Unemployment Rises to 9.8 Per Cent – Highest Rate since April 2010

Posted Posted in American Economy, economics, Unemployment Rate

Matt Drudge is not giving President Obama kind treatment this morning showing his damaged basketball lip with the news that the economy under his Administration continues to struggle.
The U.S. economy added fewer jobs than expected in November and the unemployment rate rose to its highest level since April, underlining the continued weakness in the labor market 17 months into the recovery.

Nonfarm payrolls rose by 39,000 last month as private-sector employers added only 50,000 jobs, the Labor Department said Friday. The October number was revised up slightly to show a 172,000 increase from a previous estimate of 151,000.

The unemployment rate, which is obtained from a separate household survey, unexpectedly rose to 9.8% last month. More than 15 million people who would like to work can’t get a job.

I would suggest that the Senate Republicans and Obama Administration should speedily agree to a compromise Bush era tax rate/cut bill and give stability to the financial markets.  They can extend them for one year if they wish and revisit the issue.

But, do SOMETHING for small business, so they can put Americans back to work.

Why the GOP Should NOT Compromise with Obama and the Democrats Over Tax Rates

Posted Posted in economics, GOP, Taxes

Why?

Because it is bad for the economy and job creation.

The Obama administration and members of Congress should study the record on how the economy reacts to changes in the tax code. The president’s economic team has launched a three-pronged attack on capital: They are attacking the income group that is the most responsible for capital formation and jobs in the private sector, and then attacking the investment returns on capital formation in the form of dividends and capital gains. The out-year projections on revenues from these tax increases will prove to be phantom.

Republicans should not be complicit in a bad “compromise” plan in order to save Obama and the Democrat’s collective ass. Rather to let the Bush tax rates expire, re-enact them in January and let Obama take responsibility in vetoing lower marginal tax rates – if he dare do so.

Day By Day by Chris Muir July 14, 2009 – Not Much Up on Top

Posted 2 CommentsPosted in Barack Obama, Day By Day, economics
day by day 071409

Day By Day by Chris Muir

The Obama Economic Stimulus has been a failure – at least so far. Even the President is backing away from his grandiose promises of jobs.
President Barack Obama conceded Tuesday that the unemployment rate will keep growing for “several months” as he prepared to head to battered Michigan to unveil a plan to help train people for the next generation of jobs.

Obama is proposing a multibillion-dollar investment in the nation’s community colleges, a $12 billion effort to help the two-year institutions reach, teach and train more people for “the jobs of the future.” He was to outline his program in a speech Tuesday afternoon at Macomb Community College in Warren, Mich.

Before leaving town, Obama was pressed on how high the unemployment rate might climb. In Michigan, the jobless rate is 14.1 percent, worst in the nation.

“How employment numbers are going to respond is not yet clear,” Obama said after a meeting with Dutch Prime Minister Jan Peter Balkenende.

“My expectation is, is that we will probably continue to see unemployment tick up for several months,” Obama said. “And the challenge for this administration is to make sure that even as we are stabilizing the financial system … are people able to find good jobs that pay good wages?”

More than 2 million jobs have been lost since Congress passed Obama’s $787 billion economic stimulus package. Without that government intervention, Obama said, states like Michigan would be in even worse shape because they would have had to lay off more teachers, firefighters and other workers.

Obama said renewed hiring tends to lag behind other signs of economic recovery. The White House has been criticized for being overly rosy in its projections of the economic rebound, particularly in terms of employment.

Huh?

I thought economic stimulus was to stimulate the economy to employ people – not to bailout states to NOT layoff school teachers and other unionized public employees.

What a mess but at least Obama is consistent in his disdain for the private economy.

Obama can urge patience but the unemployed voters will hold him and his party accountable beginning NOW.

Previous:

The Day By Day Archive


Technorati Tags: , ,

Day By Day by Chris Muir July 13, 2009 – Stimulus Hope and Change

Posted 1 CommentPosted in Barack Obama, Day By Day, economics
day by day 071309

Day By Day by Chris Muir

The likelyhood of another Democrat/Obama sponsored economic stimulus plan looks remote at this time. The American economy is not improving and the pork-laden first economic stimulus bill of almost $800 Billion is being considered ineffective at best and a complete failure at worst.

The Democrats in Congress are in a bind. Only three Republicans supported the bill (including Senator Arlen Specter who changed over to be a Democrat soon after) and there is no political cover. If they try any of the ideas promulgated by the Repubican Caucus, they will be asked some hard questions as to why they didn’t implement these ideas in the first place.

However, without a new direction by empowering the private business sector and individual taxpayers, the Democrats chances of any immediate success is limited. Good luck with trying to sell today’s economic climate as “hope and change” in the 2010 Congressional midterm elections – especially with Sarah Palin pounding on the limited government themes.

Previous:

The Day By Day Archive


Technorati Tags: , ,

Oh That Joe: Biden Defends Economic Stimulus Plan in Ohio

Posted 1 CommentPosted in economics, Joe Biden
Joe biden 9 17 2008

Vice President Joe Biden

Another Biden gaffe?
Vice President Joe Biden said the Obama administration’s efforts to rebuild America’s economy are working and he expressed frustration with those who say progress is too slow.

“Remember, we’re only 140 days into this deal. It’s supposed to take 18 months,” Biden said in a speech after touring a redevelopment project in Cincinnati.

Biden ticked off the programs funded through the $787 billion economic stimulus measure enacted in February. Thousands of jobs a day have been saved and interest rates have been kept low, saving middle-class families $1,200 to $1,600 a year in mortgage payments, he said.

Ohio’s economy has been hit hard by the recession. The state’s unemployment rate in May was 10.8 percent, up from 10.2 percent in April and higher than the national average of 9.4 percent. The state lost 4.9 percent of its jobs between May 2008 and 2009, and manufacturing jobs plummeted by 16.7 percent during that period, according to the Bureau of Labor Statistics.

The vice president’s trip follows a poll that found that President Barack Obama’s approval rating has dropped by 13 percentage points from two months ago in Ohio, traditionally a critical swing state in presidential elections.

The survey by Quinnipiac University released July 7 showed 49 percent of Ohio voters approved of Obama’s job performance, down from 62 percent in a May 6 poll. The disapproval figure for Obama in the new poll was 44 percent, up from 31 percent in May.

Ohio “has been hard hit through no fault of your own,” Biden told the crowd today. So far, $4.4 billion in Recovery Act funds have been set aside for Ohio, including $2 billion for education, $1 billion for health care and $445 million for transportation, he said.

“These investments are already lifting up Cincinnati,” he said.

Biden toured the site of the American Can Company, an abandoned factory on the city’s north side which is being converted into a complex of apartments, offices and stores. Stimulus funds will pay $1.6 million of the project’s cost and create as many as 100 jobs, Biden said.

No, just an embellishment of the truth which is worse.

There has been NO economic stimulus in Ohio or anywhere from the ridiculous spending in the Obama Porkulus bill that passed with only three Republican Senate votes (one of which then defected to become a Democrat).

Biden and the congressional Democrats need to take responsibility for their poor performance and patience in this case is just another excuse.

How about a real economic stimulus and cancel the rest of the pork spending, Mr. Vice President?


Technorati Tags: , ,

Poll Watch: Consumer and Investor Indexes Drop to Lowest Levels in Months

Posted Posted in economics, Polling

This does not look good for the economy.

The Rasmussen Consumer Index, which measures the economic confidence of consumers on a daily basis, dropped three points on Wednesday to 67.0, its lowest level in over two months. The index is down six points over the past week and down nine points over the past month. Today is the first update based entirely upon interviews conducted since last week’s report showing higher than expected job losses in June.

Nationally, 24% of consumers say the economic conditions in the United States are getting better, down five points from the end of last week. Fifty-two percent (52%) of adults say the economy is getting worse.

The Rasmussen Investor Index, which measures the economic confidence of investors on a daily basis, fell to its lowest level in three months. At 70.3, investor confidence is down fourteen points over the past week and fifteen points over the past month.

Among investors, 26% think the economy is getting better, down five points from yesterday. Most investors (51%) say the economy is getting worse, down from 43% before the job report was released.

No wonder the Obama Administration is floating the idea of another economic stimulus bill. The fact is economic stimulus I or Porkulus has been a failure and unemployment remains sky high.

Stay tuned……


Technorati Tags: