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Jobless Rate Soars to 7.6%; Worst in 34 Years

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posted on Feb, 6 2009 @ 09:05 AM

Jobless Rate Soars to 7.6%

Recession-battered employers eliminated 598,000 jobs in January, the most since the end of 1974, and catapulted the unemployment rate to 7.6 percent.

(visit the link for the full news article)

[edit on 2/6/2009 by skeptic1]

posted on Feb, 6 2009 @ 09:05 AM
Things don't look too good.

And, if that stimulus bill (yeah, right) passes, I think things will only get worse.

People need more of their own money to spend. Businesses need reasons to create more jobs, meaning people having more money to spend to buy their goods.

Spending on government projects does little to help out the private sector.
(visit the link for the full news article)

posted on Feb, 6 2009 @ 09:09 AM
Is no win situation when the root of the problem that got us to this point is not even addressed, actually the new administration has surrounded itself with the same group of trash that brought us this mess with their policies to satisfy their benefactors corporate America.

We don't have an industrial base that will be providing with jobs the unemployed and building wealth for the nation, that is gone, finish and over with.

As a nation of spenders on credit and foreign goods the stimulus will be leached to WTO countries.

Our trade deficit will soar to incredible highs and we will still lay vulnerable, broken and unemployed.

But with a new trillion dollar bill that tax payer will be forced to pay.

posted on Feb, 6 2009 @ 09:11 AM
Jobless Rate Soars to 7.6%

But the market goes UP UP UP?
Did you ever wonder why?
Well you shouldn't, its the people working in the SEC.
They are moving the market now.
Them and there little evil stealy hedge fund buddies, are controlling the market.
I wonder when someone is going to stop this.
I wonder why there is minimal market participation.
Never mind, just another day without someone doing something.

posted on Feb, 6 2009 @ 09:18 AM
Borghoffen, the markets are steadily going up and down, actually is crocks in the markets that profits from bad news also.

And while the markets seems to be steadily but not great the volume is staying low.

That tells that is only a few that are making the profits and those are not your regular type of investors, the ones making the profits are the ones that can afford to gamble with their spare money.

posted on Feb, 6 2009 @ 09:32 AM
Sheesh, nearly 600,000 in a month?

They (Obama admin.) need to stimulate the economy, not the government.

If they are going to spend, government spending on government projects is the last thing they need to do, next to bailing out the banks and financial institutions, they need to give that money to working Americans with a deadline to spend it.

Even Obama admits that his will be a one term presidency if he cannot get the economy going.... So why is he making so many mistakes?

posted on Feb, 6 2009 @ 09:34 AM
reply to post by Walkswithfish

What you say makes sense. Unfortunately, "sense" is a scarce commodity in DC.

I wish that Obama would push for changes in this package. He didn't write it to begin with (the crazy Dems in Congress did), but he will get the ultimate blame for it when it fails.

posted on Feb, 6 2009 @ 09:40 AM
The congress version of the bill is been ridden with all the lobbyist wishes money can afford it.

In the wording the world "investments" follow every section that money will be allocated too.

Now investments mean that somebody will be receiving the money first, perhaps financial institutions or investment groups like the Carlyle, they will profit first and the money will then be distributed after a cut for the various "Investments" into the nation.

Like many watchdogs are saying this not short of unconstitutional and plain deceiving to the American tax payer.

[edit on 6-2-2009 by marg6043]

posted on Feb, 6 2009 @ 09:46 AM
My recommendations..

1. 90 day tax holiday for corporations.

2. Drop corporate tax to 17% after.

3. Eliminate income tax and replace with consumptions tax.

4. Allow people on welfare to earn matching income for 2 years then reduce welfare to zero over the following 2 years.

5. Immediately recind CAFE regs on Detroit and give larger tax deductions for hybrid car sales.

6. Aim for zero emmissions cars by 2050.


posted on Feb, 6 2009 @ 09:49 AM
reply to post by Walkswithfish

Its payback for the last election cycle, plus an attempt at gift-wrapping the 2010 and 2012 elections for the Dems.

On that second count, notice that the money isn't all allocated to be spent this year. Ever wonder why? Its because government spending is a major component of the GDP calculation. The Democrats are positioning themselves to have an artificial boost to GDP that they can point to for a few years. Its political maneuvering at its finest, or perhaps, most underhanded.

It would be the perfect scam...paying off your buddies while artificially boosting your future election hopes... if not for the fact that they've been caught with their hand in the cookie jar and the public has realized what a stinker this bill really is.

posted on Feb, 6 2009 @ 09:50 AM
Sorry to tell you that americans, I know it's bad in the US, but it's worse in Canada. We've lost 129.000 jobs in January, make that X10 to compare with america... America should have lost 1.290.000 jobs in January to compete with canadian job losses.

90% of our exports go to you guys and 60% of our GDP is exports. So... we're going down with you.

[edit on 6-2-2009 by Vitchilo]

posted on Feb, 6 2009 @ 09:51 AM
And it's all by design!

Those than have lost their jobs should now dedicate all their time to spreading the truth about the world bank & federal reserve!

[edit on 6-2-2009 by Time=Now]

posted on Feb, 6 2009 @ 09:57 AM
reply to post by crmanager

I'd call that a good start. I'd also add a 30-40% reduction in the federal budget, including a balanced budget.

I'd also consider eliminating entirely the income tax on small businesses with fewer than 10 employees until they hit $250,000 or so, then tax them at the normal rate. I'd also exempt them from matching FICA taxes on their employees (it would be matched by the taxpayers in general). As a former small business owner, I can tell you that the tax code of this country is written so as to bury small businesses in this country. That needs to change as soon as possible.

posted on Feb, 6 2009 @ 10:05 AM
The government needs to get off its high-horse and realize that their pet projects aren't all that important right now. This isn't about them and what they want to do.

It is about all of us and what needs to be done.

posted on Feb, 6 2009 @ 10:31 AM

Originally posted by marg6043
Borghoffen, the markets are steadily going up and down, actually is crocks in the markets that profits from bad news also.

And while the markets seems to be steadily but not great the volume is staying low.

That tells that is only a few that are making the profits and those are not your regular type of investors, the ones making the profits are the ones that can afford to gamble with their spare money.

Marg, Borghoffen is very right.

Two things:

The plunge protection team:

"Plunge Protection Team" was originally the headline for an article in The Washington Post on February 23, 1997,[2] and has since become a colloquial term used by some mainstream publications to refer to the Working Group.[3][4] Initially, the term was used to express the opinion that the Working Group was being used to prop up the markets during downturns.[5][6] Financial writers for British newspapers The Observer and The Daily Telegraph, along with U.S. Congressman Ron Paul and writers Kevin Phillips (who claims “no personal firsthand knowledge” and is “not interested in becoming a conspiracy investigator”) [7] and John Crudele,[8] have charged the Working Group with going beyond their legal mandate. Claims about the Working Group, which are labeled conspiracy theories by some writers, generally include that it is an orchestrated mechanism that attempts to manipulate U.S. stock markets in the event of a market crash by using government funds to buy stocks, or other instruments such as stock index futures—acts which are forbidden by law. However, these articles usually refer to the Working Group using moral suasion to attempt to convince banks to buy stock index futures. [9]

Former Federal Reserve Board member Robert Heller, in the Wall Street Journal, opined that "Instead of flooding the entire economy with liquidity, and thereby increasing the danger of inflation, the Fed could support the stock market directly by buying market averages in the futures market, thereby stabilizing the market as a whole." His statement has been used to claim that the Fed actually did act in that way. Mainstream analysts call those claims a conspiracy theory, explaining that such claims are simplistic and unworkable.[10][11]


and this:

What's the real U.S. unemployment rate?


"There are three kinds of lies: lies, damned lies, and
statistics." - Benjamin Disraeli

Even in Disraeli's time, it seems, statistics were often
distorted to give a misleading impression. Today, the misuse
of data to "prove" a theory, support an opinion or excuse a
policy has been elevated to a fine art. Forty-four
years ago, the various ways that figures, charts, graphs,
tables and averages can be manipulated were described by
Darrell Huff in his book How to Lie with Statistics. From
the sample with the built-in bias to the unqualified
average, from the calculated omission to the selective
comparison, Huff demonstrated how easily statistics can be
used to deceive rather than inform.

Huff's book has long been out of print, but I suspect
that dog-eared copies are still carefully hidden in the desk
drawers of many advertising copywriters, public relations
consultants, politicians and even some economists. Or maybe
they learned how to lie with statistics without Huff's help.
Examples of statistical fabrication abound: the UN's bogus
ranking of Canada as No. 1 on its Human Development Index;
the Gross Domestic Product, which rates all economic growth
as good, even crime and pollution; and Canada's official
unemployment rate, which omits discouraged and involuntary
part-time workers.


posted on Feb, 6 2009 @ 10:46 AM
Thanks Mdv2 but I am very aware of how the markets are been manipulated right now, that is something we have learned the hard time.

Remember the fed infusion during 2008, we all remember those.

But as usual the markets right now are only benefiting those that can gamble their money and is not the common investmentor.

posted on Feb, 6 2009 @ 11:35 AM
Not meaning to hijack your thread but thought I'd report that unemployment in Spain is at 15% and expected to reach 20% by the end of the year. Yikes!

We're British and we've lived here for 5 years. Even in the boom it's very difficult to find work, except for other Brits. There used to be plenty but they're leaving in droves because of the lack of work and plunging property prices.

We've got 3 children and 1 has spent half his life living here. None want to go back to England but we've seriously got to start considering it. It will be a nightmare to arrange as we haven't lived there for so long and it will be like emigrating all over again. Don't know how the kids would settle to the culture difference and there's a recession there too.

20% unemployment scares me enough to start considering it. At the end of the day, we're foreigners here, and I just don't know how locals will react. Most of the Spanish here don't like us foreigners which is a shame as they're really going to miss our money, with so many leaving each day. There's so many properties being foreclosed because they were 2nd homes. The bars, clubs, beaches are very empty so no tourist money coming either. Even the golf courses have special offers running!

posted on Feb, 6 2009 @ 12:51 PM
reply to post by Maya00a

It is bad everywhere. And, if the governments around the world and here in the US keep trying to keep their power, their donors, and to basically cover their own butts, it is just going to get worse.

posted on Feb, 6 2009 @ 01:04 PM
Does anyone else find it strange that this report comes out the same day that Reid wants the vote on the bailout?

Seems a little too easy for me. Oh look how many jobs were lost, you must vote yes on Obamas plan to save the world or we are all doomed!

posted on Feb, 6 2009 @ 01:06 PM
reply to post by salchanra

No, it's not odd. It is par for the course.

I hope the phones are jammed on Capital Hill. I hope that their e-mails are flooded. I hope their offices in their home states are flooded with calls and e-mails. I hope that they understand just how much the American people want this bill to fail.

Won't happen, but hey....a girl's gotta be able to dream.

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