Skip to comments.Why we'll have 10% unemployment soon
Posted on 07/27/2011 11:45:56 AM PDT by mlocher
ROCKVILLE, Md. -- After the nationwide unemployment rate peaked above 10% in late 2009, we saw a fairly rapid decline in jobless rolls during the next 12 months. By March of this year, the headline jobless number had crept back under 9% and renewed optimism in the economic recovery and equity markets.
Well, we've been reading a much different story in the last month or two, with disappointing job creation and a rise in the overall unemployment rate as the meager number of new positions can't keep up with the sheer volume of folks looking for work.
To make matters worse, we are now seeing a disturbing new spate of layoff announcements -- not just a dozen or so workers here and there, but pink slips issued by the thousands at some of the biggest blue chips on Wall Street.
In short, there aren't enough jobs to go around now and there will be even fewer jobs a few months down the road. All this points to significantly higher unemployment in the near future, possibly over the 10% mark.
So where will the biggest damage be done? I think these three sectors top the list:
(Excerpt) Read more at news.fidelity.com ...
Got news for you, Jeff, that train left the station a long time ago.
We have 19% unemployment now.
The numbers are manipulated by the Administration any way you look at it. They will say what Obama wants them to say by election time. The truth doesn’t matter in this country any more.
Obama and the Democrats a.k.a the Peabaggers, wouldn’t have it any other way.
We already do and have for quite some time... using the E3 number is totally dishonest
Nobody seems to correlate the rising debt ceiling with declining jobs.
The rising debt ceiling has two consequences....
more regulation ...
to occupy employees in expanding federal bureaucracies...which expand because they have more money and another layer of bureaucrats need their 20 year promotions... Each round of regulatory expansion is the effective equivalent of another targeted tax increase on the object of the regulation.
The rising debt ceiling has demands and expectations of creditors for new elements of revenue raising by the Feds...taxes or fees.
In this strangling environment job creation is simply NOT possible.
In fact the only logical conclusion..can be ..is that the Federal apparatus -initially an asset to the United States..by virtue of its abilities to raise an effective Navy in the late 1700s, and early 1800s to facilitate overseas trade on behalf of the States, has become nothing other than the States greatest liability at this point in time. In the absence of profound regulatory and taxation reform-which is not capable of coming from the same minds that created the problem..we may well be at the end of the line.
It is betweem 15-25% now, My FRiend. Soon it will be between 25 and 50%. Everyone with a job will have to be approved by the Government before they were hired.
The “official” Obama numbers will gradually creep down toward 5% as the election approaches. Of course it will all be a lie, but will play well in his campaign.
You are so correct! It takes capital to create jobs. When the capital is being siphoned from the free market to fund government programs, there is less capital to create jobs. Hence, unemployment.
Oh, how I wish it were just 10%.
I think we’re around 25% myself.
...and won't make a return trip at least until after the 2012 election, and then I have my doubts.
I hope we do have 10 percent unemployment soon. Sooner the better.
Better than the 20 percent we have now.
He isn’t even taking into account that Obama is using the EPA and FDA to regulate many companies into bankruptcy.
Also, rumors have it that some of the oil fields may have to lay off because of new EPA regulations coming down the pike.
My household has 50% unemployment and 0bama hasn’t offered me any of his “stash” to help out.
The unions started the exit of American jobs years ago. For example, why in the world would someone pay a union worker $25 or $30 an hour plus "benefits" to screw a bolt on a car on the assy line when they could get the same result for $5 an hour in, say, Mexico? So thousands of jobs went to somewhere else, and it eventually turned into millions of jobs gone.
Added to all this is that a most of the more boring jobs are being done by robots, so cutting out of thousands of jobs, here and abroad.
..now, here we are with an "official" unemployment of 9.2%, and is most certainly higher. The out of work people are driving the "demand" for products down, which decreases the need for workers, which further drives demand down...and so on.
...getting out of this demand cycle is not going to be easy...until the companies who have moved out are somehow persuaded to come back....
...I would bet that the unions would be so stupid as not to allow any company coming back without their "help".
Just heard theis afternoon that the new standards for gas mileage dictated by the EPA will destroy the auto industry.
There was a radio commercial about it. This was the first I heard about it.
God, what a mess.
10% ??? We wish for that,the rate is @18%!