Unemployment Jumps to 9.7%

Unemployment Jumps to 9.7%

www.foxnews.com

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.

(visit the link for the full news article)


Related News Links:
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The article also says:

If laid-off workers who have settled for part-time work or have given up looking for new jobs are included, the so-called underemployment rate reached 16.8 percent, the highest on records dating from 1994.


This is alarming, I think this will cause stocks to plummit today, and it will be interesting to see what happens over the weekend.

I am truly thankful I have a job, (I got hired at Chick-Fil-A!).


www.foxnews.com
(visit the link for the full news article)

real unemployement rate is between 16% - 20%
don't be fooled

True unemployment rate already at 20%
blogs.moneycentral.msn.com...

www.sandersresearch.com...

www.globalresearch.ca...

www.streetinsider.com...(U-6)+Surges+to+16.8%25/4923294.html

Real U.S. Unemployment Rate at 16% Says Federal Reserve Official
www.industryweek.com...


[edit on 4-9-2009 by ModernAcademia]

reply to post by gatorboi117


If we add up everyone who's been kicked off unemployment, given up looking for a job or taken a part time job out of desperation...

Real US unemployment rate at 16 pct: Fed official
www.abovetopsecret.com...

Whew!!! It's a good thing we passed that $767BILLION Dollar stimulus so that we could keep unemployment down and "Save or create over 500,000 jobs this summer."

Think about this... take 2.5million unemployed workers, give each of them a $50K a year job and you still only spend $125B. You could put some of that surplus in productivity right back to work thus pumping up GDP and offer these folks the ability to generate disposable income. Where the freak is the stimulus money going? Something just isn't right here - it doesn't add up!

I think we are experiencing Bush's 3rd term. So far Obama has continued all the important policies of the previous administration. He was given a mandate for change at the polling booth and oddly enough seems to be serving the same elitist interests.

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.

reply to post by exile1981

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.

Yep, and just think about all those NEW taxes to help maintain those new roads and parks.

I see your point just couldn't resist myself. Personally, I would have preferred repairing/replacing our aging bridges and improving the dams and levees.

This is because America can't operate a big government and redistribute wealth in a global economy.

This is just economics 101 but Bush and Obama don't understand this simple concept because there ideologues. Ideology blinds people because they think everyone will see that there ideology is best for them once they put these things in place. Obama is a far left ideologue and he even said in 2001 interview that the Constitution was fundamentally flawed because it restrains government and it doesn't talk about redistribution of wealth.

This is why I said America needed a pragmatist in office after Bush but instead they elected an ideologue.

The reason this thinking is flawed is twofold.

1. We can't have big government in a global economy because we can't sustain it. This is because of cheap laboor and companies moving overseas. There's not enough jobs or the kind of jobs to sustain the behemoth in Washington. Obama even said we can't sustain the debt and we are out of money, yet he wants to spend billions to feed his ideology. This is a recipe for disaster.

2. You can't redistribute wealth because you will destroy our economic system. This is because you try to tax and take money from the wealth creators and entrepreneurs and then they don't risk capital and the economy stops. A person may make 10 million dollars and then they decide to risk 5 million as an angel investor. They invest in start ups and growth companies. One of these companies could be the next billion dollar company and hire people, give to charities, pay tax revenue and help to grow the economy. When you tax these people to death they move their money overseas or they put in a place that Obama and Pelosi can't get to it and this means they don't risk capital and the economy comes to a halt.

Obama's ideology says these people are all evil and their money needs to be taken and redistributed as he and the liberals see fit but this will not work.

[edit on 4-9-2009 by Matrix Rising]

reply to post by Matrix Rising


That would be true if that were the case
i agree

but in your assuming that big govt. is there to attempt to help you
when it's clearly not the case

just my 2 pennies

You know my girlfriend believes there is no high employments that its easy to get a normal regular job and that I am full of it when I tell her unemployment is over 15% in the US. Even as Google stats the news stats and everyone else states that it is..

For some reason she don't grasp the fact that I put in average of 50 to 75 apps in online and get 2 calls back..

I would love to live in her world.. Life would be so easy.. A lil Amerika's Got Talent and Amerikan Idol...

Damn you ATS for screwing my life up...

reply to post by ModernAcademia


This is what I'm saying, we can't sustain big government in a global economy.

Obama wants a big government, new deal, union based economy. Sixty or seventy years ago a big government could work in some instances because the people could sustain it.

I know of Corporations that used to be 90% in America and 10% overseas. There now 85% overseas and 15% in America. So the reason we can't sustain the behemoth in Washington is because of free trade and cheap labor. We have to have a small and limited government because people will build and grow wealth through borrowing and consumption.

The only thing that we can hope for is the Republicans take over the Senate in 2010 and Obama will be forced to moderate.

We would have never survived Bush if Democrats didn't take over Congress and this forced Bush to moderate. I just wish it happened sooner.

Just think back to Clinton. He was forced to triangulate and that was the best thing for the country. This is because the best answer is usually in the middle and not in the far left or far right.

Bush and now Obama are ideologues. Just like you couldn't tell Bush Iraq was a bad idea, you can't tell Obama that we can't afford a government takeover of healthcare and redistribution of wealth. His ideology blinds him to reason and the last thing we needed after Bush was another ideologue.

This is why I supported Romney. People talked about him changing positions but that's a good thing. He's not tied to an ideology and I think ideology has the potential to destroy this country.

This is because ideologues are "true believers" in their ideology. Obama has some of the most radical people in government now and this is just to feed his ideology. Van Jones, Cass susnstein and more. These people believe in things like allowing animals to sue their owners, euthanizing people through the water system, a cool down period on the internet, a self avowed communist and more.

Obama is a radical left ideologue and you can't keep saying that Obama hangs around all these radicals yet he doesn't hold any of their views. Jeremiah Wright, Bill Ayers, Bernaddette Dorn and more. Rahm Emmanuel wants mandatory service from people ages 18-25 his brother Ezekiel Emmanuel thinks human beings are viable between the ages of 2 and 50 and he's an advisor to the President. Is it any surprise that Obama wants to ration healthcare and he talks about reducing volume?

Obama is just feeding his ideology and everyone needs to vote Republican in the 2010 election. Republicans are just as bad but we have to moderate this government. Pelosi and the Progressives can't have free reign or we are doomed.

This has nothing to do with politics, it has everything to do with making and ideologue have to moderate his position. We will not survive 4 years of Obama's radical ideology.

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.

I think you made a type o, let me fix it up for ya.

reply to post by ThichHeaded


I agree in principle but the reality of the situation is much different.

Independents are not as radical as the far left or the far right because their not true believers in an ideology.

What this means is until we get a strong independent movement, we have to moderate these radicals the best way we can. This means a Republican House and Senate and a Democrat White House. This will cause the politics to meet in the middle.

We need a collective independent movement. This means Conervative party, Reform, Greens, Independendant democrats and republican, Libertarians and more.

These independents can be United under a Declaration of Independence from the Democrats and Republicans in Washington.

This way independents can unite under the same goal and that's to rid the government of the corruption of these two political parties in Washington.

reply to post by kozmo


Good heavens.

The economy didn't go bad in a day it is not going to be fixed in a day. It took 3 years for the New Deal and that was worse then this.

And it is not like a thermostat where it all goes up and down at once, different sectors have to succeed to be able to allow other sectors to succeed.


You can't just give the people money or it causes rampant inflation and devalues the dollar.

reply to post by gatorboi117


It's going to get even worse.
9.7% September
Expect over 10% for October 2009
Team Obama is rearranging the deck chairs on the Titanic.
We are going down.
All of the focus group "magic words" that Obama will throw out 9/9/2009
will mean absolutely nothing.
Ignore every word he says. Just watch what he does.


[edit on 4-9-2009 by Eurisko2012]

reply to post by kozmo


Dream on, I posted this on another thread, a brake down the stimulus that is lacking stimulation.

]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.

The stimulus to the tax payer rather than give it into a lump some like Bush did in 2008, Obama is injecting miserable 15 dollar pay checks for the next 26 pay periods.

This hardly will boost spending at all.

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.

Have anybody feel stimulated yet? because I have not.

www.abovetopsecret.com...

The only thing been stimulated in this nation is the markets so those that hold the weath in the nation can feel stimulated while the rest of the nation withers in decay.

We the tax payer are now protecting the wealth of the few in the nation.

[edit on 4-9-2009 by marg6043]

reply to post by nixie_nox


Sorry but within the last two years we have erased all the jobs created by the private sector for the last ten years, many of those jobs are gone forever, and you believe that is going to be fix in three years? how will the outsourcing in this nation is going to stop?.

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.

www.businessspectator.com.au...

I have no doubts that the true unemployment numbers are well into the 20% + range and growing.

Personally I have never known so many capable, intelligent, out of work people in my life. I have entire segments of friends who are out of work, some have been for nearly 6-12 months or more.


Now state benefits are running out and the states can hardly pay for the load of people already on unemployment, must less the thousands of new claims pooring in.


I work in the financial industry, and after having evaluated this situation as well as the overall financial spectrum, I am pressed to say that I have never been more certain that the sky is indeed falling.

This will be a long and difficult winter to come.

Florida Unemployment Borrowing May Top $1 Billion

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.

www.groundreport.com...

Interesting.