Unemployment 10.2%
By W.C. Varones ~ November 6th, 2009 @ 5:41 am
… and that’s the official number that doesn’t count those who have given up looking for work or are stuck in part-time jobs (the broader U6 is at 17.5%).
Bloomberg:
Payrolls fell by 190,000 workers last month, compared with a 175,000 drop anticipated by the median forecast of economists surveyed by Bloomberg News, figures from the Labor Department showed today in Washington. The jobless rate gained from 9.8 percent in September and exceeded 10 percent for the first time since 1983.
But I thought if we passed Obama’s $787 billion porkulus bill, unemployment wouldn’t go over 8%!
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November 6th, 2009 at 5:47 am
Jokeleaf will not be amused.
November 6th, 2009 at 6:01 am
We took Federal cash and credit and freshly-printed money, and gave it to politicians to distribute amongst their buddies and political contributors, and gave it to Wall Street hustlers, when it could have been better used by smart, honest people who weren’t acting like gamblers at the local casino.
“We are the change we have been waiting for” : Nationalized banks… nationalized automakers… $1.4T in fresh Federal debt … a devalued dollar… and skyrocketing unemployment.
Enjoy this moment, socialists. It will end 362 days from now.
November 6th, 2009 at 6:05 am
Relax. Joke Leaf says the Obama economic boom is gaining steam.
November 6th, 2009 at 6:37 am
High unemployment rate = lots and lots and lots of obscene stimulus spending!!!
November 6th, 2009 at 7:07 am
But… but….. Oak Leaf said that Obama saved us and the economy is in full recovery!!!
How can this be?
November 6th, 2009 at 7:14 am
“Thank God, the Recession is over!” Time to embrace the Obama recovery so we don’t get crushed in the Midterms……..
November 6th, 2009 at 7:31 am
Oak Leaf’s silence is deafening.
November 6th, 2009 at 8:55 am
I rather like jis silence. Almost makes this site relevant again.
November 6th, 2009 at 9:37 am
Oak Leaf:
While you are correct that the stock market is up, I think you have totally missed the reasons behind it. Unemployment is up. It will get worse in spite of government “stimulus”. I believe its time to rethink your position.
This is NOT an Obama recovery.
November 6th, 2009 at 11:52 am
Racism, bigotry, and homophobia, and failure to embrace the recovery, and Republican leeches buying ammo.
That is why the rate is 10.2.
And remember, no complaining until the rate is 10.9.
Colonel Kurtz Oak Leaf says so.
November 6th, 2009 at 11:57 am
The GOP will be wiped out for failing to embrace this recovery. lol. Plus, I’m better than you.
November 6th, 2009 at 12:44 pm
And now out in the real world, where people have to actually put money where their mouth is on the economy, the market is up again.
The reason? This number was expected and in fact it was expected to be much worse. Also, the revisions to previous months were for once good. Meaning less jobs were lost than previously thought.
True this still sucks. But why don’t you go and see how long it took until job growth turned to positive in the Bush, Clinton and Reagan recessions. And those were mild recessions compared to this.
The fact of the matter is you guys are continuously wrong and continuously move the goal posts.
First, it was there is no recession. Stupid liberals are complaining too much.
Second, it was OK maybe there is a recession, but its not that bad and we are a nation of winers.
Third, it was OK there is a recession but it wasn’t caused by us, it was caused by you.
Fourth it was, this stimulus package won’t create growth it will make things worse.
Now its, OK this stimulus created growth but its not real growth cause it was cause by the stimulus. Besides there are no jobs.
The fourth prediction came around February and I posted on here saying you guys better prepare your talking points now for what you will say when the recovery comes in January. It turns out, I was way too pessimistic. The recession is basically over. But as usual (like the last 100 some recessions), job growth lags recovery. Usually its by 6 months. Which basically means means that by next sping, we’ll have job growth and by summer we’ll have robust job growth.
So, I am warning you guys again. Prepare your talking points now. How bout this one
“This job growth and economy growth isn’t real because it was caused by the stimulus”
OR
“The economy would have magically recovered by itself anyway”
I can’t wait till March.
November 6th, 2009 at 12:50 pm
Just one more things to add. The one piece in the labor report that can be considered a leading indicator is temp jobs. They are UP for the first time in months (actually years!).
November 6th, 2009 at 1:07 pm
Yes, this may happen.
If Obama’s economy crushing agenda is halted, meaning amnesty, socialized medicine and cat and tax are punted, and if the dollar gains, and fools keep buying our treasuries, and the debt ceiling keeps getting raised, all without tax increases, then yes, this MAY happen.
Yes. It’s possible.
Oh and if the commercial real estate bust does not affect the economy, and if the ARM resets are buried in stimulus II printed cash, and more cash is printed to give more incentives to buy durable goods, and if those programs don’t trade business now for business later, and if the Fed keeps monetizing what China won’t buy, and if the dollar’s slide does not result in $5 gas AGAIN, since this administrations energy policy is one of deprivation and tax and mandates and punishment, not production and stable prices,
Then yes.
Otherwise, no.
November 6th, 2009 at 1:13 pm
The economy IS trying to recover, but there are many obstacles in it’s way, and not all of them are Obama’s fault.
Out point is that he is making them worse, and far larger, than they were when he took office.
And that if he gets what he wants, then like during the 30s, the economy may not recover for years, same as back then when it took till 1943 to end, and then only with the war spending, and till the 50s to retire the debt.
The debt is not all Obama’s fault, but he IS making a catastrophe out of a disaster.
November 6th, 2009 at 2:16 pm
rightwingyahoo,
Obama is not making the debt situation a disaster. First of all, look at the evidence. Yield are still low. Credit Default Swaps (which measure the risk of default) on US Treasuries are microscopic.
Also, the deficit when Obama took office was something on the order of $1.1 trillion. Because of his stimulus program it went all the way up to….$1.4 trillion. Oh, the catastrophe! This is going to sound like heresy on this blog, but the stimulus needed to be bigger for the job losses to stop by now and if we want robust job growth sooner we need another stimulus. (And yes we can afford it and the Chinese will keep buying our debt because their economy is linked to ours and if we go down, they go down much harder)
Also, this obsession with taxes completely misses the point of this recession. And this is something that even liberal pundits don’t get or if they get it, they don’t talk about it enough. What’s keeping the economy from recovering right now are not high taxes. If I go out on the street with you and ask businesses on Main Street why they have fired people the last couple of years, I will be everything in my wallet that the overwheliming majority of them will NOT say its because of high taxes. They will say its because there is NO DEMAND! Not enough spending!
So, in an ideal world, the private sector would resume spending. But its trying to pay down its own private debts. Plus its scared and unemployed. Lowering taxes will not do anything to change that because businesses are looking for more spending from consumers not lower taxes. Sure lower taxes would be nice for Mr. Small Business Owner but he will just take that extra cash and stuff it in his pocket. He won’t hire someone until he sees he needs to because of more demand for his stuff.
So, how do we increase demand when the private sector is so scared to spend. Well, we must let the government do the spending. Yes, it won’t be as efficient as the private sector. But we are not facing the choice between public and private demand. Our choice is between public demand and no demand. We must keep this spending going until the private sector is sufficiently calmed down and confident enough to do its own spending. This is already happening, but unfortunately its really slow. And politically, its WAY TOO SLOW!
November 6th, 2009 at 3:21 pm
When did Oak Leaf start posting as Liberal Roman??
November 6th, 2009 at 3:34 pm
lol.
He shouldn’t be called Liberal Roman. He should be called “Keynesian Roman”, or just “statist piffler”, a name I got from IDMP when we argued about ethanol.
November 6th, 2009 at 4:15 pm
Since, when do you stop responding with facts and start responding with name calling. When you have nothing to respond with and the arguments you hear don’t fall into the usual arguments you are ready for from liberals.
November 6th, 2009 at 4:26 pm
Take it easy.
The cliff notes reply to your post is that Keynesian stimulus failed spectacularly during the 30s, and will again.
And this “Much more, Much sooner crap won’t fly, either. The currency issues will prevent that. Nothing happens in a vacuum.
It may be the economy recovers, and Obama gets re-elected. Who can tell? I admit the stock market rally has lasted much longer than I thought it would.
November 6th, 2009 at 5:03 pm
It did not fail. Take a look at the unemployment rate from around 1932 when FDR took office to about 1936. It went from something like 25% to 10%.
Then in 1937 he decided to balance the budget, back down the crapper we went.
But then fortunately he resumed the stimulus because of something called WWII. In fact, the amount of spending from WWII was like New Deal times 10. The economy recovered and we all continued on our path to prosperity.
Oh and then all the high taxes on the rich and regulations and social welfare programs that FDR imposed resulted in 30 years (1945-1975) of growth where we effectively doubled the income of the middle class. Again somehow this was done with banks in a regulation straight jacket and high minimmum wage and high taxes on the rich. But yea, lets just pretend that this never happened.
November 6th, 2009 at 5:05 pm
Oh and btw, after WWII our national debt stood at something like 120% of GDP. Right now it stands at 60% of GDP.
And again after that, what followed was the best 30 years of growth America has ever seen and may ever see again.
November 6th, 2009 at 5:26 pm
It never got down to 10%, it was at about 13%, and further, FDRs collusion and price supports are what crashed the economy back down again, not the fiscal tightness.
Again, proven many times, and in 1939 output was at 60% of 1929 levels.
And Henry Morgenthau admitted it was all hat and no cattle, and the debt was for nothing.
I can cite, I hope you won’t go to the trouble of denying what we all know is part of history.
November 6th, 2009 at 6:22 pm
Oh and then all the high taxes on the rich and regulations and social welfare programs that FDR imposed resulted in 30 years (1945-1975) of growth where we effectively doubled the income of the middle class. Again somehow this was done with banks in a regulation straight jacket and high minimmum wage and high taxes on the rich. But yea, lets just pretend that this never happened.
Collective bargaining worked, because the unions were not yet trying to run the economy like they are now, and our competitor’s economies were destroyed by war.
I agree the middle class did well, and would like to see it continue. So, cut tax, leave the banks alone and cut upper income tax especially, so that jobs are created with all that money.
Because this is what’s changed from 1945 to 1975:
We dont monopolize manufactures anymore, nor are we the worlds leading creditor as we were then.
We are the leading debtor, and other countries know how to make what they need. Therefore union-guaranteed wages are not the key to middle class wealth.
Remove illegals to tighten the job market, cut all tax to spur growth and jobs, then enforce the laws to preserve property.
Then let the gov take a vacation, before they get restless and destroy what they made, as they are doing now.
You are like an episode of Barney Miller. It ain’t 1951 anymore, Brucey.
November 6th, 2009 at 7:31 pm
“Take a look at the unemployment rate from around 1932 when FDR took office to about 1936. It went from something like 25% to 10%.”
Odumbo will reverse that – going from 1% to 25% unemployment.
With ObamaCare and Cap & Trade – yes we can!!!
November 7th, 2009 at 6:13 am
Comrade Ethanolov,
You and Comrade Romanov here are one and the same, with the exception that Romanov openly and honestly embraces Keynesian kookiness, while you do so stealthily, with bailouts and price supports and massive government interventions.
One-on-one, we conservatives can easily put down Comrade Romanov, as the mainstream of the country rejects them, as the current data tells us. But you RINO dolts have successfully undermined our efforts, and willingly gone along with the Left’s kookiness… and here we are with the fruits of your efforts.
Where’s your running buddy, the welfare queen, by the way? You guys were a good tag team a while back. Bailouts for all. Spending like there’s no tomorrow. Yearly deficits at 15-20% of GDP, with no end in sight? No problem for you kooks.
Take a look in the mirror. Comrade Romanov is you.
November 24th, 2009 at 2:55 am
Когда снега укроют землю, И Рождество наступит вновь, Бокал за счастье поднимите, За мир, за дружбу, за любовь! И чтоб без горя и сомнений Прожить Вам много светлых дней! Сберечь уют, покой семейный И уважение друзей! с рождеством вас! многоувожаемые и пусть новый год будет удачным и счастливым!
November 24th, 2009 at 7:57 am
Думаю любому понравится!
November 26th, 2009 at 12:21 pm
Благодарю!
November 27th, 2009 at 12:27 am
Я тоже такое пишу, только про автомобили
November 27th, 2009 at 10:15 am
Премного благодарен за то что просветили, выводы сответственные обязательно сделаем.
November 27th, 2009 at 10:36 am
Не знаю как остальным, а мне понравилось.
November 27th, 2009 at 5:15 pm
Очень интересно! Судя по некоторым откликам ….
November 27th, 2009 at 11:43 pm
Вах-вах-вах
November 28th, 2009 at 12:09 am
“Очень познавательно”
November 28th, 2009 at 3:21 pm
Спасибо за статью.. Актуально мне сейчас.. Взяла себе еще перечитать.
November 28th, 2009 at 5:46 pm
Очень интересно!!! Только не очень могу понять как часто обновляется ваш блог?
November 28th, 2009 at 6:31 pm
Спасибо за чудо))
November 28th, 2009 at 8:30 pm
Побольше б таких постов на блоге.
November 29th, 2009 at 12:29 am
жжот))