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Unemployment Rate Rises to 9.2 Percent in June as Hiring Stalls

They didn't do it last time, why would I think they'll do it now?

because the world is radically different today, ask greece, ask anyone in the eu, ask andrew cuomo or moonbeam brown or rahm the ram in chicago...

because half the democrat party is racing 100% of the republican party to CUT
 
here we are 2 1/2 years later and the results are worse

yes

usa today, may 20:

Nearly two years after the economic recovery officially began, job creation continues to stagger at the slowest post-recession rate since the Great Depression.

The nation has 5% fewer jobs today — a loss of 7 million — than it did when the recession began in December 2007. That is by far the worst performance of job generation following any of the dozen recessions since the 1930s.

In the past, the economy recovered lost jobs 13 months on average after a recession. If this were a typical recovery, nearly 10 million more people would be working today than when the recession officially ended in June 2009.

wsj, tuesday:

Two years ago, officials said, the worst recession since the Great Depression ended. The stumbling recovery has also proven to be the worst since the economic disaster of the 1930s.

Across a wide range of measures—employment growth, unemployment levels, bank lending, economic output, income growth, home prices and household expectations for financial well-being—the economy's improvement since the recession's end in June 2009 has been the worst, or one of the worst, since the government started tracking these trends after World War II.

Job creation limps along after recession - USATODAY.com

Debt Overhang Slows U.S. Economic Recovery - WSJ.com

reuters sees the same, tuesday: The US Jobs Gap | Reuters.com
 
There is no reason for this economy to take so long to recover except for the Obama economic plan failing. Put a pro growth President in the office and give him a pro growth Congress and we would have been out of this over a year ago.

Oh good grief. We are in the midst of a massive credit contraction (read - deflationary spiral). This is not anything like what weve experienced before. The only way out is to eliminate all the bad debts. "Pro Growth" is simply another way to say "pro debt" as thats the only way we are going to get any growth in this post-manufacturing, wage arbitraging America (witness the total debt to gdp ratio peaking at 350% in early 2009). We'll be lucky if were out of this by the 2020 election.
 
Oh good grief. We are in the midst of a massive credit contraction (read - deflationary spiral). This is not anything like what weve experienced before. The only way out is to eliminate all the bad debts. "Pro Growth" is simply another way to say "pro debt" as thats the only way we are going to get any growth in this post-manufacturing, wage arbitraging America (witness the total debt to gdp ratio peaking at 350% in early 2009). We'll be lucky if were out of this by the 2020 election.

Yes and no. While it is true that the US hasn't really faced anything like this before, getting rid of bad debts alone won't get us out of here. We need a new industry to drag our sorry butts out of this mess the way the internet bubble and housing did the last few recessions. Merely fixing the credit issues won't solve the problem when the recession accelerated the decline of so many industries that naturally were already on the downhill. But Conservative is one of the least economically literate users here. He once argued that non-cumulative BLS data was cumulative despite meaning that the US population doubled monthly by that reasoning. He really didn't like me pointing that out. Take everything he says about economics with lots of salt. I pointed out so many idiotic statements he's made he put me on ignore. And he's already been made aware that this recession is fundamentally different but he chooses to deliberately pretend as if all recessions are the same and there's a one size fits all cure. Not intelligent in any way shape or form but he's pretty much the poster child of GOP hack.

I cited previous examples of financial crisis to which he got up and ran away from the thread.
 
Waiting for some new industry to come along is a fools errand. What we need is to start building our own products again. Probably as much of a fools errand given the free trade agrement mania weve seen since the 80s.
 
I have a better solution. No, two better solutions:

1) Try getting a job outside your field of expertise. Yeah, sports, you're not going to get a job as an architect if there's only 1 position available for every 20 graduated architects. Try serving tables instead. Oh, the income isn't half as good as in my previous job. Well, then next time when you go vote, make sure you don't vote for a jerk that is going to generate a huge unpayable debt for the country or just export thousands of jobs overseas.

2) Emigrate to another country. Are you good with languages? No? Tough luck, then.
 
Waiting for some new industry to come along is a fools errand. What we need is to start building our own products again. Probably as much of a fools errand given the free trade agrement mania weve seen since the 80s.

Do you have a solution to the current unemployment problem? Officially there are over 14 million unemployed Americans but the real unemployment rate is 16.2 percent including the under employed. The Obama stimulus plan was supposed to cap unemployment at 8% and is by all measurement a complete and total failure. The Obama record is clear, more unemployment today than when he took office, almost 4 trillion added to the debt in 2 1/2 years, and a rising misery index.

There are a lot of book smart street stupid liberals who continue to support Obama because they buy his rhetoric and ignore his record. What a great smile, what great rhetoric, what terrible results.! Now for your solution?
 
well. it looks like his solution for an economic period of pain matched only by the 30's is a tariff.

....now. it seems i recall they tried that in the 30's as well....
 
well. it looks like his solution for an economic period of pain matched only by the 30's is a tariff.

....now. it seems i recall they tried that in the 30's as well....

"Those that ignore history are doomed to repeat it" seems to be appropriate here for if you raise taxes and try to grow govt. revenue in periods of high unemployment not only is unemployment going to continue to rise but economic growth is going to be stagnant and may indeed fall. Liberals seem to have no concept on how our private sector works. Business cannot print cash like the Federal Govt, states are mandated in most cases by a requirement to balance their budgets, and the Federal Govt. today doesn't have a clue how to stimulate economic growth.

Today there are over 24 million plus unemployed Americans(153 million Civilian labor force(bls.gov) X 16.2% total unemployment) and these people are paying very little if anything in taxes. These people have to be put back to work and Obama doesn't have a plan to do that.
 
The Obama stimulus plan was supposed to cap unemployment at 8% and is by all measurement a complete and total failure

yes, and by now it was sposed to have unemployment at about 6.5%

Romer and Bernstein on stimulus - NYTimes.com

What a great smile, what great rhetoric

he looks fantastic getting off a plane (not as good as he used to, tho)

really, he and michelle, on the platform, waving, descending the steps...

absolutely fabulous imagery, all around the world, and that's truly worth something

obama has outstanding posture, wears a suit of clothes magnificently, holds that chin up for all to see...

these are still his best qualities as a leader
 
1) Reinstate Glass Steagall (the idea that the new FinReg bill was written by the same representatives most enmeshed in the housing calamity - Barney Frank and Chris Dodd - is something that only an Orwel novel could provide)
2) Stop the bailouts (how can any investor trust they will get a return after the GM deal that turned 150 yrs of establsihed contract law on its head); creative destruction is good in the long run
3) Incentivize American companies (ie Apple with their pods/pads, MS with their Xboxes, Sharp with their TVs) to manufacture their products in America; or incentivize outsourcers like Foxconn to open plants in America (weve been doing this with foreign auto manufacturers, why not with electronics?)
4) Repeal Obamacare (replace it with something that actually makes sense) and pass a balance budget ammendment

All that would be a good start.
 
3) Incentivize American companies (ie Apple with their pods/pads, MS with their Xboxes, Sharp with their TVs) to manufacture their products in America; or incentivize outsourcers like Foxconn to open plants in America (weve been doing this with foreign auto manufacturers, why not with electronics?)

i definitely agree with this part.
 
i definitely agree with this part.

While it sounds like a most wonderful idea, the third world's labor comparative advantage cannot be "incentivized" away. Labor intensive manufacturing will tend to be dominant in areas where the cost of living/standard of living is near the bottom.
 
1) Reinstate Glass Steagall (the idea that the new FinReg bill was written by the same representatives most enmeshed in the housing calamity - Barney Frank and Chris Dodd - is something that only an Orwel novel could provide)
2) Stop the bailouts (how can any investor trust they will get a return after the GM deal that turned 150 yrs of establsihed contract law on its head); creative destruction is good in the long run
3) Incentivize American companies (ie Apple with their pods/pads, MS with their Xboxes, Sharp with their TVs) to manufacture their products in America; or incentivize outsourcers like Foxconn to open plants in America (weve been doing this with foreign auto manufacturers, why not with electronics?)
4) Repeal Obamacare (replace it with something that actually makes sense) and pass a balance budget ammendment

All that would be a good start.

I agree with your assessment although repeal of Glass-Steagall shouldn't even be an issue if banks lended only to people who could afford the payments and took personal responsibility for their actions. TX survived the financial meltdown quite well because of state regulations which required lenders to meet payback requirements. Owning a home should always be a goal but never considered a civil right like some Democrats are calling for.

I did not support TARP nor do I ever support the bailout of private business with taxpayer funds. All that does is reward bad behavior. I think the takeover of GM/Chrysler which will end up costing the taxpayer billions did exactly what TARP did, reward bad behavior. I am for personal and business responsibility, make bad decisions and face the consequences.
 
While it sounds like a most wonderful idea, the third world's labor comparative advantage cannot be "incentivized" away. Labor intensive manufacturing will tend to be dominant in areas where the cost of living/standard of living is near the bottom.

The present Administration is doing nothing to encourage any manufacturing business to remain n the United States. The President is referring to business leaders in the most disparaging way and talking of closing "loopholes" while keeping the corporate tax uncompetitively high.

Right now there is simply too much corruption in the United States and I've backed off from considering any investments there, despite it being small scale, and I suspect many others feel the same way. Under this Presidency it's like investing in the PIGS countries in Europe.
 
I agree with your assessment although repeal of Glass-Steagall shouldn't even be an issue if banks lended only to people who could afford the payments and took personal responsibility for their actions. TX survived the financial meltdown quite well because of state regulations which required lenders to meet payback requirements. Owning a home should always be a goal but never considered a civil right like some Democrats are calling for.

I did not support TARP nor do I ever support the bailout of private business with taxpayer funds. All that does is reward bad behavior. I think the takeover of GM/Chrysler which will end up costing the taxpayer billions did exactly what TARP did, reward bad behavior. I am for personal and business responsibility, make bad decisions and face the consequences.

Reagan bailed out Chryser and that was a big mistake as well. All it did was delay the inevitable.

Businesses go under all the time and, odd as it may appear, this cycle of renewal is actually good for the country and its people. If it wasn't for that fresh spirit of renewal, getting rid of the deadwood, we'd still be driving expensive, high maintenance, and gas guzzling Packards and De Sotos.
 
The present Administration is doing nothing to encourage any manufacturing business to remain n the United States. The President is referring to business leaders in the most disparaging way and talking of closing "loopholes" while keeping the corporate tax uncompetitively high.

Right now there is simply too much corruption in the United States and I've backed off from considering any investments there, despite it being small scale, and I suspect many others feel the same way. Under this Presidency it's like investing in the PIGS countries in Europe.

There is something wrong with anyone who buys that tax cuts are a spending problem thus an expense and that govt. spending is ever an investment especially when it intrudes on the private sector. With an attitude like that, no wonder this country is in a financial mess. Govt. creates debt with their spending, and people keeping more of what they earn is never an expense to the govt.
 
Reagan bailed out Chryser and that was a big mistake as well. All it did was delay the inevitable.

Businesses go under all the time and, odd as it may appear, this cycle of renewal is actually good for the country and its people. If it wasn't for that fresh spirit of renewal, getting rid of the deadwood, we'd still be driving expensive, high maintenance, and gas guzzling Packards and De Sotos.

I agree that there never should be a govt. bailout but what Reagan and Bush did was give Chrysler and GM loans that had to be paid back, they never took controlling interest in a private company like Obama did with GM
 
The present Administration is doing nothing to encourage any manufacturing business to remain n the United States. The President is referring to business leaders in the most disparaging way and talking of closing "loopholes" while keeping the corporate tax uncompetitively high.

Lowering the corporate tax to zero (beggar-thy-neighbor) does not bring back full-scale labor-intensive manufacturing to the U.S.. To pay someone $75/day to perform the same job someone making $20/day can do in Vietnam, Malaysia, or India is a quick way to ruin, unless of course you can get people to pay close to double for something because it was made in America.

Right now there is simply too much corruption in the United States and I've backed off from considering any investments there, despite it being small scale, and I suspect many others feel the same way. Under this Presidency it's like investing in the PIGS countries in Europe.

Corruption in the U.S. vs the developed world??? Now you are just arguing for the sake of being heard.
 
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