May Unemployment Rises to 9.1%

[BeauJangles]

Meanwhile...Moody's is threatening to reduce our debt rating.

Which is why getting our long-term spending under control is the most important thing in this country right now. It frustrates me to no end that everyone wants a balanced budget, but nobody wants an a change to their entitlements or to things they deem necessary like defense.

 

[theeedude]

I don't care if you are a Liberal or Conservative, Republican or Democrat, Anarchist or Commie, this has got to be getting old for everyone.

http://www.theblaze.com/stories/may-unemployment-rises-to-9-1/

It's certainly not getting old for Republicans, who are doing nothing about it, and instead want to cut spending to create even more unemployment going into 2012.

 

[fskimospy]

Most of them start with a "g" and rhyme with "overnment." For example:

1. Regulate that people who don't deserve mortgages must get them. Shocking outcome: these people don't pay back their loans, tanking the housing market not only for themselves, but for those of us who had good credit and paid our bills.

CRA did not tank the housing market. This has been established over and over and over again. The majority of those loans were made by institutions not covered by the CRA.

2. Anti-business political bellowing generated huge amounts of uncertainty. Shocking outcome: people like me who were thinking of starting a small business couldn't afford the huge gamble without knowing the extent we would be thrown under the bus if all of this rhetoric were actually institutionalized. Therefore, we didn't hire anyone, generate new products and revenues, and didn't improve the quality of life of people who might have used our products.

What is this based on? Now that the business sector has known the Republicans would have veto power over any further 'anti-business' legislation since November, why has business creation and job creation remained anemic? Where is the confidence fairy?

3. Bailouts of large corporations. Shocking outcome: huge corporations that should have died stuck around, clogging up the marketplace for small, more agile businesses that would have created more jobs and ideas to bear.

There are others, but hopefully you get the idea.

Do you have any evidence for bailouts of these businesses retarding economic growth?

 

[her209]

We need another "stimulus package" to fix this...a really big one. /s

But extending teh Bush Tax Cuts was going to save us!!!

 

[CycloWizard]

It's certainly not getting old for Republicans, who are doing nothing about it, and instead want to cut spending to create even more unemployment going into 2012.

The government doesn't have any more money to spend. Continued spending at this point is creating uncertainty over and above what we've already got.

 

[fskimospy]

But extending teh Bush Tax Cuts was going to save us!!!

Don't worry, a president who based his administration on tax cuts and deregulation delivered the worst job creation record since we began tracking those things. I'm sure that just a few more tax cuts and a bit more deregulation will clear this problem right up!

I'm sure it will coax the confidence fairy out of her lair, and all will be set right once again.

 

[Doc Savage Fan]

Which is why getting our long-term spending under control is the most important thing in this country right now. It frustrates me to no end that everyone wants a balanced budget, but nobody wants an a change to their entitlements or to things they deem necessary like defense.

Totally agree that we have a serious problem and need to get our long-term spending under control...but, unfortunately, Geitner and the WH have offered nothing of substance to date.

 

[spidey07]

But extending teh Bush Tax Cuts was going to save us!!!

Just imagine what it would be if people had even LESS money to spend. The Obama Economy is in full swing. Is this the 3rd summer of recovery or the 2nd? I've lost count.

But really, most of this is due to gas prices.

 

[fskimospy]

The government doesn't have any more money to spend. Continued spending at this point is creating uncertainty over and above what we've already got.

So if confidence is so bad because people think the US government is broke, why are bond prices still so low?

 

[theeedude]

The government doesn't have any more money to spend. Continued spending at this point is creating uncertainty over and above what we've already got.

Nonsense.

 

[JockoJohnson]

Don't worry, a president who based his administration on tax cuts and deregulation delivered the worst job creation record since we began tracking those things. I'm sure that just a few more tax cuts and a bit more deregulation will clear this problem right up!

I'm sure it will coax the confidence fairy out of her lair, and all will be set right once again.

So....you are saying Obama shouldn't have extended the Bush tax cuts?

 

[dullard]

So if confidence is so bad because people think the US government is broke, why are bond prices still so low?

Too much money trying to find safe places to store it. The fact is there is no where else to put that type of money.

 

[Doc Savage Fan]

But extending teh Bush Tax Cuts was going to save us!!!

I don't think so...but Dems and Obama apparently do since they voted for and signed off on the extension.

 

[fskimospy]

So....you are saying Obama shouldn't have extended the Bush tax cuts?

Extending the Bush tax cuts was a bad idea, yes. He did it in exchange for extended unemployment benefits, which were a good idea. I don't think we know enough yet to see if the bargain he made was a good one. Hopefully he succeeds in letting them expire next time they are up for renewal.

 

[matt0611]

Don't worry, a president who based his administration on tax cuts and deregulation delivered the worst job creation record since we began tracking those things. I'm sure that just a few more tax cuts and a bit more deregulation will clear this problem right up!

I'm sure it will coax the confidence fairy out of her lair, and all will be set right once again.

What deregulation? Specifics please? I'm honestly curious.

And tax cuts without spending cuts and starting wars is not good for the economy.

Obama is Bush on steroids, more military spending, more spending programs, even bigger deficits.

So if confidence is so bad because people think the US government is broke, why are bond prices still so low?

What about QE and QE2? The federal reserve is buying a massive amounts of US treasuries, I've seen figures ranging from 50-70%.

 

[fskimospy]

What deregulation? Specifics please? I'm honestly curious.

And tax cuts without spending cuts and starting wars is not good for the economy.

Obama is Bush on steroids, more military spending, more spending programs, even bigger deficits.

Drinking water, reduced regulation of the Clean Air Act, energy regulation, reduced financial regulation, etc... etc. Not all of these ideas were bad or anything either, but Bush substantially reduced federal regulation of quite a few areas, and I'm not really sure if anyone would disagree with that.

 

[JockoJohnson]

Extending the Bush tax cuts was a bad idea, yes. He did it in exchange for extended unemployment benefits, which were a good idea. I don't think we know enough yet to see if the bargain he made was a good one. Hopefully he succeeds in letting them expire next time they are up for renewal.

I wish he did neither the Bush Tax cut extension or the unemployment benefits.

 

[chucky2]

The extension of the UE was to keep 'the masses' at least somewhat placated a little bit longer. That tax cuts had to happen for that to be achieved is just part of the deal that needed to be struck.

 

[ElFenix]

Do you have any evidence for bailouts of these businesses retarding economic growth?

small businesses getting bigger accounts for ~70% of job creation
http://smallbiztrends.com/2010/07/the-ideal-small-business-job-creation-numbers-for-politicians.html

which makes sense, big businesses simply don't grow very fast.

 

[IGBT]

your obama says the recovery is in full swing. His attack on earners and achievers has been stepped up. What's going on is what has been planned. None of this is accident or unintentional. He has created doubt about the future which means YOUR future is in doubt. Everybody knows existing obama policies assure continued collapse of jobs and along with it tax revenues.

 

[fskimospy]

What about QE and QE2? The federal reserve is buying a massive amounts of US treasuries, I've seen figures ranging from 50-70%.

The various metrics I've seen have said that QE1-2 have depressed US treasury rates by about 1.5% (which is sort of the point). 10 year treasuries are sitting right around 3% right now. Assuming those metrics are right, if you got rid of all that treasuries would be sitting at 4.5%, which is still quite low by historical standards.

 

[fskimospy]

small businesses getting bigger accounts for ~70% of job creation
http://smallbiztrends.com/2010/07/the-ideal-small-business-job-creation-numbers-for-politicians.html

which makes sense, big businesses simply don't grow very fast.

That's not evidence for bailouts of big corporations retarding economic growth. There would still have been the possibility of another big business buying them, of small business gains not making up for the thousands and thousands of layoffs, etc... etc. Simply the idea that small businesses create most of the jobs in a general sense doesn't mean that bailing out a big corporation was bad for the economy.

 

[Jaskalas]

This started under your hero Bush and Obama failed at trying to fix it.

How would your next Republican hero fix it?

A President can only 'fix' an economy by getting the hell out of its way and letting it fix itself. If you work under the false pretense of having to take action or nothing happens, then you will spend all your time attacking the very thing you're trying to save.

The market can be certain of itself, but it cannot be certain with governments f'ing it up and picking winners and losers based on biased distribution of freely printed money. With your hand on the market, certainty is thrown out the window. Without certainty you will not have prosperity.

HANDS OFF!

Such a novel concept these days, letting nature take its course. The only reason we have a problem today is due to the bailouts of 2008. You are the problem, that you deny this reality means you will never fix the economy - only ruin it.

 

[ElFenix]

That's not evidence for bailouts of big corporations retarding economic growth. There would still have been the possibility of another big business buying them, of small business gains not making up for the thousands and thousands of layoffs, etc... etc. Simply the idea that small businesses create most of the jobs in a general sense doesn't mean that bailing out a big corporation was bad for the economy.

well, if the choice is between promoting small biz and promoting big biz, promoting small biz is the better policy for job creation.

south park covered this a long time ago

 

[fskimospy]

well, if the choice is between promoting small biz and promoting big biz, promoting small biz is the better policy for job creation.

south park covered this a long time ago

As a general rule, but obviously that's not always the case, and I'm waiting to see any evidence that such a thing would be the case here.