half a million boots went slogging through Hell,
And I was the kid with the drum!
Say, don’t you remember, they called me Al; it was Al all the time.
Say, don’t you remember, I’m your pal? Buddy, can you spare a dime?
Fighton03 on July 2, 2009 at 12:39 PM
You’re kidding right. They wouldn’t let that moron out of the country. They CAN’T be that stupid.
Jeff from WI on July 2, 2009 at 12:40 PM
Marketing makes crappy beer like Bud Light and Miller Lite some of the most popular beer in America and I believe David Assholerod can keep Barry’s popularity ratings up through 2012.
Especially with the aid of the state run media.
NoDonkey on July 2, 2009 at 12:40 PM
Murphy is in charge
Fighton03 on July 2, 2009 at 12:40 PM
Obama announced that those businesses that are “Going Out Of Business” will eventually slow their layoff numbers
Jeff from WI on July 2, 2009 at 12:42 PM
Don’t be a sap, Ed. You know damn well the fellating state-run media will never hold Obama responsible. He’s their boy and he’s too big to fail.
SKYFOX on July 2, 2009 at 12:43 PM
Jeff from WI on July 2, 2009 at 12:40 PM
I wish I was kidding. Not only that, he’s supposed to meet with the soldiers and the different tribal leaders. Reminds me of the life insurance commercial out right now about the clumsy guy getting a job handling explosives.
kingsjester on July 2, 2009 at 12:44 PM
I’ll probably be counted as ‘employed’ because I managed to land a ‘job’ working for a homeless shelter’s “IT department” (ROTFLOL what an exaggeration!!!)
Jobs in my city are vanishing worse than rabbits in hats at a magician’s convention. Business managers hang out ‘now hiring’ signs and wait until they find the most desperate ‘applicant’ or rather the person who will take endless amounts of abuse for peanuts. (meanwhile the position often stays empty for weeks, the idiots)
There are quite simply only three remaining solutions for young people like me:
1.Run off to the hills and live like a pioneer. A close friend of mine seriously proposed doing so just last week.
2.Join the military and endure all manner of hell, probably coming back minus a limb or one’s sanity, if indeed you make it back outside a coffin.
3.Record video farewells, write your will, and take the grim reaper’s hand.
Somebody take this clown out of office NOW…or the USA as we know it ends in a decade.
Dark-Star on July 2, 2009 at 12:45 PM
Nice catch, TJ. I hope Ed or AP will make that into a separate post.
califcon on July 2, 2009 at 12:45 PM
The stimulus bill was mischaracterized, of course. The sale job that it would create jobs was atrociously misstated. It actually saved some state govt jobs, since it pumped money into that system, and that’s about it. It also probably helped in extending unemployment benefits in some states, and we’re going to need it.
He’ll get slammed on this by critics, but I don’t personally think this will stick on Obama. He said that unemployment would rise even after we stabilized the financial markets.
I think we were incredibly close to a depression of such magnitude that the fact that unemployment is this low is probably a miracle. Of course, I’m the only person I know who thought Paulson was spot on. I thought Geithner followed through, although he botched the PR aspects. I was in full agreement with TARP.
I doubt Bush OR Obama will be given credit for having averted an historic financial collapse for many years. Eventually, they both will be given their due on this one.
AnninCA on July 2, 2009 at 12:46 PM
Upstater85 on July 2, 2009 at 12:29 PM
:)
Laura in Maryland on July 2, 2009 at 12:48 PM
Careful what you wish for – there could be collateral damage.
Vashta.Nerada on July 2, 2009 at 12:51 PM
Those two ‘averted’ a sum total of jack squat, financially speaking. They will be rightly credited by future historians as torpedoing the US economy.
Dark-Star on July 2, 2009 at 12:53 PM
As I said, I’m a rare bird on this issue. You’re not alone with your opinion.
But….until we deal with the toxic assets, and we’ve still not done that…I saw the choices as being: Let the banks fail and bail out through the FDIC or what happened.
I actually think TARP was the cheaper way to go.
AnninCA on July 2, 2009 at 12:59 PM
I graduated into the late-eighties economy, so I feel for you. Please reconsider your three options.
Obama will consider all land eco-preserves and you will be terminated for crimes against nature.
Do you really want to be part of an institution the One plans to hijack to help Chavez’s cronies? Dems do not respect the military, and they will throw away the lives of our best and bravest needlessly at every turn (think Slick Willy).
Not an option…you’ll just end up voting for Obama…early and often.
Now you’re talking. If we fight the good fight, it may turn out okay in the end.
Laura in Maryland on July 2, 2009 at 12:59 PM
One of the best resources for understanding what’s going on in the capital markets and with the economy.
http://market-ticker.denninger.net/
elduende on July 2, 2009 at 1:04 PM
You confused me there for a moment. I honestly confused your sign-on name with Biden’s title. Thanks for for two good giggles!
Laura in Maryland on July 2, 2009 at 1:05 PM
You are truly clueless. But then again, according to your theory, all will be fixed once nationalized health care is passed.
I’m embarrassed for you.
Knucklehead on July 2, 2009 at 1:08 PM
You ain’t seen nothin’ yet! Unemployment will continue to go up. Frustration will continue to grow. Congress and the administraton will continue to dismantle America.
Star20 on July 2, 2009 at 1:08 PM
Your choice. I wouldn’t ever feel that way about you, however. But then, I guess I feel my own feelings, not borrow them from other people. *haha
AnninCA on July 2, 2009 at 1:10 PM
There we go! Back on track, now.
I thought I was on bizarro H/A yesterday.
Lanceman on July 2, 2009 at 1:12 PM
This is how Obama will spin this:
Well uh,you see uh it would be uh much worse than this without the stimulus. Uh see uh without the stimulus we wouldve lost 600,000 jobs so if you uh look at this uh more closely uh I actually saved jobs. Yeah thats right, I saved a bunch of jobs. Now if any of you dont buy that answer, then uh you can use my second one which is I inherited this economy, its not any of my doing or my fault and uh its all on George Bush. Anybody want a hug?
Jackson1227 on July 2, 2009 at 1:17 PM
It’s not premature because Obama is the one who set the standard of measurement in the present tense. He didn’t promise stimulus spending would improve employment numbers “in a few years” — the natural business cycle, if left alone, would have done that (and it would have cost our kids a lot less). The whole point of this massive government intervention that had to be done right now, right now, RIGHT NOW was that they said it was the ONLY thing that could stop the runaway economy from doing what it’s doing.
In “a few years,” it will be too late for those of us who are unemployed RIGHT NOW. We will have lost our homes already and had to move back in with our aging parents. So the “measure of success” will be pretty meaningless to us, won’t it? Even if a million “shovel-ready” government-subsidized jobs appear by magic tomorrow, they won’t be handing shovels out to middle-class white people with Master’s degrees, no matter how long we’ve been unemployed and no matter how close we are to losing our homes. That’s not who the “shovel-ready” jobs were ever intended for.
aero on July 2, 2009 at 1:18 PM
You have it backwards. TARP transferred the losses to the taxpayer.
FDIC receivership would have contained the losses to those who created them. Additionally it would have cleansed the system of all the players who created the crisis and prevented them from being looked to currently, to get us out of the mess.
It would have been cheaper to prop up the FDIC and let them fail.
voiceofreason on July 2, 2009 at 1:19 PM
Hey AnninCA… seems you live in California, a state thats in the shithole, about 60 billion in debt, cant pay its bills, is laying off government workers right and left, issuing IOUs to people and small buisnesses that it owes, and is sitting on about 12% unemployment… I bet you also think the rest of the US should be run on the “California Model” lmao…
Yeah pardon me if your comments are less important than my dogs dumps… I mean my God, what sort of credibility would a California liberal have? Enough said. Fix your own cesspool, broke ass state then you can come to the rest of us and tell us how you think the rest of the US should be run. Run along goose-stepping Obamabot.
Jackson1227 on July 2, 2009 at 1:22 PM
CA is in deep trouble, but not due to me. I voted against the tax increases.
And I didn’t vote for Obama.
So stick it.
AnninCA on July 2, 2009 at 1:24 PM
I’m fairly certain you’re wrong. It would have been a domino effect.
The entire banking system internationally would have completely collapsed.
Paulson and Geithner were right on that.
AnninCA on July 2, 2009 at 1:25 PM
Hey mycowardice…a few years? Lmao wtf?? You think we should give the Crapulous and TARP “a few years” to work?? Go tell that to the 15 million Americans who have no job dufus.
So we’re supposed to give the Obama Crapulous “a few years” to work…thats freaking hilarious. Meanwhile what do we do,just keep sinking into economic hell?
Typical liberal dolt. If this were Bush, this nitwit would be bitching to high heaven about how the Crapulous didnt work. There wouldnt be any “a few years” repreive. Of course, Conservatives dont believe in Crapulous bills and the redistrubtion of wealth so that point is moot…
Jackson1227 on July 2, 2009 at 1:26 PM
No, Ann, you’re not a ‘rare bird’, just a birdbrain. TARP did nothing except throw billions more dollars down a rathole.
Likely as not.
That’s another reason I forgot to mention. The armed forces – what will be left of them – will have to follow the moronic dictates of their civilian leaders, and with the current crowd in ‘command’…forget it.
So funny I forgot to laugh.
Riiight…exactly what do you propose?
Dark-Star on July 2, 2009 at 1:26 PM
Then why do you support all of his lame brain liberal ideas?
Have you received your IOU yet?
http://blogs.reuters.com/felix-salmon/2009/07/01/california-the-haves-and-have-nots/
izoneguy on July 2, 2009 at 1:29 PM
Obama is “deeply concerned.” AnninCA, not so much. What a maroon!
califcon on July 2, 2009 at 1:30 PM
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