Administration Economic Officials See "Extended" Period of Unemployment
I continue to worry that at some point, Wall Street will convince the administration that it would be a great psychological ploy to cut off unemployment compensation to convince the market there's a recovery.
And if they do that, all hell will break loose:
March 16 (Bloomberg) -- U.S. employers won’t hire enough workers this year to lower the jobless rate much below the level of 9.7 percent reached in February, three Obama administration economic officials said today.
The proportion of Americans who can’t find work is likely to “remain elevated for an extended period,” Treasury Secretary Timothy F. Geithner, White House budget director Peter Orszag and Christina Romer, chairman of the Council of Economic Advisers, said in a joint statement. The officials said unemployment may even rise “slightly” over the next few months as discouraged workers start job-hunting again.
“We do not expect further declines in unemployment this year,” the officials said in testimony prepared for the House Appropriations Committee. They predicted the economy would add about 100,000 jobs a month on average -- not enough to bring the jobless rate down substantially.
Today’s projections are in line with the 10 percent average unemployment forecast for this year in last month’s budget plan. Christopher Rupkey, chief financial economist at Bank of Tokyo Mitsubishi UFJ Ltd. in New York, said the administration’s language risks damping expectations for a recovery.
“They need to work on the message, and right now the message is that there is not a lot to be hopeful about,” Rupkey said. “Warning about a slow jobless recovery can help make it a reality.”
FDR, where are you when we REALLY need you??
this is their solution? http://www.youtube.com/watch?v=7k1sU9tCJow
http://www.rotorob.com/wp-content/uploads/200...
Diabolus est Deus Inversus
statements like this
(The proportion of Americans who can’t find work is likely to “remain elevated for an extended period,” )
should not be even remotely acceptable to the american people.
what we have here is the absolute, abject failure of american capitalism.
this means children going to bed hungry, in a tent most likely, or a homeless shelter.
this problem will not be fixed with unemployment benefits, or jobs programs; this problem will only be corrected when we as a country, force the oligarchs to come to heel.
an economic system that does not provide a living for its citizens is patently absurd, corrupt, and totally immoral
You sholud be a speech writer for a real democrat!
An old fashioned FDR type. Not the fake DLC types who only play democrats on t.v., or in the corridors of Washington.
If I were a psychopath, I would join the republican party, and get in on the gravy train taking the Teabircher morons to the cleaners.
Now what actual policies do you propose to make it happen? Not being snarky here derekthered. This is a very serious problem.
Hasa Diga Eebowai
begin with words.
Deeds, as you note, are necessary.
USA! USA! ScrewedSA!
first problem is manufacturing of value added products, without producing goods out of raw materials, we are long term insolvent.
solutions could be targeted tax incentives to long term physical infrastructure investment(plants and equipment); failing this, trade barriers and tariffs, capital has been chasing low wages around the globe, claiming it is good for everybody, it is not - we have lost our job base, and our machine stock is the most aged in the industrial world, including chinas.
second, is clampdown on offshore tax havens and profit, if a corporation is based in the U.S. it must retain its profits in the U.S.-ruling class will not like this.
third, is simple declaration of health care providers and insurers to be non-profit corporations (public utilities) as in germany.
fourth, abolition of corporate income tax, steep hike in personal income tax, once again as in germany, this discourages profit taking and encourages r+d investment.
fifth, outlaw all forms of derivative trading.
sixth, energy companies to be treated as public utilities.
seventh, legalize all forms of hemp, tax it for personal use; the other kind use for fabric and oil.
that's enough for now, we are not supposed to use up too much space.
before lost my job.
Be prepared!
"Parachutes are allowed in checked or carry-on baggage, but may not be worn in flight."
---Southwest Airlines
but on this blog this should be addressed. Alex Chilton dead at 59. Back to your regularly scheduled news.
RIP.
"Parachutes are allowed in checked or carry-on baggage, but may not be worn in flight."
---Southwest Airlines
The real unemployment rate is closer to 20% if you take people who have given-up looking, fallen off unemployment rolls, or working part-time just to survive.
They really do think we are stupid and easily manipulated.
The corporate elites must marvel at their own success, knowing that 50% of the country hasn't even figured out who is screwing them yet.
Must make for some pretty good jockularities at the Country Club Cognac room.
Pretty soon the corporations that own Obama will have people fighting for $7 an hour, 19 hours per week at Walmart, just to avoid starvation.
President Sellout will continue to read pretty words from his telepromter, as he leads the lambs to slaughter, all while signing back door deals assuring the Wall Street banksters that nothing will go awry on his and Rahm's watch.
I wish we could get just one President who isn't an outright sociopath.
If I were a psychopath, I would join the republican party, and get in on the gravy train taking the Teabircher morons to the cleaners.
is about as dead on as I have ever heard the American presidency over the last 50 years described.
They really do fight over $7.25/hr, 19 hr weeks. They'll lie, cheat, steal to get 40 hours (including mine), and I heard a rumor of a Murphy, NC man who used two pneumococcus specimens and arranged an auto accident to get rid of three competitors for a promotion.
If you add in part-time jobs, babysitters, housecleaners, and fleamarketers who are making minimal money and not filing taxes, I'm sure that the figure is closer to 30%.
I'd like to see a Treasury Secretary and a Congress who aren't outright sociopaths. Dream big.
I'm sick of Washington working on their "message."
No one works on the substance anymore, they simply work on what they think everyone wants to hear. Too much Luntz, not enough statesmen, diplomats, and real representatives.
the minor detail that always gets brushed aside whenever the experts talk about 'jobs', is that with the hollowing out of the middle class, those well paid, secure jobs with benefits are NEVER coming back ... they're GONE GONE AWAY ...
Mr Hiatt, take it away:
http://www.youtube.com/watch?v=y7uFVMhv6hE
I'm Boycotting NewsCorp! Heres what not to buy: http://www.cjr.org/resources/index.php?c=news...
We far outnumber them. If we demanded, and elected representatives instead of corrupt bribe-takers, we could take back our country.
The really pathetic thing, is that as miserable as things are, the corporate elites can still brainwash half the country into supporting their totally destructive policies.
If I were a psychopath, I would join the republican party, and get in on the gravy train taking the Teabircher morons to the cleaners.
“I continue to worry that at some point, Wall Street will convince the administration that it would be a great psychological ploy to cut off unemployment compensation...”
There would be a political reason for the Dems to do so, because it would likely lower the reported unemployment with less people interacting with the UI system. Then, the economy would *appear* to be getting better.
The administration flacks seem to think it is OK for all those people to be unemployed. They have their $100K+ jobs, and the Wall Street payoff jobs waiting for them later, so they never will feel the pain. So out of touch, especially Geithner, who chooses to pay taxes, or not.
I went through 4 months of unemployment due to state budget cutbacks (as my work is social services, state funded) and fortunately was able to borrow to get by, but I'll be paying off friends for another year or two, as I am barely getting by now. No overtime, second job just got cut and turning 60 this year.
And the criminals are rewarded. HCR, I don't care, Obama DOES NOT get my vote again.
the Republicans have got your back.
Hasa Diga Eebowai
This is because of NAFTA and permanent trade relations with China and all these other fraudulent trade deals plus a political system based on bribery. It's the lust for greater profits and more money for investors. American jobs have gone to third world nations where slave-labor wages exist. I wonder why they use the word "America" when they say "Corporate America". It should be "Corporate Nothingness". Now parts of the country are descending into third world living conditions. And its sure to spread and change the culture horribly.
The corporations moved our manufacturing to China and outsourced work to India, Eastern Europe, Malaysia, etc... They brought in guest workers. And people wonder why Americans are not working????? The media is lying for the corps. The politicians are protecting them. Wake up everyone!
Is completely out of unemployment benefits.
americans love affair with capitalism waning?
naw just a blip in the screen.
they wont get it until they are working for third world wages.
then they wont get it they will just blame politicans judges etc.
the system is responsible for 85 to 95% of a socities economic problems.
capitalism is social darwinism survival of the fittest defined and the christians love it.
the capitalists have made the term capitalism synonyms with patroitism and freedom. pure genius.
they now have the supreme court and the reelecton process next the judges in the lower courts.
they are ten times smarter then most americans that is why they have the wealth of the nation.
third world wages wouldn't be so bad if you weren't stuck with 1st world taxes.
the blame should go to the parasitical class (politicians etc) because their paychecks are funded with stolen property (taxes, licenses etc) and they produce nothing.
capitalism can not be blamed because as long as the parasitical class is interfering with the economic system you will not have true capitalism.
Madrak: I continue to worry that at some point, Wall Street will convince the administration that it would be a great psychological ploy to cut off unemployment compensation to convince the market there's a recovery.
----------------------------------
Santorum: I think the Democrats actually worry he may go to Indonesia and bow to more Muslims. I think that's sort of the concern that every time he seems to go to these other countries he comes back or starts some sort of controversy that hits his popularity. I'm serious, I think...
Van Susteren: So you're not being sarcastic?
Santorum: I'm not being sarcastic. I think... I'm not... I'm being sarcastic with bowing to a Muslim, but I'm saying he has not had his trips overseas go over well here in the United States.
“Why would anyone with a functioning brain believe this guy?”
Some guy with an eating disorder
That is because this is not an economic recovery, at least not in the normal sense. It is a double dip recession at it's very best, or a permanent Depression at it's very worst. The inadequate funds expended for economic recovery (and jobs) has only been matched by the lack of proper legislative regulatory remedies, by design.
The economic stimulus package has been so very slow to be disbursed as to be almost meaningless, because those funds have been used in a cynically perverse fashion to bolster the political agenda (gaining even more power) of the party in power. There have been no proper legislative regulatory remedies, more than a year after the economic meltdown, because the very same Wall Street Mobsters and their TBTF Banker allies that benefitted from the meltdown are still looking for more TARP funding while they rape and pillage the carcass that is the American economy, and they are still in total control of the USA government.
If those of you C&L readers who doubt my words would take a couple of hours out to read "Shock Doctrine" by Naomi Klein, you would come to a new understanding of what is happening to our economy. The very same Ayn Randian "Chicago Boys" School of Economic Theory that have been used to rape and pillage many other countries through the economic power of the Wall Street Mobsters, the World Bank, and the International Monetary Fund, are now busy "strip-mining" the remains of the USA economy.
These independent economic powers, including the US Federal Reserve, own the USA government lock, stock, and barrel. They dictate domestic policy. They dictate foreign policy. They dictate this country's military, and overseas military "adventures". They control the corporations that control our MSM. They control our country's intelligence assessments and derived policies, if not the raw intelligence itself. And last but not least, they control both mainstream political parties.
This country's only hope is the rise to power of independent alternative liberal progressive political parties. Only then can real progress be made: audit the Fed and then shut it down; audit and investigate the Wall Street Mobsters and throw them in prison; establish 50 (actually 49) state-owned banks to work in conjunction with a revitalized US Treasury; establish public-only funded political campaigns; strip corporations of personhood; defang the MICC and return to a National Guard-based military; and establish a universal single-payer healthcare system.
Otherwise, this country is doomed to become a 3rd world economy, with the top 5% owning 98% of everything, a much narrower 15% of professional trades to be our new middle class, and the remaining 80% to be hungary, homeless, and unhealthy "peons" to do all the labor-intensive work at a pittance, presuming those in total control deem us worthy of those scraps of bread. We are already rushing headlong toward that bleak future.
"Abandon Hope(tm) All Ye Who Enter Here" and "Small 'Change You Can Beg For'(tm)" will be the new quotations emblazoned upon the Statue of Liberty, if we aren't resolute in our struggle.
"Those who make peaceful revolution impossible will make violent revolution inevitable."
-- John F. Kennedy
Wonderful . I've been unemployed for more than a year now , 59 yo , have never been jobless / unemployed before . To top it all off the latest report is that Washington State unemployment actually got worse , not better . I never even imagined being in this boat , can never take anything for granted , I found that out . Capitalism , a license for a rich and powerful minority to to exploit the middle and lower class majority and to "capitalize" on their powerlessness . They gotta keep us down or it's game over for them . Marx was right .
Insanity , it is what it is , there is no understanding it .
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