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Thread: Jobless rate tops 10 pct. for first time since '83

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    Jobless rate tops 10 pct. for first time since '83

    WASHINGTON (AP) -- The unemployment rate has surpassed 10 percent for the first time since 1983. Nearly 16 million people can't find jobs and employers cut a net total of 190,000 jobs last month, the Labor Department says.
    Jobless rate tops 10 pct. for first time since '83 - Yahoo! Finance

    But I thought the Obama plan would prevent unemployment from breaching 8%...
    Climate, changes. It takes a particularly uneducated population to buy into the idea that it's their fault climate is changing and further political solutions can fix it.



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    Jobless rate tops 10 pct. for first time since '83

    WASHINGTON (AP) -- The unemployment rate has surpassed 10 percent for the first time since 1983. Nearly 16 million people can't find jobs and employers cut a net total of 190,000 jobs last month, the Labor Department says.
    Jobless rate tops 10 pct. for first time since '83 - Yahoo! Finance

    I heard this morning that the unemployment rate was not expected to go above 10% in today's report and that it should be about 9.7%. Guess someone was wrong again. I read yesterday that unemployment is predicted to remain above 9% through next year's elections. If that turns out to be the case, a lot of Democrat Congress critters are going to be very nervous.

    • "The America Republic will endure until the day Congress discovers that it can bribe the public with the public's money." -- Alexis de Tocqueville





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    Re: Jobless rate tops 10 pct. for first time since '83

    Mr. V beat me by a minute. Mods, can you please merge the two threads.

    • "The America Republic will endure until the day Congress discovers that it can bribe the public with the public's money." -- Alexis de Tocqueville





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    Re: Jobless rate tops 10 pct. for first time since '83

    Quote Originally Posted by Gill View Post
    Mr. V beat me by a minute. Mods, can you please merge the two threads.
    Hehe... sorry friend.
    Climate, changes. It takes a particularly uneducated population to buy into the idea that it's their fault climate is changing and further political solutions can fix it.



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    Re: Jobless rate tops 10 pct. for first time since '83

    Quote Originally Posted by MrVicchio View Post
    Jobless rate tops 10 pct. for first time since '83 - Yahoo! Finance

    But I thought the Obama plan would prevent unemployment from breaching 8%...
    Obama never said that. In fact, in June he predicted unemployment would reach 10%

    Jake Tapper and Karen Travers report: In an interview with Bloomberg News’ Al Hunt today, President Obama says he thinks unemployment will hit 10% this year.

    Will unemployment reach 10%? asks Hunt.

    “Yes,” says the president.

    Before the end of this year? asks Hunt.

    “Yes,” says the president
    President Obama Predicts Unemployment Will Hit 10% This Year - Political Punch

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    Re: Jobless rate tops 10 pct. for first time since '83

    Quote Originally Posted by WillRockwell View Post
    Obama never said that. In fact, in June he predicted unemployment would reach 10%


    President Obama Predicts Unemployment Will Hit 10% This Year - Political Punch
    Sadly for you, even Time Magazine knows you're lying.

    Back in early January, when Barack Obama was still President-elect, two of his chief economic advisers — leading proponents of a stimulus bill — predicted that the passage of a large economic-aid package would boost the economy and keep the unemployment rate below 8%. It hasn't quite worked out that way. Last month, the jobless rate in the U.S. hit 9.5%, the highest level it has reached since 1983.
    (See 10 ways your job will change.)
    The two advisers who wrote the paper, Christina Romer and Jared Bernstein, went on to land key jobs in the Obama Administration. Romer is the head of Obama's Council of Economic Advisers, and Bernstein is the chief economist and economic-policy adviser to Vice President Joe Biden. And the stimulus bill that both economists championed became law in mid-February. What has not come to pass, however, is the boom in job creation that Romer and Bernstein predicted. A little over a month ago, the Administration said the stimulus bill had created or saved 150,000 jobs. That's a far cry from the 3 million to 4 million jobs that Romer and Bernstein foresaw back in January.


    Read more: Barack Obama's Stimulus Plan: Failing by Its Own Measure - TIME
    Barack Obama's Stimulus Plan: Failing by Its Own Measure - TIME
    Climate, changes. It takes a particularly uneducated population to buy into the idea that it's their fault climate is changing and further political solutions can fix it.



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    Re: Jobless rate tops 10 pct. for first time since '83

    Quote Originally Posted by MrVicchio View Post
    Sadly for you, even Time Magazine knows you're lying.


    Barack Obama's Stimulus Plan: Failing by Its Own Measure - TIME
    Shrug so conditions change

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    Re: Jobless rate tops 10 pct. for first time since '83

    Quote Originally Posted by WillRockwell View Post
    Obama never said that. In fact, in June he predicted unemployment would reach 10%


    President Obama Predicts Unemployment Will Hit 10% This Year - Political Punch
    The Obama Advisers did say that - they were taking into account the stimulus and were in fact, over optimistic about the effects of the stimulus -- and Obama's advisers said that with the stimulus, unemployment would peak at 8%. Obama's advisers are an extention of Obama himself, or are you now disassociating individuals within the White House with only things Obama himself actually does and says? Because the buck stops at the President as the responsible and accountable person for his entire Administration --- just like every other President.

    Obama's advisors were obviously mistaken and the estimates were clearly off... as Biden said...


    Quote Originally Posted by Joe Biden
    "The bottom line is that jobs are being created that would not have been there before," Biden said.

    Quote Originally Posted by Joe Biden
    "No one realized how bad the economy was. The projections, in fact, turned out to be worse. But we took the mainstream model as to what we thought -- and everyone else thought -- the unemployment rate would be," Biden said.
    Quote Originally Posted by Joe Biden
    "At the time our forecast seemed reasonable. Now, looking back, it was clearly too optimistic," he told reporters last Monday.
    LINK


    So is Obama not the decider? If not, who is?

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    Re: Jobless rate tops 10 pct. for first time since '83

    Quote Originally Posted by winston53660 View Post
    Shrug so conditions change
    It's called responsibility and accountability. When mistakes are made, someone has to learn from those mistakes. It's not clear that the Obama Administration has taken accountability or responsibility. All they do is claim it will get worse as a damage control measure to insulate themselves from more political fallout.

    They obviously have not learned anything as they continue down the path of economic ruin for this country with ill conceived and complex policy's.

    What hasn't changed is Obama's agenda. How very entertaining...

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    Re: Jobless rate tops 10 pct. for first time since '83

    Quote Originally Posted by MrVicchio View Post
    Jobless rate tops 10 pct. for first time since '83 - Yahoo! Finance

    But I thought the Obama plan would prevent unemployment from breaching 8%...
    The tendency to be over-optimistic in defining the benefits of one's policies (and overly negative in warning of the consequences of positions one opposes) is a human characteristic. It is not a partisan thing.

    One saw the same dynamic at play when it came to pre-war assessments in Iraq, as well as the early arguments made in favor of the stimulus package.

    Now, going to the details of the report, it should be noted that every group except those with college educations saw their unemployment rate increase in October.

    Less than high school: 15.5% +0.5%
    High school only: 11.2% +0.4%
    Some college/Associate Degree: 9.0% +0.5%
    Bachelor's Degree or higher: 4.7% -0.2%

    National: 10.2% +0.4%
    Mean duration of unemployment: 26.9 weeks +0.7 weeks
    Median duration of unemployment: 18.7 weeks +1.4 weeks

    The duration data continues to hint at a larger structural component. That those with higher education may--and this is still early--be the first ones to benefit from the emerging economic recovery could reaffirm the importance of giving greater priority to investments in education while making other spending with no future benefits a focus for later deficit reduction. Of course, there is no fiscal consolidation plan being discussed at present.

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