Posted on 09/12/2009 4:48:34 AM PDT by kingattax
The president’s chief economic adviser warned Friday that the nation’s unemployment rate could stay “unacceptably high” for years to come — a situation that would seriously complicate Barack Obama’s ability to convince Americans that he’s beating back the recession.
“The level of unemployment is unacceptably high,” National Economic Council Director Larry Summers said Friday. “And will, by all forecasts, remain unacceptably high for a number of years.”
Summers’ comments came in a briefing with reporters ahead of Obama’s speech in New York City on Monday, marking the one-year anniversary of the collapse of Lehman Brothers, an event widely regarded as having created a panic that caused the global economic meltdown.
Even with his gloomy forecast for unemployment, Summers said the economy is getting better and made the case that Obama’s $787 billion stimulus package and other fiscal rescue steps headed off even more economic pain.
“We are making a clear transition from rescue as a priority of public policy to sustained recovery,” Summers said. “We have moved back from the brink of financial catastrophe.”
“Today, the question is, when will the recession phase end?” Summers said. He said the forecast is “for economic growth at a significant rate during the second half of 2009.”
But as is usually the case in economic recovery, job creation continues to lag. The national unemployment rate is at 9.7 percent, a 26-year high, and Obama has repeatedly said he ultimately expects it to hit double-digits before beginning to fall again.
(Excerpt) Read more at politico.com ...
For those in the workforce for the past 25 years (which is the majority), they have never seen unemployment numbers like this and will expect them to fall back to about 5% quickly.
If that does not happen, President Obama is a one-termer.
Obama’s lame duck is already cooked in so many ways... what’s one more?
Let’s see, bankers get 100x what NASA gets per year,
and it only goes to bankers.
Yup, the indicates unemployment and poverty for everyone
else (except Congress and their endless kickbacks).
Foreman says these jobs are going, boys, and they ain’t coming back...
Wait until next year when real cuts have to be made to state and local governments and reality sets hits those who have been insulated from the recession.
2010 is going to be a tough year...
Larry ran Harvard into the ground financially with an absurdly grandiose building program. Does the scenario ring a bell to you?
It’s to be expected with 0bama and the Demonrats adding expenses and making it undesirable to go into business in the first place. We are finding out what socialist-type governments get and it is certainly not a champion for the poor. And the tyrant wannabe and his co-conspirators in Congress will have this pointed out whether they like it or not. Speak truth to power.
Unenployment ain’t going away for awhile, at least not at the rate it historically has. Semiconductor equipment production is up and so are chip forecasts. What we will see is what’s being termed as a jobless recovery. Reason being; the various companies that laid off people are now putting processes and procedures and systems and equipment in place to increase worker productivity and thereby not have to hire or rehire workers. People are just too expensive and bring too many problems to the work place, whine, whine, whine...
I just cannot wait to see the results of this recession on the American people, or their spirit. Those who got lazy in the good times but are really patriots will rise to the top in industrious and creative new endeavors. Those who take advantage here, will be the new leaders of our country. Those who continue to suckle at a dry teat, will go hungry. This collapse is long overdue and badly needed. If Americans are, in general, anything like the folks I know personally, we will not only survive, but thrive once the feds get the heck out of the way........until then, hold fast, and pray hard!
The defense industry is being systematically gutted by the Obama administration. I will survive and I will thrive, but what of the security and safety of this country?
Most larger companies in all industries have restructured (fired both white & blue collar workers). They aren't going to rehire until demand is so strong that they have to and in the case of manufacturing they will look at moving that to “low cost counties” like China, Mexico, etc...
Throw on top of all this a federal and local administrations that demonize success and want to regulate and tax everything and you can see the death of industry in this country.
The US struggled to compete in a world economy dominated by low wages before the crash now we have a administration that wants to put chains on our businesses. To prosper one must produce. We can't be a country of consumers if we aren't selling tangible items of value. Obama thinks taxation and redistribution are the road to prosperity. Passing Cap & Trade would be the fatal blow to the US economy. We are screwed with out a radical shift.
“The defense industry is being systematically gutted by the Obama administration.”
For decades the libs have been trying to destroy that nasty old “military-industrial complex.” Obama seems to be succeeding - both military and industrial.
My sense of this is that the rats will not allow their most reliable voting base to sink into the ranks of the unemployed right before the mid term elections.
I see a pattern of you not looking at how much money was in Harvard’s endowments.
Enough to pay cash to build eight more campuses Identical to the original.
It must be awful waking up Democrat every morning. You are highly anti-business and pile on rules and regulations that drive businesses offshore at an ever increasing rate. But you are supposed to be “pro jobs” for the little guy. How do they square this circle?
How can they stop it? There are only so many tens of billions of dollars they can pour into companies to prop them up. And look at the Government Motors sales numbers compared to Ford and Toyota. Nobody wants to buy GM/Chrysler UAW products. The consumer hates this government takeover and subsidy and is voting with his wallet.
““The level of unemployment is unacceptably high,” National Economic Council Director Larry Summers said Friday. “And will, by all forecasts, remain unacceptably high for a number of years.””
You sold your soul to the devil, Summers. Live with it!
How is it there is an open hole in the ground where a construction project sits abandoned if they are swimming in money?
How is it there is an open hole in the ground where a construction project sits abandoned if they are swimming in money?
I’m not so sure. That means more people will look to gov for relief.
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