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Posted on 02/14/2010 12:50:33 PM PST by Diana in Wisconsin
WASHINGTON — The Obama administration projected Thursday that the unemployment rate would fall this year by only a little, if at all, and would remain well over 6 percent until 2015.
The forecast was the most closely watched element of the annual Economic Report of the President, a 458-page document outlining the White House’s outlook and policies on areas as diverse as savings and investment, health care and climate change.
The report projected that an average of 95,000 jobs would be added to the payrolls each month this year — barely enough to keep up with the normal number of jobs the economy would have to create to meet the growth in the labor force and keep the unemployment rate steady.
Although the Labor Department has estimated that unemployment fell to 9.7 percent last month, the new report projected that the average rate for the year would be 10 percent. That would fall to 9.2 percent next year, the report said, and to 8.2 percent in 2012, when President Obama would be up for re-election.
The report also estimated that the nation’s gross domestic product, the broadest measure of economic output, would grow 3 percent this year, in line with the projections for global growth of 3.1 percent by the International Monetary Fund, and 3.4 percent by the 30-nation Organization for Economic Cooperation and Development.
*SNIP*
“The usual relationship between G.D.P. growth and the unemployment rate has broken down somewhat,” Ms. Romer, who is on leave from the University of California, Berkeley, told reporters at the White House. “The unemployment rate has risen much more than one would have predicted.”
(Excerpt) Read more at nytimes.com ...
We are being governed by empty suits and economic illiterates, and we’ll all be lucky to live through it.
This Keynesian nonsense was sufficiently destructive in the 1960s, but at least then we had a global manufacturing monopoly to mitigate the damage. Now, 50 years later, we have no such monopoly and jobs are being hemorraged at a frightful pace. These jobs will never return.
Just in time for the new president when she/he takes the oath on Jan ‘13.
Since they don’t include those that have stopped receiving unemployment this means anyone that is unemployed now won’t be included in the 2012 count. We are doomed.
He already has.
They will “cook the books” to show declining unemployment. They have already started.
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14 trillion PLUS what does not show up in the deficit. Unfunded (stolen) liabilities bring it up to 130 plus trillion.
Now dem talking points are, Social security income is not a guaranteed right. So healthcare reform is like social security and medicare? Big tax with no guaranteed benefits, huh dems?
They’ll just cook up the numbers they want anyway.
8.2%, that’s wicked awesome news! /s
We may be lowest cost in many things, but it is and will be a diminishing number of things every year until we change out regulation policies.
Contrary to the wishful thinking fantasies of many in the Americas and Europe, Asia has been agressively roboticizing for a decade and a half.
The company I worked for throughout the 90s sent a fully automated fishing reel production line to China in 2000. The days of thousands of little guys with hand tools are over even in many places that were once part of the third world.
Well the way Hussein’s people do the math, nothing would be impossible.
I’d imagine the product quality control and packaging costs forced the shift to China, but your company does that to itself with ISO 9000, right?
It wasn't supposed to go over 8% if Porkulus was passed (not TARP).
Mr. Obama, will you kiss me? I like it when people kiss me WHO ARE ABOUT TO DO SEX TO ME! /snl
Invert the projection curve. I will bet my life savings that curve will be a lot closer to reality than Zero’s projections.
You know how he got it down to 8.2% unemployed?
You have to factor in all the people that will be dead from unemployment and Obamacare. That’s what brings the unemployment down to 8.2%. Maybe a few planeloads of people taken out by peaceful muslims too.
Since when did unemployment above 4.0% become acceptable to the American voter?
Let's say you're in a large urban area with a depressed downtown area. There are MANY boarded-up storefronts. There are MANY small, failed restaurants.
Just a few blocks away from downtown, there are renovated warehouse/retail storefronts that have been magically transformed into "upscale" restaurants, and these are thriving despite the decay around them.
Context: this is in a deep blue area, politically speaking.
My question: who is keeping these "upscale" restaurants afloat when all other retail establishments around them are floundering or sinking?
Answer: Obama supporters and beneficiaries who still have credit card capacity. Union jobs, Government jobs, beneficiaries of Porkulus jobs and Wall Street jobs. Check out the number of restaurants closing in your town. Its bleak except for the elite. Just like Mexico and Europe. Them that has, has and them that don't have is finding it harder to bus tables...
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