This chart needs an extension at the lower right.....
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 ...
Keep in mind, urban chic is "entertainment" and these days, entertainment is funded more and more by credit card debt. America has grown accustomed to dining out as relaxation. To them, its worth the price or added debt. Nothing wrong with this at all, if you can afford it. Problem is, 20% unemployed are not the folks supporting these establishments...
I think you're right. The lame-stream media aka the obama propaganda machine, and the out and out bald-faced liars in the obama administration will report the "good news" of lower unemployment no matter what. We saw a preview of this a week or so ago when unemployment magically, and I do mean magically, dropped below 10% -- even though other reports showed the economy continued to shed jobs. How can this be? They fudged the numbers. Even with fewer people employed (ie. the net loss of jobs), if you reduce the size of the overall work-eligible population, you can claim a lower percentage.
We are going to see the lame-stream media pull out all the stops and report utter fantasy. You watch, the reported rates of unemployment are going to drop, even though more and more of your family, friends, neighbors, and ex co-workers are out of a job or severely underemployed. We're going to be fed fascist line, no matter how little it resembles reality.
You are right Diana,
You are better off in Wisconsin.
Remember that number and brand it on his ass when unemployment is still over 10% in 2012.
Most Americans including many of the posters on this forum have not studdied enough real world basic economics to understand why this is.
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Those of my family who were old when I was born would have said,”I ain’t never had nary one o’ them there economics courses”. But they knew enough to understand that business would move to where the costs were lowest and they would have understood that regulatory burdens increase costs and so do I.
The degree of incompetence we find with today’s Democrats is absolutely shameful.
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I think the real problem is more one of evil intentions rather than incompetence.
Here you go! If there’s a SINGLE GOPer out there with HALF a brain in his/her head, this would make an awesome campaign commercial for Fall, 2010!
Pelosi: Where Are the Jobs, Mr. President?
August 1, 2003
Washington, D.C. — House Democratic Leader Nancy Pelosi released the following statement today on the Bureau of Labor Statistics’ announcement that 470,000 people abandoned their job searches in July and that 3.2 million private sector jobs have been lost since President Bush took office:
“The fact is that President Bush’s misguided economic policies have failed to create jobs. Since President Bush took office, the country has lost 3.2 million jobs, the worst record since President Hoover. And today we learned that in July nearly half a million people gave up looking for a job.
“Job losses are taking a real toll on the financial security of American families. While Democrats are fighting for opportunity, jobs, and economic security for working families, Republicans continue to focus on helping those who need help the least.
“According to today’s survey, while the national unemployment rate dropped slightly, it still stands at a near record high. In addition, the unemployment rate for African Americans was still over 11 percent in July, and the unemployment rate for Hispanics was 8.2 percent in July.
“It is time for President Bush and the Republicans to get to work for all Americans, not just the elite few.”
http://www.house.gov/pelosi/press/releases/Aug03/prWherearetheJobs080103.html
Nicely done. :)
You still have ‘life savings?’ You’re one of the few!
Will you marry and/or adopt me? ;)
It could happen.
Depending on how many currently unemployed people starve!
Economic Darwinism.
Um...shouldn’t we be a tad more concerned with the massive bank failures rather than restaurant failures?
http://www.fdic.gov/bank/individual/failed/banklist.html
Hey, Lookie! Top of the list! One of Senator *SPIT* Al Freakin’ Frankin’s banks failed! Hope that hurts the LibTards and their credit cards, LOL!
Thanks. Afterwards I added 9/11 and the Dems taking over Congress. Those four events tell the story.
Waste disposal costs forced the move to China.
Other factors were merely contributory.
Yeah...until they are reporting from their own unemployment lines....too little...to late.
This chart needs an extension at the lower right.....
My error, thanks
What was the waste disposal most related to ~ the product or the packaging operations? (that would include unpackaging input materials).
I don’t think they’re smart enough or competent enough to come up with an intention. These guys are just plain old stupid ~ thuggish even.
They were also predicting that unemployment wouldn’t exceed 8% “if the stimulus was passed”. We see how well that worked out.
Atlas is Shrugging!
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