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Unemployment 9.1% - July 2011 - 9.1% Auguts
Topic Started: Jul 8 2011, 07:39 AM (4,345 Views)
Baldo
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CBO: Unemployment Will Remain Above 8 Percent Until 2014

(CNSNews.com) - The Congressional Budget Office projected today that the national unemployment rate will remain above 8 percent until 2014—or until at least a year after the end of the four-year term President Barack Obama won in 2008 and began on Jan. 20, 2009.

“With modest economic growth anticipated for the next few years, CBO expects employment to expand slowly,” says the budget report the CBO released today. “The unemployment rate is projected to fall from 9.1 percent in the second quarter of 2011 to 8.9 percent in the fourth quarter of the year and to 8.5 percent in the fourth quarter of 2012—and then to remain above 8 percent until 2014.”

According to the federal Bureau of Labor Statistics, the last time the national unemployment rate was below 8 percent was in January 2009, the month President Obama was inaugurated. That month it stood at 7.8 percent. By February 2009, the month during which President Obama signed his economic stimulus law, the unemployment rate had risen to 8.2 percent.

If the CBO's projection proves correct, the unemployment rate will have remained above 8 percent for every month of Obama’s four-year term following his signing of the economic stimulus law.

In January 2009, Obama’s top economic advisers predicted that the stimulus would keep unemployment from rising above 8 percent.

http://www.cnsnews.com/news/article/cbo-unemployement-will-stay-above-8-perc


The CBO is known for missing their mark and being too optimistic. They most always favor a rosier projection. The way this charts out is Obama will have a higher unemployment level that he had when he took office, and will have run 48 straight months of deficits.

How long will it be before people realize he applied the wrong policies?
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kbp

"...fall from 9.1 percent in the second quarter of 2011 to 8.9 percent in the fourth quarter of the year"


If correct, the 4th Qtr's hiring (holiday surge most likely reason) should leave us with a 1st Qtr of 2012 back up to 9%.

The reaction to the "committee" will be telling, along with what actually comes from it.
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kbp

How states fared on unemployment benefits

By The Associated Press, 09.01.11, 09:42 AM EDT

Fewer people sought unemployment benefits last week, a sign the job market may have improved a bit. Weekly applications fell 12,000 to a seasonally adjusted 409,000.....


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Baldo
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White House Expects Persistently High Unemployment

The White House budget office forecast on Thursday that unemployment will remain at 9 percent through the 2012 presidential election year, an outlook that it said calls for the sort of the job-creating tax cuts and spending President Obama will propose next week.

The unemployment outlook for the next 16 months reflects a 9.1 percent rate this year, down slightly from the 9.3 percent forecast when President Obama made his annual budget request in February. Next year, the projected jobless rate is 9 percent, up from 8.6 percent in the February forecast.

Unemployment would not return to the 5 percent range until 2017, the budget office said, reflecting the intensity of the hangover from the most severe recession since the Great Depression.

While the budget office’s unemployment forecast for 2012 is no surprise given similar private-sector projections, it amounts to the White House’s official acknowledgement of the political hurdle in Mr. Obama’s path to re-election.

The Office of Management and Budget, in its annual mid-year update of the nation’s fiscal and economic picture, also said federal budget deficits will be lower for this year and next. The decline stems from spending cuts that the White House and Congress agreed to this year, in particular their August deal to find up to $2.4 trillion in reductions over a decade. The Congressional Budget Office similarly revised its fiscal forecast in its midyear report last week....snipped

http://www.nytimes.com/2011/09/02/business/economy/white-house-expects-persistently-high-unemployment.html


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Edited by Baldo, Sep 1 2011, 06:02 PM.
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LTC8K6
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Assistant to The Devil Himself
http://www.cnbc.com/id/44370439

The US economy created no jobs and the unemployment rate held steadily higher at 9.1 percent in August, fueling concerns that the US is heading for another recession.

...
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Baldo
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9.1 %

Non Farm Payroll basically Zero increase, worst performance in a year.

Even the CNBC cheerleaders are admitting we might have a negative GNP for the 3rd Quarter.

Hell of a job Obama
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LTC8K6
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Assistant to The Devil Himself
Expectations were very low, and reality wasn't even close...
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Mason
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Parts unknown
Baldo
Sep 2 2011, 07:37 AM
9.1 %

Non Farm Payroll basically Zero increase, worst performance in a year.

Even the CNBC cheerleaders are admitting we might have a negative GNP for the 3rd Quarter.

Hell of a job Obama
.
It's clear that he thinks his Messiah Personality beamed via Teleprompter before large crowds is going to save him.

There's one thing you must remember - as he has said at critical junctures - this is only the beginning. This is just the first step.

There's a frightening thought.


.

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Baldo
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Rick Santini just went off again on CNBC Squawk Box when the anchors & guests were trying say the Stimulus worked and it was the fault of the spectacle in DC over the Debt increase that has cause businesses to not hire.

It was funny & he was mad. He said basically blame the people who want to stop spending Trillions in debt. Opa we are going to become Greece!
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Baldo
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Solyndra's Failure & unemployment. Obama's failed strategy

....Obamanomics equals bankruptcy. It seems as if every day we get a new story of a “green jobs” enterprise laying people off, or closing its doors. When forensic technicians finally do manage to locate “green jobs” with the aid of powerful microscopes, it turns out they cost the taxpayers hundreds of thousands, or even millions, of dollars apiece to create....

...These massive failed attempts to restructure the free market with raw executive power have a number of ill effects, besides wasting millions in loan guarantees and taxpayer subsidies. They pump false data into the market, causing other companies to behave as if the illusory non-market actually exists. Solyndra employees just got a stiff dose of “green jobs” failure, but they’re not the only ones who will taste that bitter brew. Solyndra had suppliers, contractors, and other peripheral business contacts. All of them will be affected.

Meanwhile, the money poured into this “green” rat hole could have been used in a thousand better ways, all of them completely unknown to Obama and his central planners. Solyndra is but one of their many expensive failures. How long will it take us to recover from the damage this Administration has inflicted? Does anyone want to try blaming this on George Bush?

The death of Solyndra isn't difficult to understand, for anyone outside of the money-burning maniacs of the Obama Administration. The government does not create jobs. The government does not create markets. The most important step we can take toward economic growth is getting our money as far away as possible from people like Barack Hussein Obama.

http://www.humanevents.com/article.php?id=45886
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chatham
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Dont care what anyone says going forward. Unemployed people are not gonna spend money on Christmas gifts and holiday gifts. And I dont see a ot of spending by those still employed. Just hearing about this economy would deter any spending. The recovery expected in 2014 is because the republicans will win. That is what that prediction is saying. I dont see much hiring for the holiday season coming up.
Edited by chatham, Sep 2 2011, 08:20 AM.
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kbp

LTC8K6
Sep 2 2011, 07:36 AM
http://www.cnbc.com/id/44370439

The US economy created no jobs and the unemployment rate held steadily higher at 9.1 percent in August, fueling concerns that the US is heading for another recession.

...
My first thought here is that most not working must have just taken a full week of for the holiday!!


From the article linked;

"...At the same time, the Federal Reserve has expanded its balance sheet past the $2.5 trillion mark through monetary easing measures geared at boosting spending"
(rising prices make it look like the economy is growing!)

Within that paragraph was a link where CNBC will EXPLAIN THIS, the "THIS" being the Federal Reserve.

It's a must read if you want to see what they want you to think ...though the first 2 subtitled sections of the article have the overall message straight; nobody controls the Fed and the Fed can do just about anything it wants!

If you have 3 minutes, CNBC also explains Quantitive Easing, which is rather revealing about Ben's power to print and buy whatever he wants ...though they fall short on mentioning how this also drives up prices and devalues the currency, costing ALL of us a part of our earnings.

Thanks for the link LTC!
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retiredLEO
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Baldo
Sep 2 2011, 07:37 AM
9.1 %

Non Farm Payroll basically Zero increase, worst performance in a year.

Even the CNBC cheerleaders are admitting we might have a negative GNP for the 3rd Quarter.

Hell of a job Obama
IMO, Obamas' plan is working just as planned, it is the Cloward/Piven plan to destroy the economy, overload the system, create turmoil and unrest, then take over the government and reshape society. This is the change part of his "Hope and Change". So in that sense Baldo, Owebama is doing a "Hell of a Job" accomplishing exactly what he wants, most Americans, if not all, dependent on government.
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kbp

Baldo
Sep 2 2011, 08:09 AM
Solyndra's Failure & unemployment. Obama's failed strategy

....Obamanomics equals bankruptcy. It seems as if every day we get a new story of a “green jobs” enterprise laying people off, or closing its doors. When forensic technicians finally do manage to locate “green jobs” with the aid of powerful microscopes, it turns out they cost the taxpayers hundreds of thousands, or even millions, of dollars apiece to create....

...These massive failed attempts to restructure the free market with raw executive power have a number of ill effects, besides wasting millions in loan guarantees and taxpayer subsidies. They pump false data into the market, causing other companies to behave as if the illusory non-market actually exists. Solyndra employees just got a stiff dose of “green jobs” failure, but they’re not the only ones who will taste that bitter brew. Solyndra had suppliers, contractors, and other peripheral business contacts. All of them will be affected.

Meanwhile, the money poured into this “green” rat hole could have been used in a thousand better ways, all of them completely unknown to Obama and his central planners. Solyndra is but one of their many expensive failures. How long will it take us to recover from the damage this Administration has inflicted? Does anyone want to try blaming this on George Bush?

The death of Solyndra isn't difficult to understand, for anyone outside of the money-burning maniacs of the Obama Administration. The government does not create jobs. The government does not create markets. The most important step we can take toward economic growth is getting our money as far away as possible from people like Barack Hussein Obama.

http://www.humanevents.com/article.php?id=45886
OT

This BS all came about when the "warmers" started putting some IMAGINARY value on the absence of a gas, air you can't even see.

Trading rights to emissions should be go done in history as the biggest scam ever created.

Now the airheads are baffled as to WHY they can’t control the economy by printing more paper that has an imaginary value and ignore the problems they keep creating to control those emissions.

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Baldo
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Cloward/Piven only works when you have a sugar daddy to suck dry. When happens when the system collapses? The same as it has down in every communist revolution, scarcity & misery.

They are not going to take us over, just make our lives worse while heading out to their dachas to play golf and their wives deplete the lobster population.

Cloward/Piven is a parasitic strategy, not a long term solution for anything. They just slowly kill the host then wonder why everyone is dying.
Edited by Baldo, Sep 2 2011, 08:47 AM.
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