Unemployment near 18% & "Worse is Yet to Come"

Nouriel Roubini, the economist who -- very early in this game -- mapped out the steps of the credit crisis and depression in a paper that is both shocking and accurate now says America better hunker down - 'Cause more job losses are in store for this "recovering" economy.

This is very bad news but we must face facts. Many of the lost jobs are gone forever, including construction jobs, finance jobs and manufacturing jobs. Recent studies suggest that a quarter of U.S. jobs are fully out-sourceable over time to other countries.

He does see jobs recovery in 2011 -- maybe. But I think it's even worse than his predictions. I think the obliteration of jobs has more to do with a new paradigm on consumer spending -- or perpetual lack thereof -- than outsourcing as the reason we'll see many jobs not return in our lifetimes.

He does offer one great idea: Tax credit to employers who create jobs.

You mean jobs like this?

Exclusive: Jobs 'Saved or Created' in Congressional Districts That Don't Exist
Human Error Blamed for Crediting New Stimulus Jobs to Nonexistent Places

Here's a stimulus success story: In Arizona's 15th congressional district, 30 jobs have been saved or created with just $761,420 in federal stimulus spending. At least that's what the Web site set up by the Obama administration to track the $787 billion stimulus says.

There's one problem, though: There is no 15th congressional district in Arizona; the state has only eight districts.

And ABC News has found many more entries for projects like this in places that are incorrectly identified.

Late Monday, officials with the Recovery Board created to track the stimulus spending, said the mistakes in crediting nonexistent congressional districts were caused by human error.


"We report what the recipients submit to us," said Ed Pound, Communications Director for the Board.

Pound told ABC News the board receives declarations from the recipients - state governments, federal agencies and universities - of stimulus money about what program is being funded.
(snip)
For example, recovery.gov says $34 million in stimulus money has been spent in Arizona's 86th congressional district in a project for the Navajo Housing authority, which is actually located in the 1st congressional district.
(snip)
In Oklahoma, recovery.gov lists more than $19 million in spending -- and 15 jobs created -- in yet more congressional districts that don't exist.

In Iowa, it shows $10.6 million spent – and 39 jobs created -- in nonexistent districts.

In Connecticut's 42nd district (which also does not exist), the Web site claims 25 jobs created with zero stimulus dollars.

The list of spending and job creation in fictional congressional districts extends to U.S. territories as well.

$68.3 million spent and 72.2 million spent in the 1st congressional district of the U.S. Virgin Islands.

$8.4 million spent and 40.3 jobs created in the 99th congressional district of the U.S. Virgin Islands.

$1.5 million spent and .3 jobs created in the 69th district and $35 million for 142 jobs in the 99th district of the Northern Mariana Islands.

$47.7 million spent and 291 jobs created in Puerto Rico's 99th congressional district

abcnews.go.com...

Now the real question is, where did the money *really* go?




[edit on 17-11-2009 by Libertygal]

Is going to be another stimulus coming, thanks to leaks from the Golman Sach camp they are telling their investors that Obama will be coming out with another stimulus before mid term elections to cement the hold of the Democratic congress.

As we know the bailout and previous stimulus has stimulated the markets but not the nations citizens.

That look good for global investments but not for investments within our nations work force.

Don't worry, it's a new syndrome they just discovered called a "jobless recovery", it's kind of like "thermal expansion".

Peace

reply to post by Dr Love


We all know where that "jobless recovery" is coming from, is going to head into inflation if the fed loses control of all the liquidity running under the tables.

Still we are now an economy of bailouts and stimulus to keep everything working from government to the markets.

And now we have groups asking for race specific bailouts:

Meanwhile, groups like the NAACP and Hispanic advocacy group National Council of La Raza are expected to speak on Capitol Hill Tuesday to urge President Obama and Congress to pass a new jobs creation package aimed at minority communities. Unemployment among African Americans is at 15 percent, higher than the 10.2 percent nationwide.

www.foxnews.com...

This is crazy...

A pretty harsh reality for shure. I agree it will get much worse, it's all been planned. All our capital has fled the country, our resources and infrastructure are foreign-owned and we have been reduced to slave status only most have yet to realize it.
The american dream is dead, cut off at the knees by policies designed to destroy our manufacturing base, break up unions, put more and more people into a position of requiring government aid and devaluing the dollar by consistent deficit spending while the treasury dept. keeps printing up more fake reserve notes.
We're far from hitting bottom, a depression is coming that will make all others look easy. It won't be pretty.

reply to post by Libertygal


This is just hilarious, now interest groups are to ask for special favors for certain sectors of the community?

Interesting, meanwhile nobody cares about the increasing deficit and national debt with the spending.

SPACEPORT AMERICA is hiring in NEW MEXICO. Wow new jobs created in the desert for space, who would of knew.

But on topic the stockmarket is doing well or it appears to be and joblessness is up MAKES NO SENSE. And since all the people who are no longer collecting unemployment dont count in these statistics what are the REAL NUMBERS OF UNEMPLOYED AND STRUGGLING????

Remember all those stimulus checks they sent out to everyone? And the wonderful 13 dollars a week in your paycheck? Turns out some people will be paying for that out of their own pockets by losing some of their tax refund, or even *owing* the IRS the money back!

This is from a program called "Making Work Pay"?

So now, we are getting penalized for *having* jobs?! Do they have any idea what is going to happen to people who are barely getting by that have to cough up a $400 tax payment nexty April?

money.cnn.com...

Stimulus surprise: 15 million may owe IRS
Treasury report estimates many may be getting paid more of the Making Work Pay credit than they should. Their refunds may be cut or they'll have to cough up the overpaid amount.

NEW YORK (CNNMoney.com) -- Nothing with taxes is ever simple, even when you're getting a tax break.

An estimated 15.4 million tax filers may be getting paid more of the Making Work Pay credit than they should, according to a report from a Treasury Department inspector general publicly released Monday.

And that means they either will get less of a refund than they expected, or will actually owe money to the IRS on their 2009 taxes.

I would almost guess this was a Friday for all the wierd news that is happening, and notice so much is to do with the economy and jobs.

Jobless recovery, yeah. This is a false idea, IMO, it is going to get a *lot* worse.

[edit on 17-11-2009 by Libertygal]

Originally posted by Ophiuchus 13
And since all the people who are no longer collecting unemployment dont count in these statistics what are the REAL NUMBERS OF UNEMPLOYED AND STRUGGLING????

I was just telling my boyfriend and roommate this the other day. I told them that they 10% employment rate is only based on those who are actually collecting unemployment.

It doesn't count those who weren't able to collect in the first place, or could no longer collect because their "allowance" ran out. That's scary.

reply to post by Libertygal


I work at a CPA firm. We just had a webinar to learn about all the new tax laws/forms last week. One that was covered was the new Schedule M: Making Work Pay Tax Credit Calculation sheet.

I just about fell out of my chair when I realized that some of us won't get the full $400 credit! I didn't want the damn extra $13/week in the first place and now, I might have to pay a couple hundred dollars BACK to the government?!

What a sham! How does that stimulate anything?

But . but . but I thought Barry said unemployment wouldn't go over 8% if they hurry up and sign the not so -stimulus package? Loved that new phrase they have "a Jobless Recovery" how about an Unemployed-employment package?

Okey, serious now. Anybody else think this whole thing is staged? Think about it. You put enough people outta word and without insurance, the masses will be demanding the "government" to help and BO gets his wish national health care, followed closely by cap & tax errr trade.

Anybody see the reverse button? I want my country back.

Originally posted by Libertygal


Now the real question is, where did the money *really* go?




[edit on 17-11-2009 by Libertygal]

From the looks of my area, I'd say distributed or funneled to the inner city.

If so I guess he(BO) did keep one promise.

reply to post by nunya13


It will stimulate a LOT when people go to file their taxes next year and find this out.

I didn't want the 13 dollars a week either, and like I said, it is going to hurt to have to try to make a lump sum payment for those who may be faced with that.

I can't quite figure it out yet, but I think there is a bit more to this than meets the eye. I get the sense of "borrowing from Peter to pay Paul", and someone dropped the ball or something, and it is starting to rear it's ugly head.

I can easily foresee people just giving up on the jobs they have as more industry gets chased out of the country. People are just going to start getting the attitude if the government will pay for my way, why should I work?

Edit typo

[edit on 17-11-2009 by Libertygal]

Originally posted by marg6043
reply to post by Libertygal

 

This is just hilarious, now interest groups are to ask for special favors for certain sectors of the community?

Interesting, meanwhile nobody cares about the increasing deficit and national debt with the spending.

You are right nobody cares about running up the national debt. They just want their handout from the government. People act like its free money and don't seem to realize that at some point it all has to be paid back. I guess they don't care that future generations will be paying for this mess for years to come.

Americans are becoming soft and dependent on the government just the way they want us. Its quite sad really..

Originally posted by Libertygal


Now the real question is, where did the money *really* go?


[edit on 17-11-2009 by Libertygal]

Baxter Labs in Ukraine? Just sayin....

Originally posted by behindthescenes

Originally posted by Libertygal


Now the real question is, where did the money *really* go?


[edit on 17-11-2009 by Libertygal]

Baxter Labs in Ukraine? Just sayin....

I had to crack a smile, but seriously, we are talking billions here, some false reported districts 700 million plus alone!

All this jobs nonsense is just that, nonsense. How can someone seriously call a temporary job of two days.. a job? It's almost more like.. a vacation from unemployment!