Need a job? Good luck.

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Think job losses won't get worse? Think again
Some forecasters say jobless rate may rise through 2010 to 10 percent

Bad as Friday's grim jobs report was — 8.1 percent unemployment rate, 651,000 jobs lost in February, 4.4 million shed since the recession began — the labor market's pain is likely to continue until well into 2010.

Wall Street economists, who are not typically paid to see the glass half-empty, warn that more bad news is coming in the months ahead.

"The economy is in a tailspin. Businesses are jettisoning jobs at an unprecedented pace," said Richard Yamarone, economist at Argus Research.

“The labor market remains in free-fall," said Nigel Gault Chief US Economist IHS Global Insight. “The recession is deepening; there is no sign yet even that the rate of contraction is slowing." ...

... Since the recession began in December 2007, the economy has lost 4.4 million jobs, more than half of which occurred in the past four months. That brings the total to 12.5 million full-time jobs and the official unemployment rate to 8.1 percent.

Another 8.6 million have been forced to work part time for "economic reasons" as employer cut back hours to cut costs. The number of so-called “discouraged workers” – those who are out of work and have given up looking for a job – has more than doubled since last year. When those two groups are included, the jobless rate jumped by almost a full percentage point this month to 14.8 percent. ...

... The Obama administration is counting on a package of measure to get the economy moving again and employers back in a hiring mood. The list includes an almost $800 billion package of spending and tax cuts; a $70 billion bailout program for the nation's troubled banks; and a $75 billion effort to head off an estimated nine million home foreclosures.

“We have a responsibility to act and that's what I intend to do as the president of the United States of America," Obama told a graduating class of new police officers in Ohio Friday.

But it will be at least several months before the stimulus spending begins to flow through the economy. In the meantime, layoffs will likely continue. ...

... But critics say lending will remain frozen until the government moves more aggressively to buy hundreds of billions of dollars in bad loans that are clogging up the credit system. The Treasury has said it is working on a joint public-private entity to buy those wasting assets, but the announcement is said to be several weeks away.

One reason for the delay may be the Obama administration's sluggish pace of filling senior positions at the Treasury. This week, Treasury Secretary Tim Geithner's staffing plans suffered more setbacks, after candidates for two senior jobs withdrew their names from consideration.

Five weeks into his tenure, Geithner has yet to name a single top deputy or assistant secretary, leaving Treasury without enough people authorized to make decisions or represent the department in meetings with stakeholders. At the department's office of public affairs, for example, all eleven of the most senior positions listed on the Treasury’s web site are vacant. ...

... But some Wall Street veterans say the financial markets are losing confidence that the Obama adminstration is moving quickly enough to address the biggest crisis it faces.

"Geithner is stuck there all by himself trying to do everything,” said David Wyss, chief economist at Standard & Poor's in New York. "They don't have anybody confirmed, and Treasury is a big shop to try to run with one person, especially right now." ...

http://www.msnbc.msn.com/id/29551848/

If we could only find 500,000 people with $1 to buy the stock of Lee Inc and then demand they start reporting some common sense truth maybe everybody wouldn't be twittling their thumbs so much trying to figure out how to actually create a job or two again.

Some forecasters say jobless rate may rise through 2010 to 10 percent

To hear some talk you'd think we were already there! Well, ya'll wanted Obama so I guess he is bound and determined to prove that massive Federal spending can grow something besides a deficit. But the truth of the matter, I'm sure we will see all too late, is that isn't the way to grow this economy and that massive deficits are poison.

Mirage wrote:

Some forecasters say jobless rate may rise through 2010 to 10 percent

To hear some talk you'd think we were already there! Well, ya'll wanted Obama so I guess he is bound and determined to prove that massive Federal spending can grow something besides a deficit. But the truth of the matter, I'm sure we will see all too late, is that isn't the way to grow this economy and that massive deficits are poison.

Worked out pretty well for FDR.

No, it didn't. WWII did.

Mirage wrote:

No, it didn't. WWII did.

Wrong! Look at the graph and see the growth starting in 1933. If Roosevelt's policies were so bad as you've alleged,how did he keep getting reelected?

Yeah, well you can go ahead and cue the crickets... just like what happened the last time a chart illustrating this appeared in another thread....

https://nofree.forumotion.com/nation-world-f11/where-s-the-beef-t461.htm#8498

I personally like the other chart better, because of the notations.



The bottom line is that this just totally destroys the myth the FDR's policies didn't work. But trust me, no matter how many times it's posted, some of the posters wil just continue to insist it's not true... it's like trying to reason with mindless zombies who just keep spewing the same garbage over and over and over again in spite of overwhelming evidence.

I swear, sometimes I wonder why I even bother to post at all. I just don't understand how anyone can cling to views when they are shown to be directly contradicted by the facts. It's quite disconcerting, but I have to admit that it's kind of an interesting phenomenon...

Scorpion wrote:

I just don't understand how anyone can cling to views when they are shown to be directly contradicted by the facts. It's quite disconcerting, but I have to admit that it's kind of an interesting phenomenon...

Agreed. Hence my endless debates with AGW denialists, 9/11 Twoofers, creationists... Denialism is a truly fascinating phenomenon. And usually downright hilarious, too.

Scorpion wrote:

I personally like the other chart better, because of the notations.

So do I,but I couldn't find it again. Thanks for reposting it.

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I swear, sometimes I wonder why I even bother to post at all.

I agree it's frustrating,but ignoring it just helps it gain credibility with those not inclined to do some research to see if it's actually true.

Quote :

I just don't understand how anyone can cling to views when they are shown to be directly contradicted by the facts. It's quite disconcerting, but I have to admit that it's kind of an interesting phenomenon...

IMO,it's people that rely on Fox News and right-wing radio for all their news. I believe that there have been a study or two that proves that those types of people are not as well informed as others that get their news from a variety of sources.

Heretic wrote:

Agreed. Hence my endless debates with AGW denialists, 9/11 Twoofers, creationists... Denialism is a truly fascinating phenomenon. And usually downright hilarious, too.

Watching you destroy their arguments piece by piece is always entertaining

Mirage wrote:

To hear some talk you'd think we were already there! Well, ya'll wanted Obama so...

uh huh
...and you & Ohhmama wanted John McCain who told you that there was absolutely nothing wrong with the economy & Phil Gramm who told you to quit whining.

As a matter of fact, Rush, Sean, Fixed News & all of right wing propaganda radio kept claiming that there was nothing wrong with the economy prior to the election.

Yeah it's too bad we don't have John & Phil in the White House...things would be so much better.

edge540 wrote:

Mirage wrote:

To hear some talk you'd think we were already there! Well, ya'll wanted Obama so...

uh huh
...and you & Ohhmama wanted John McCain who told you that there was absolutely nothing wrong with the economy & Phil Gramm who told you to quit whining.

As a matter of fact, Rush, Sean, Fixed News & all of right wing propaganda radio kept claiming that there was nothing wrong with the economy prior to the election.

Yeah it's too bad we don't have John & Phil in the White House...things would be so much better.

Actually for the record, I didn't "want" McCain (actually I would have preferred a better candidate- but you get what you get) and I thought he was a better choice than the community organizer in office now...