Posted on 07/03/2009 8:09:46 AM PDT by advance_copy
WASHINGTON — Mounting job losses rattled hopes Thursday that the economy is on track to grow this year, showing prospects for U.S. workers are terrible — and still getting worse.
Employers reduced their payrolls by 467,000 jobs in June, the Labor Department said, far more than the 363,000 forecasters had expected. The unemployment rate rose to 9.5 percent, from 9.4 percent in May. And an additional 614,000 people applied for unemployment-insurance benefits last week.
The rate of job losses had decreased every month since January before spiking again in June, and economists believe it is highly likely the unemployment rate will hit double digits this year.
A broader unemployment measure, which includes people working part time who want full-time work and those who have given up looking for a job, already has reached 16.5 percent.
(Excerpt) Read more at seattletimes.nwsource.com ...
This will mark the end of President Obama’s popularity.
Just a little off topic not, but I just realized that’s the tune to the Taliban song.
Obama’s fault.
The 2 classes: government employees that produce nothing; the working tax-slaves who support both themselves and the other class.
welcome to the third world. Want to see the future? It’s here: Downtown Detroit Michigan.
The Great Depression was Hoover’s fault even though it was Roosevelt’s policies that made it deeper and longer. Roosevelt gets none of the blame.
We’re not a ‘Banana Republic’.
We’re in a ‘Manyana Republic’....a pejorative term for a country that is politically unstable, aims to create wealth for all at some unspecified future time rather than now, and ruled by a small, self-elected, wealthy, and corrupt clique.
(Also known by some cynical and ungenerous detractors as a ponzi scheme.)
9 years of gains?? So they are admitted jobs were created under Bush? Wow, I thought for an entire 8 years America was a living hell and only now do we have freedom and prosperity. Imagine that.
Shhhhhhh! Not supposed to notice that.
Hmmm, isn't that right about the estimated number of illegal immigrants in the country?
Don't be so sure. FDR presided over an economic depression that spanned a DECADE despite his "solutions", only ended by the War, and he remained highly popular and electable. We are truly a society of lost idiots.
One difference is that today's Americans expect instant gratification more than those in FDR's era.
They were told this is going to turn around quickly and they expect it.
I hope you’re right.
So they are admitted jobs were created under Bush?
Yes they admit jobs “were created” but you’ll note that the article implies that the jobs were a manifestation of the false prosperity we experienced under Bush. These jobs had no lasting value because when the “real” leaders were elected the jobs just seemed to disappear. If the jobs would have been “REAL” they would still be here now.
It’s like we robbed the poor by not paying our taxes, used the money to hire pool boys, butlers, and dog walkers. Now that we’re paying our fair share of taxes, we don’t have that “throw away” money anymore. We have to clean our pools, answer our doorbells and walk our dogs by ourselves,ergo the jobs disappeared. If people would just pay more taxes, everything would be okay. (Right????)
People voted for change and they got it!
They went from employed to unemployed... Now that’s change you can believe in !
Bush was in office for 8 very prosperous years, it wasn’t until Obama clinched the democrat nomination against a token republican opponent that things went south.
Bush will NOT get the blame for this in the end.
People will start to look back on the Bush years as the good old days soon, and when they do Zero and the libtards are doomed.
Amen. May it be so.
government employees that produce nothing
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Absolutely! We don’t count people on welfare or unemployment benefits as employed because they do nothing to earn the money, it is simply transferred to them. Vast numbers of government employees do nothing useful or even worse do work that is counterproductive but they are counted as employed. What would be the unemployment rate if we only counted government employees who do useful, necessary jobs?
Hmmm, isn’t that right about the estimated number of illegal immigrants in the country?
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It’s even worse! How many more government employees do we have than nine years ago? I am sure it is a large number which means that if we have the same number of jobs we have far fewer actual private sector PRODUCTIVE jobs trying to support many more government salaries. Even worse is that government pay never goes down, they get raises even when the people paying taxes to support them work fewer hours, get no raise or even take a cut in pay rate.
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