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US unemployment hits 25-year high

Khayembii Communique

Khayembii Communique

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US unemployment has risen to 8.1 per cent, the highest level since 1983, according to a US government report.

The US labour department report said on Friday that 651,000 jobs were lost from the struggling US economy in February.

Al Jazeera's John Terrett in New York said the figures were worse than many analysts had been expecting.

The monthly report on the labour market is seen as one of the best indicators of the state of the US economy.

Al Jazeera
 
Im going to call it: It will peak at 13.5% by spring 2010.
 
Khayembii Communique said:
US unemployment has risen to 8.1 per cent, the highest level since 1983, according to a US government report.

The US labour department report said on Friday that 651,000 jobs were lost from the struggling US economy in February.

Al Jazeera's John Terrett in New York said the figures were worse than many analysts had been expecting.

The monthly report on the labour market is seen as one of the best indicators of the state of the US economy.

Al Jazeera
Click to expand...

Obama... how about more taxes, more spending, more nationalization?

Tax us into prosperity... That'll stimulate the economy, not that there is any precedent for it.

But because you are Obama and you defy gravity.

Yes you can... tax and spend, spend and tax...

And then blame Republicans.
 
zimmer said:
Obama... how about more taxes, more spending, more nationalization?

Tax us into prosperity... That'll stimulate the economy, not that there is any precedent for it.

But because you are Obama and you defy gravity.

Yes you can... tax and spend, spend and tax...

And then blame Republicans.
Click to expand...

Sure theres a precedent. Its called ww2.
 
Obama could help the situation by encouraging those who are nearing retirement to do so early, IF they can afford it. That makes more jobs available to the younger generation.
Removing the 10% penalty for early IRA withdrawals, or reducing the age to 55 might do the trick....even if the withdrawal is done without retiring, it might serve as an added stimulus to the economy.
If their savings is in the stock market, not a good idea, but most in that age bracket should be in interest bearing accounts by now..
 
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UtahBill said:
Obama could help the situation by encouraging those who are nearing retirement to do so early, IF they can afford it. That makes more jobs available to the younger generation.
Removing the 10% penalty for early IRA withdrawals, or reducing the age to 55 might do the trick....even if the withdrawal is done without retiring, it might serve as an added stimulus to the economy.
If their savings is in the stock market, not a good idea, but most in that age bracket should be in interest bearing accounts by now..
Click to expand...





:lol: "your stocks are in the toilet, you should retire early" :doh
 
Khayembii Communique said:
US unemployment has risen to 8.1 per cent, the highest level since 1983, according to a US government report.

The US labour department report said on Friday that 651,000 jobs were lost from the struggling US economy in February.

Al Jazeera's John Terrett in New York said the figures were worse than many analysts had been expecting.

The monthly report on the labour market is seen as one of the best indicators of the state of the US economy.

Al Jazeera
Click to expand...


Of course the market is bad and job growth is slow. Credit is frozen due to the mortgage crisis and Middle Class Americans do not have the disposable income they once had. So we are faced with some choices. Either raise taxes on the wealthy to alleviate taxes on the Middle Class, or continue down the path that the last administration put the country on, which was itself ineffective. Do I think Obama's plan is perfect? No, but it at least is an attempt to place more capital into the hands of those who spend the most, the Middle Class.

Some may call for tax cuts for all, and that does seem fair, but I do think it would be unwise to allow some of these major banks to fail. In the long run, the wealthy will see their money come back to them from the increased taxes as consumers once again consume and the market increases again.
 
Reverend_Hellh0und said:
:lol: "your stocks are in the toilet, you should retire early" :doh
Click to expand...

read much? I will repeat it, please read the highlighted part, slowly...:2razz:
Originally Posted by UtahBill
Obama could help the situation by encouraging those who are nearing retirement to do so early, IF they can afford it. That makes more jobs available to the younger generation.
Removing the 10% penalty for early IRA withdrawals, or reducing the age to 55 might do the trick....even if the withdrawal is done without retiring, it might serve as an added stimulus to the economy.
If their savings is in the stock market, not a good idea, but most in that age bracket should be in interest bearing accounts by now..
 
UtahBill said:
read much? I will repeat it, please read the highlighted part, slowly...:2razz:
Originally Posted by UtahBill
Obama could help the situation by encouraging those who are nearing retirement to do so early, IF they can afford it. That makes more jobs available to the younger generation.
Removing the 10% penalty for early IRA withdrawals, or reducing the age to 55 might do the trick....even if the withdrawal is done without retiring, it might serve as an added stimulus to the economy.
If their savings is in the stock market, not a good idea, but most in that age bracket should be in interest bearing accounts by now..
Click to expand...




I can afford to "retire" now. And I am 35..... :lol:


Doesn't mean I would because I could, If I was planning to retire this year, I'd wait until this mess was done.


Here sir, is one dollar you can take it now and help us out, or you can wait another 5-10 years and have a hundered....


Which would you choose? :lol:
 
Reverend_Hellh0und said:
I can afford to "retire" now. And I am 35..... :lol:


Doesn't mean I would because I could, If I was planning to retire this year, I'd wait until this mess was done.


Here sir, is one dollar you can take it now and help us out, or you can wait another 5-10 years and have a hundered....


Which would you choose? :lol:
Click to expand...

you can convert $1 to $100 in only 10 years? Bernie, is that you?
 
Khayembii Communique said:
US unemployment has risen to 8.1 per cent, the highest level since 1983, according to a US government report.

The US labour department report said on Friday that 651,000 jobs were lost from the struggling US economy in February.

Al Jazeera's John Terrett in New York said the figures were worse than many analysts had been expecting.

The monthly report on the labour market is seen as one of the best indicators of the state of the US economy.

Al Jazeera
Click to expand...

And yet, our employment figures still beat the hell out of most of Europe's even over last four years.

In addition, we still have another two points to give up to get to Carter's peak unemployment I believe. Give Obama more time; he'll catch up to Carter and THEN some.

:rofl
 
Red_Dave said:
Sure theres a precedent. Its called ww2.
Click to expand...

WWII... central planning for a worldwide war effort, not a free wheeling economy.
 
zimmer said:
WWII... central planning for a worldwide war effort, not a free wheeling economy.
Click to expand...

A free wheeling economy were people with no money lend money to a people that also have no money? Isnt that what got us into this situation in the first place?

Also I gather from your comments on ww2 that you belive those kind of economic policys should be reserved as a weapon of last resort for emergencys, Are we not in that situation right now? Issues like the food crisis and global warming, much like ww2, require people [and nations] to pool together their resources and overhaul their economys. Dealing with this would also create jobs.

For example during world war two there was almost full employment in the UK due to the amount of people working in weapons factorys etc. This was replicated after the war as many were employed rebuilding the country, building schools etc.

So put simply we have alot of people out of work and alot of things that need doing. The solution is to invest in things like renewable energy, ways to increase food production etc. and effectively kill two birds with one stone.
 
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Truth Detector said:
And yet, our employment figures still beat the hell out of most of Europe's even over last four years.

In addition, we still have another two points to give up to get to Carter's peak unemployment I believe. Give Obama more time; he'll catch up to Carter and THEN some.
:rofl
Click to expand...

Way to think positive here!



Anyway, I have to admit, this makes me somewhat nervous. Our office is very overstaffed and if we don't pick up, they are going to have to start laying off. Hearing these reports makes me kinda scared if I would have to start looking for a job right now.
 
Well, I can understand, I've been looking for a new job and after 6 months I finally got one.

My new job is a government one that is going to pay 2x what I was making. You go where the jobs and money are.
 
ladilala said:
Well, I can understand, I've been looking for a new job and after 6 months I finally got one.

My new job is a government one that is going to pay 2x what I was making. You go where the jobs and money are.
Click to expand...

good for you....
I see you edited out the OT part. IMO, there should be no OT if hiring another person is an option.
 
americanwoman said:
Way to think positive here!
Click to expand...

I have lost my rabid optimism when Obama started implementing his plan to destroy the American markets with his populist Socialism.

It grew when he made the following statement; “I don’t pay attention to what happens on Wall Street. It is like an opinion poll.”

americanwoman said:
Anyway, I have to admit, this makes me somewhat nervous. Our office is very overstaffed and if we don't pick up, they are going to have to start laying off. Hearing these reports makes me kinda scared if I would have to start looking for a job right now.
Click to expand...

What industry are you in? My prediction is unless you are a Government entity or in one of those "green" industries Obama's plan will reward, you will be laying people off.
 
ladilala said:
Well, I can understand, I've been looking for a new job and after 6 months I finally got one.

My new job is a government one that is going to pay 2x what I was making. You go where the jobs and money are.
Click to expand...

Government jobs are all that are being created these days.
 
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