We needs more Stimulus!!! Unemployment at 10.2%

[rudder]

http://www.msnbc.msn.com/id/33713864/ns/business-stocks_and_economy/

From Reuters.

But the upside is that employers are shedding jobs at a slower pace. But of course we will probably see a slight drop as some retailers pick up seasonal employees... but I wonder if that would have much of an effect on the numbers. Or even if seasonal employees will be needed this year.

 

[StageLeft]

No surprise we ended up breaking 10, unfortunately.

 

[skyking]

My industry has been seasonally down in the winter months but this year, I missed the summer too. I suspect that I'll be short on work till midsummer next year.

 

[FerrelGeek]

But, but, the recession's over! The powers that be say so! All hail the jobless recovery!

The fact is that businesses are afraid to spend money right now. As a minimum, they're waiting for Q1, 2010 to spend much of anything to make their balance sheets look as good as possible. Businesses are also waiting to see what the impact of any healthcare reform legislation might have on their bottom line. I'd be delighted to be proven wrong on this as my business is hurting like so many others. We've been on paycuts and forced time off for a good portion of the year and unless things start picking up, I don't see any change in that.

 

[alchemize]

No surprise we ended up breaking 10, unfortunately.

I'm searching for a thread to bump, I'm pretty sure 10% was my predicted number for the end of the year...few months left though.

 

[DealMonkey]

This indeed sucks major ass. Especially for those out of work. At least their unemployment benefits will get an extension, but still . . .

 

[StageLeft]

I'm searching for a thread to bump, I'm pretty sure 10% was my predicted number for the end of the year...few months left though.

Better be DAMN SURE that thread is not older than a year or else you are on your ass, mister!

 

[soccerballtux]

Obama promised we would not pass 8% if we let the stimulus go through.
Lol.

 

[Budmantom]

Obama promised we would not pass 8% if we let the stimulus go through.
Lol.

Yes but he did save, create or inflate 1 milllllion jobs.

 

[soccerballtux]

Yes but he did save, create or inflate 1 milllllion jobs.

No, he saved 640,000 jobs so far, at a cost of $323K/job.
http://us.ft.com/ftgateway/superpage.ft?news_id=fto103020091546344851

Who needs more than 640K jobs anyways?

 

[jonks]

Obama promised we would not pass 8% if we let the stimulus go through.
Lol.

1. I'd like to see that quote.
2. The majority of the stimulus funds haven't been spent yet.
3. He said when he took office the turn around would take years.

Did people think what both sides of the aisle were calling "an economic catastrophy unrivaled for decades" would end in a year? some people only hear what they want.

 

[bl4ckfl4g]

Did people think what both sides of the aisle were calling "an economic catastrophy unrivaled for decades" would end in a year? some people only hear what they want.

Yes, soccerballtux thought it would end literally overnight.

 

[Genx87]

No, he saved 640,000 jobs so far, at a cost of $323K/job.
http://us.ft.com/ftgateway/superpage.ft?news_id=fto103020091546344851

Who needs more than 640K jobs anyways?

Him and Bill Gates should get a room

 

[Budmantom]

No, he saved 640,000 jobs so far, at a cost of $323K/job.
http://us.ft.com/ftgateway/superpage.ft?news_id=fto103020091546344851

Who needs more than 640K jobs anyways?

We have all heard how smart this man is, ask any liberal this man is a genius, so is he completely clueless or is it his plan to kill jobs?

 

[Genx87]

I will enjoy watching the democrats try to build support for another stimulus bill. We saw a 3.5% increase in gdp last qtr with only a fraction of the stimulus bill being spent. In other words if we dont have a double dip the economy recovered before the stimulus could really kick in. So what happens next year when the lionshare of the stimulus kicks in? Inflation?

 

[Genx87]

But, but, the recession's over! The powers that be say so! All hail the jobless recovery!

The fact is that businesses are afraid to spend money right now. As a minimum, they're waiting for Q1, 2010 to spend much of anything to make their balance sheets look as good as possible. Businesses are also waiting to see what the impact of any healthcare reform legislation might have on their bottom line. I'd be delighted to be proven wrong on this as my business is hurting like so many others. We've been on paycuts and forced time off for a good portion of the year and unless things start picking up, I don't see any change in that.

Business is afraid to spend money because they have no idea what the powers in DC are about to do. The democrats have a lot of radical proposals on the table that will add costs to business and reshape markets. Who the hell is going to spend a lot of money when the market they are investing in will go away at the whims in DC? Or if they invest in the wrong technology deemed bad by the morally enlightened in DC and forced to pay high taxes?

These interventionalists will make this pain last longer than it should.

 

[soccerballtux]

1. I'd like to see that quote.

http://www.google.com/search?q=obam...s=org.mozilla:en-US:official&client=firefox-a

Genx87 speaks the truth. Stick your head in the ground and you won't hear it.

 

[rudder]

1. I'd like to see that quote.
2. The majority of the stimulus funds haven't been spent yet.
3. He said when he took office the turn around would take years.

.

That is kind of like saying gas will be $10 a gallon. Sure it will at some point in the future. At some point in the future we will have have an economic recovery.

But it is going to take much longer with the government spending so much money. I was personally involved in a project to get 100 people hired in a Tennessee county that had nearly 25% unemployement. With this hiring the rate has dropped. But these positions are funded for only 18 months (stimulus funds). In 18 months nothing will be accomplished in this county that will provide alternate employment for these people.

 

[Blackjack200]

Trailing Indicator

 

[dullard]

Obama promised we would not pass 8% if we let the stimulus go through.
Lol.

That is almost true, but even if it was true, it is also quite misleading. Obama's economic team predicted it would peak at 8% with the stimulus. That is a bit different from Obama saying it himself (which is why I said your statement was ALMOST true).

The misleading part about it is that the unemployment rate was 8.1% when the stimulus bill was passed and it was 8.5% by the time the first stimulus money was spent. Meaning that it would be physically impossible to keep unemployment below 8% with the stimulus since it was already over 8%. The economic picture was far worse than Obama's economic team had estimated.

Job loss recovery always lags economic recovery. It isn't anything to be surprized about, and it certainly isn't anything that can prove a political point yet (on either side).

 

[ayabe]

In other news, productivity is up big time in the 3rd quarter (9.5%!)- so we're being more productive than ever and wages are still stagnant.

http://www.bls.gov/news.release/prod2.nr0.htm

 

[StageLeft]

Trailing Indicator

Isn't that term an oxymoron?

 

[Ausm]

Obama promised we would not pass 8% if we let the stimulus go through.
Lol.

That wasn't a bright thing to do in hindsight but from what I have read we are slowly recovering and the unemployment numbers should be dropping soon.

 

[Jaskalas]

That wasn't a bright thing to do in hindsight but from what I have read we are slowly recovering and the unemployment numbers should be dropping soon.

Stimulus can only be bankrolled (printed?) for so long. Eventually the rug will be swept out from under this "recovery" and we'll take another, if not bigger, nose dive.

I'll go out on a limb and say this is a fool's recovery.

 

[Sinsear]

I love this one. Seems appropriate.