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WASHINGTON -- The unemployment rate jumped to 9.7 percent in August, the highest since June 1983, as employers eliminated a net total of 216,000 jobs.
The level of job cuts is less than July's upwardly revised total of 276,000 and is the lowest in a year. Analysts expected the unemployment rate to rise to 9.5 percent from July's 9.4 percent, and job reductions to total 225,000.
Originally posted by kozmo
Think about this... take 2.5million unemployed workers, give each of them a $50K a year job and you still only spend $125B.!
Or take use all the 767 billion and put 15 million people back to work. Just think of all the new roads, clean up projects and parks we could have had.
Originally posted by Matrix Rising
Obama is just feeding his ideology and everyone needs to vote Libertarian in the 2010 election. Libertarians are the best choice because most believe what our founding fathers had in mind. Ron Paul is a good choice You should vote for more like him in 2010.
]The stimulus? what stimulus?,
Stimulus tax relief: Who's feeling it
Treasury has doled out $62.5 billion in tax breaks from the Recovery Act, but economists are split about how effective they have been.
The six-month-old plan includes $288 billion of tax relief, and Treasury has made $62.5 billion of that available so far -- in the form of credits, payments and incentives to individuals and businesses.
So far, Treasury has made $23.2 billion available for the credits, known as Making Work Pay. The Congressional Budget Office estimated in February that the program would cost the government $116 billion through 2010.
From December 2007 through July 2009, the economy lost 6.7 million jobs. The recession has wiped out all the jobs created in the private sector over the last decade.
Construction and manufacturing shed 1.4 and 2.0 million jobs, respectively, as the credit market meltdown and trade deficit wreaked havoc on residential construction and manufacturing. Lay-offs then spread to commercial construction, finance, retail sales, and other sectors.
Florida has become the 19th state to borrow money to keep unemployment benefits flowing after the trust fund ran dry.
So far the state has borrowed $45 million, but officials estimate that it will have borrowed $1.2 billion by the end of the year.