wudger
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Joined: 12/20/2007
Msg: 51 | |
| Fed official says real unemployment rate is 16%, not 9.4.
Posted: 10/1/2009 12:19:47 PM | when bush went to china we were in the middle of two wars, both of which were in deep doodoo. (you know. the whole Commander in Chief part of being president). how is that any different than the war and a half we in now?
of course, george was trying to ignore the oncoming economic crisis so somebody else would have to deal with it, so in that regard I guess his trip was a success from his point of view. | |
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| Fed official says real unemployment rate is 16%, not 9.4.
Posted: 10/1/2009 1:36:44 PM |
GMA reported over the weekend that the rate of 16-24 year olds was actually 52%...so that diploma isn't really much help right now, is it? haha if thats true its better than it was in 2004. http://www.bls.gov/news.release/archives/youth_08182004.pdf The July labor force participation rate for youth (the proportion of their population working or looking for work) in 2004 (67.2 percent) was essentially the same as in July 2003 (67.3 percent)—the lowest rates for July since 1966.
Actually, you need to go back to that BLS report and re-read it. The 52% reported over the weekend were those who were considered unemployed.
The numbers from you July report that you are comparing it to is actually the proportion of that population "WORKING, OR LOOKING for work" and not counted as unemployed.
If you read a bit further down in the same report you will find this:
Unemployment
In July 2004, 3.0 million youth were unemployed. The youth unemployment rate—12.3 percent—was down from 13.3 percent in July 2003. The July 2004 unemployment rate for young men (12.0 percent) was lower than a year earlier. The jobless rates for young women (12.7 percent), young whites (10.1 percent), young blacks (26.6 percent), young Asians (8.6 percent), and young Hispanics or Latinos (12.7 percent) showed little or no change from a year earlier. (See table 2.)
So the figure of 52% of 16-24 year olds reported unemployed - and mind you in late September, is and should be directly as compared to the 12.3% reported from July 2004.
In other words, unemployment among today's youth is 423% from just over 5 years ago.
If that doesn't open peoples' eyes, I don't know what will. This figure includes people who graduated high school 6-7 years prior; People who've had their Bachelors Degrees for two years yet no jobs; People who've had their Master's for a year, etc... Not just summer-job high-schoolers.
The lack of work 6-7 years out of high school means it will take them that much longer to establish themselves - once they do find any decent work - and that much longer to begin the process of living, working, dying, etc...AND TAX-PAYING. Included in each budget cycle are the projections of tax revenue brought in from the labors of these "Youth". So budget planners relying on a 9-10% unemployment rate are now off by 400%. The revenues from that segment will be half what economists were banking on.
The implications are huge all around. Then, extrapolate that upward into the older age ranges and you start to see the much larger picture than just Dems vs. Pubs...They're ALL scared right now. Taxpayers as ordinary citizens trying to live life, should be, too. | |
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| Fed official says real unemployment rate is 16%, not 9.4.
Posted: 10/1/2009 7:48:27 PM |
Saturn Motors to shut down, Penske deal dead....
There ya go = How many people will be effected by this one?
Dealers, Parts Makers, Auto Plant Employees, Local Businesses in Tennessee
That's right they are all bums because they lost their work and jobs.....
4,000 Troops to Return from Iraq...
No work though - so they must be losers too???
 
Dow down 203 Points, more to come...
That's right - it's gonna fall again the Hedge Funds are making their call - the Job loss rate in September was higher than expected...
Bernanke, Jobless Rate to extend over 9% over 2010
Anyone = Great Depression anyone.....
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| Fed official says real unemployment rate is 16%, not 9.4.
Posted: 10/2/2009 2:23:31 AM | | Every government warps and twists the unemployment figures to their advantage. Personally, part-time work and underemployment should be considered as partially unemployed in the enemployment statistics. We all know hell will freeze over before that happens. | |
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| Fed official says real unemployment rate is 16%, not 9.4.
Posted: 10/5/2009 10:56:10 PM | Here ya go - The jobs are gone and not coming back!
More Companies are like rats on a sinking ship = they are leaving the country...
Hell, as soon as GM completes the Buick Factory in China - all the Buick jobs will go too...
No NEW JOBS are coming or being made - you can't go to another state and find a job...
The Retail, Healthcare & Construction Jobs are going to be lost soon...
Makes you wonder why they are already planning a Permanent DOLE system like the UK here - that's right - millions of people with no jobs and no future will be paid to sit and watch TV all day long - because there is nothing else to do with no $$$...
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| Fed official says real unemployment rate is 16%, not 9.4.
Posted: 10/6/2009 5:32:17 PM | our rate in texas is 8 % and the housing market is good if you have good credit and a decent job. there have been a rash of senior citizen bank robberies here in the last 2 weeks from men and women. also, a couple of spouse killings with women stabbing spouses and men stabbing their wives ( some of these folks live in very expensive homes). what kind the average person do to secure their job?
a neighbor was telling me about her neice who has a master's degree and have been unemployed almost a year. she cannot get a job at the local unemployment office because she is over qualified and then walmart want hire her. maybe, this is why folks are robbing banks and breaking into folks houses in the middle of the day. | |
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| Fed official says real unemployment rate is 16%, not 9.4.
Posted: 10/6/2009 5:57:50 PM | Can't speak for the States but the only thing we have keeping us afloat up here is the fact our banks didn't get caught up in all that mortgage futures bs. Which actually occured under bush's watch. In fact some of our banks have done well by expanding into the states but just the sheer size and amount of debt you guys are dealing with is amazing.
The rich are getting richer too, with all that foreclosed real estate up for grabs.
If your banks can't afford to lend money, you are right in assuming many of those lost jobs are never to be seen again.
This may sound kind of weird but the only thing that could get your manufacturing industries back would be a spike in the price of oil. This would curtail shipping of cheap goods, steel, etc coming from china and force a much needed thrust into new energy sources and green tech.
Trouble is much like here is that this also means much retraining unless green companies can transfer the available skills that the currently unemployed people already have.
Here in Ontario the funds have already dried up for retraining mainly due to a lack of focus as to specific areas of need. Most of the funds went self directed interests and at many times three times the rates due to private colleges inflated tuitions.
Unemployment here is stated as 10 .2 % but the jobs that are being created are all part time or for very low wages or just temporary. | |
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| Fed official says real unemployment rate is 16%, not 9.4.
Posted: 10/6/2009 5:58:05 PM | ^^^
The eight percent figure in Texas is fudged like the figures from other states. But still better here than most parts. Housing hasn't tanked but construction has stopped except for stuff already in the works. Home prices are on a downward trend but not radically. You can know that cus rents per square foot are much cheaper than owning.
Jobs are scarce. If layed off here, one can expect to be unemployed for a while.
One thing keeping the employment numbers higher is alot of military contracting done in Texas. 10 years ago I worked in the tech industry doing commercial manufacturing. Bout 90% of that is now in China and India. Most commercial manufacturing is gone now. Shops I knew of and worked at..... closed.
The job I have now is tech manufacturing for govt contracts.
stimulus of another sort.
Picture our economic base like a melting iceberg.
Hollowing out manufacturing cost most of the jobs for the middle class.
Over the side they went as the ice shrunk.
The upper classes depended on the wealth of others to make commissions on.
Without a middle class to generate it, they are passing around money from overseas.
That can now be done at lower commission in their own countries.
So the upper income folks are next over the side.
How can a bank make money on the unemployed?
Or write a mortgage for a minimum wage worker?
Way of the world I guess.
However I am an optimist. Seen a few boom-bust.
We'll get thru this.
But the idea that the rich can exist without a solid middle class..or that the rich can be taxed to remake one is a chimera.
We're all in this together.
Time we realized that and acted upon it. | |
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wudger
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Joined: 12/20/2007
Msg: 59 | |
| Fed official says real unemployment rate is 16%, not 9.4.
Posted: 10/6/2009 6:08:07 PM | want to live like a republican, elect a democrat as harry said.
maybe the country will think twice about listening to all this de-regulation doodah next time.
I doubt it though. we bought the same bunch of gudge under bush as we did under reagan.
ain't no something for nothing. | |
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| Fed official says real unemployment rate is 16%, not 9.4.
Posted: 10/6/2009 6:49:32 PM |
Hell, as soon as GM completes the Buick Factory in China - all the Buick jobs will go too...
Looks like GM was a great use of stimulus money.....Wonder how many more companies Obama is chasing overseas. | |
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| Fed official says real unemployment rate is 16%, not 9.4.
Posted: 10/6/2009 6:58:59 PM | Most of the stimulus money seems to have been a waste. But don't worry, they're talking about more stimulus - some for industries that have already received some and some for industries/sectors of business that haven't seen any yet, but are only now being recognized by those in power as crucial to recovery.
Will anything have been learned and will they apply it differently and to different levels of the economy? I think several more of my neighbors have been recently laid off. There's a few more of them who aren't going to work as they used to even up to a week ago. | |
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