Posted on 07/08/2009 6:51:32 PM PDT by Kaslin
When a virulent disease is ravaging you like a cancer, you don't want a cacophony of voices promoting different or contradictory cures.
Yet that is what we're starting to hear about the economic crisis, not only from a politically divided — and pretty scared — capital, but from within the Obama administration itself.
In just the past few days, Vice President Joe Biden has said the young administration misread the depth of the recession — an honest account, since most private economists did as well. Laura Tyson, an outside economic adviser to the White House, said it's wise to start preparing another stimulus package.
Then President Obama made everything perfectly muddy when he said in an ABC News interview that the seriousness of the downturn and how to attack it is "something we wrestle with constantly." Yet in the next breath, he expressed concern about the burgeoning deficit.
But if anyone's looking for some clear voices, there are 650,000 of them just waiting to be heard. That is roughly the number of long-term unemployed who will begin losing their jobless benefits in September, according to the National Employment Law Project.
Remember, the recession didn't start last fall when the government bailed out AIG and the financial system froze. It began in December 2007 — and 6.5 million jobs have been lost since then. Depending on which state and the sort of triggers that apply to benefits, hundreds of thousands of workers laid off early in the downturn are soon to be left without the basic sustenance of an unemployment check.
(Excerpt) Read more at ibdeditorials.com ...
He has been, is, and will be "deeply concerned" as shown by his own words about EVERYTHING...
It will surprise me if this idiot isn't toasted black by 2012 politically.
I was quite surprised to see that unemployment among college grads is only slightly higher than 5%. Most of the unemployed are dropouts, high-school grads, and some college.
Maybe that’s why the Dems don’t care about them?
Looks like Bammie’s “free healthcare” piggie bank is about to take another hit. I don’t think his “green jobs” gig is going to work out either. Obama doesn’t just have “some skin in the game”, his whole damn ass is on the court. It’s time for him to stop blaming President Bush. This is his America now. He needs to stop the whining about his “inheritance” and start doing what the morons who voted for him thought he was going to do. Good luck chief! You’re going to need it.
I don’t think there has been any prior US ‘recession’ where the unemployment rate was still under 6% nine months after it supposedly ‘began’, which is why I have problems with assigning a late 2007 start date to the current recession. It has only really begun to be tough getting a job for a lot of people in the last six months or so under Zero’s ‘Rule’.
That is because this is not what is normally called a “recession” and people are starting to get that. It has not hit the “bad part” yet. Wait’ll this winter.
No matter who is POTUS, the US blew up its financial infrastructure with borrow and invest (Wall Street), borrow and buy (consumers), borrow and spend (government). We have racked up a debt of 11 trillion for bailouts and guarantees, plus another 60 trillion for Medicare/Percription Drugs/Social Security. Over 70 trillion in debt on a US economy GDP of 12 trillion. The major anchors of US consumer recovery is credit card debt and underwater mortgages. Banks can not dump them, the US government brought them but no one wants them, thus taxpayers on the hook for the buy. In other words it is a total mess. The biggest time bomb is the 55 trillion derivative obligation (some say up to 1.5 quadrillion) that AIG is trying to defuse. Figure 5 years minimum for real estate assuming no more waves of foreclosures (Bloomberg predicts another 1 million from defaults due to unemployment by Fall 2009. If that is the case, figure 10 years of stagnation with no employment recovery as the economy creeps along trying to reduce all the consumer/financial/government debt. That also assumes the world does not abandon the US dollar and treasury notes. Freepers should do themselves a favor, by now you should own a fire arm, stockpile food for potential shortages, grow a garden for fresh vegtables, and buy up to 1000 troy ounces minimum of silver to protect your buying power if high inflation hits. Organize your family, street, if possible your town for the chaos (crime and cuts in services) to come. Wash DC is too far away to help and all problems will be resolved locally.
I am in Kentucky right now. I am putting some final touches on the purchase of the entire finger of a plateau with a brand new home that I will call “Galt’s Plateau”. I bought a shotgun last January and an SKS a while back. I still need a pistol.
I take this very seriously. I was one of those that back in 2006 said this could get as bad or worse than the GD, and that the greatest risk is not financial. It is a collapse of the civilized society, particularly in the urban and suburban areas of this nation.
The GD ended in WWII. Why should this one be any better? And the US population does not have the character it did in the 1930’s.
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