10% Unemployment = Obama's Downfall

Politico ^ | 07/09/2009 | Mark Penn

[fiscon1]

Unless some tough decisions are made soon, rising jobless figures will most likely hit what could be a public opinion and political tripwire: 10 percent unemployment.

If and when the country crosses that line, it will be the No. 1 news story for days, recent stock market gains could recede, and consumer confidence will fall. And whether or not the economic crisis is coming to an end, such a high unemployment level has the potential to undermine the hard-won confidence enjoyed by the Obama administration. The Republicans will quickly claim all we have is more debt and fewer jobs.

[ClearCase_guy]

The Republicans will quickly claim all we have is more debt and fewer jobs.

*ahem* Will they? Will they really? That would be nice.

[COBOL2Java]

We’ve got the DemocRATs in charge, so it’ll just be blamed on the previous administration. Obama “inherited” this mess, don-cha-know...

[Need4Truth]

Coupled with the horrid debt caused by porkulus spending and Obama’s budget proposal, cap and trade tax and government run health care expenses shifted to tax payers. Obama and democrats are bad news, heading in the wrong direction while lying about just about everything. It’s time for a change.

[petercooper]

easy fix for the media- “10% unemployment brought on by Bush admin policies...”

[A message]

hard-won confidence enjoyed by the Obama administration.

Hard-won confidence in what?

His ability to spend money, sell out the nation, support leftist dictators, roll over to the mullahs, speak using a teleprompter? Politico is synonymous with sycophant.

Oh, and those nasty Republicans will make hay if unemployment reaches 10%.

[4rcane]

yea, 3 years later, its bush’s fault

[mad_as_he$$]

0 will be very lucky to get out of this with the “official” number of 10%. Currently the ACTUAL number is more like 16% and the “official” number will be more like 15% before this is over.

[TSgt]

http://blogs.moneycentral.msn.com/topstocks/archive/2009/07/06/true-unemployment-rate-already-at-20.aspx

Deutsche Bank's chief U.S. economist Joseph LaVorgna wonders how much of this decline is due people exhausting their standard 26-week benefit. He says: "We are concerned about what will happen when a significant share of out-of-work individuals' benefits completely expire, because this could lead consumer spending to re-weaken, hence jeopardizing a fragile recovery."

Unless the economy starts getting traction here in the third quarter, we could face a situation where people find that they have no job and no unemployment benefits. For these people, 2009 will feel an awful lot like 1932. As a result, spending cuts will be deep and dramatic.

[wny]

Not necessarily. Unemployment could hit 15% and Obama will claim it would have been even worse if his policies wern't enacted! He'll maintain his stimulus, cap-and-trade and healthcare plans saved us from 25% unemployment!!!!

And his whores in the MSM will swoon and cheer and remind us how lucky we are to have such an awesome saviour.

[cbkaty]

His real objective may be achieved within one year.....incredible.

[Dr. Ursus]

I’m waiting for Hillary to resign and start gearing up for
2012.

[PA-RIVER]

Mr. Obama meets Mr. Gault.

[cbkaty]

And his whores in the MSM will swoon and cheer and remind us how lucky we are to have such an awesome saviour.

Eventually...unemployment will reach his whores....

[fiscon1]

that’s true, though that number has long been calculated that way. The author says that ten percent is a mental break point, which I agree with.

[nhwingut]

This writer sounds like he's in a panic. O, no!

The stock market gains

Now that's a stretch. The market has lost 500 points in last 4 weeks.

Consumer confidence will drop

Consumer confidence is already at its lowest in 30 years. How much more can it drop.

[McGruff]

When Bush was president all we heard was the highest unemployment since the Great Depression along with pictures looking like soup lines. Notice any such "news" reports lately?

[Carley]

The 10% number will never be acknowledged.

[dawn53]

You never fix unemployment by punishing business and that’s what Obama’s been about since day one. So unless he changes his anti-business tone and policies, unemployment will continue to rise. Just MHO.

[mad_as_he$$]

About 6 years ago a “birth / death calculator” was added to the formula used to arrive at the numbers. It does accurately reflect new business formation in a constricting economy. Many would be surprised to find out that all those numbers that are so important are generated mostly from models and not reality. Also the revision numbers which is based upon more actual data seems to have been lost in the reporting world.