Posted on 04/03/2009 6:37:14 AM PDT by Fractal Trader
It’s tough to be too gloomy the day after the Dow soared another 3%, but spare a moment’s thought for the unemployed.
It’s bad for them and will get worse. Unemployment will easily hit 10% by the end of this year.
Of course, President Obama and his advisers don’t see it that way. They forecast unemployment topping out at around 9%.
But why trust them? Of Obama’s 22 Cabinet level bigwigs, including the biggest wig himself, none has had a sustained private sector career.
They’re government lifers. And they’re living in a fantasy world of think tanks and policy papers where government spending magically leads to business hiring.
Unfortunately, it doesn’t work that way.
Soon enough, Obama’s dreams of job creation will turn into an unending nightmare of double-digit unemployment.
Look at the numbers. Yesterday’s jobless claims hit a 26-year high. And this morning’s jobs numbers were predictably awful. The economy lost 663,000 jobs in March and unemployment jumped to 8.5%.
Ask anybody running a business — and they’ll tell you, they expect the job market to get even worse.
After all, much of what any CEO does is think about hiring and firing. And lately, the CEOs are pretty focused on the firing part of the equation.
In my career, I’ve fired dozens of people. These are terrible, gut-wrenching decisions that keep you up at night. But they’re also the most necessary. Unlike governments, businesses have to make profits.
That’s why thousands of American bosses are firing millions of their workers. Not because they want to. They have to. No profits and you’re out of business. Then everyone’s out of work
(Excerpt) Read more at blogs.wsj.com ...
But why trust them? Of Obama’s 22 Cabinet level bigwigs, including the biggest wig himself, none has had a sustained private sector career.
They’re government lifers. And they’re living in a fantasy world of think tanks and policy papers where government spending magically leads to business hiring.
Unfortunately, it doesn’t work that way.
Soon enough, Obama’s dreams of job creation will turn into an unending nightmare of double-digit unemployment
Amateur Alert!
Last time I looked, unemployment in my county was at 12.7% and my governor (grandhole) was talking about using nearly a billion dollars worth of “stimulus” money just to balance the books.
You add his cap & trade policies to the mix and we WILL have 25% unemployment.
That's why they can't get their pea brains around the idea that if you cut business taxes, reduce regulation and allow individuals to keep the profits they earn jobs are created.
A lot of people see the uptick in the mkts as a sign that things are getting better. The uptick is due to a change in how banks account for MBS's and a rising unemployment figure. Investors buy stocks in co.'s that cut workers/mgmt because the co.'s become leaner and in the end more profitable. It doesn't help the guy who lost his job.
Unemployment is TOUGH in this area in the southeast. And getting nothing but worse.
My best friend’s husband just lost his business he had for 30 years. Now they are losing their home because he can’t even get a job driving a tractor trailer and he owned his own grading company and drove his OWN tractor trailer while hauling his heavy equipment from job to job.
This man took a lifetime of work and is at nothing.
But Government coming to save the day!!! GAH!+
Unemployment up to 8.5%, probably much higher in blue states. Obamavilles springing up in California. Mr. Mumbles and his Majik Teleprompter are destroying our economy.
A friend of mine in his 60’s got a job driving OTR for Werner about six months ago. Your best friend’s hubby might want to see if they have openings.
The other day I was driving on the freeway and was amazed at how few semis were out there. Our neighbor came home a couple of weeks ago and parked his semi and stuck a “For Sale” sign on it. What few loads he could get were net losers. He is lucky because he is old enough to retire and has everything paid for.
.
Brackula’s tobacco tax is putting lots of people out of business and out of jobs.
My recent house guest remarked on the lack of semis during her drive to our place. When the OTR guys hang it up this country is going to suffer in ways unimaginable. EVERYTHING comes in on those trucks. Better spade up the ground for the veggie garden and learn to love squirrel stew. I am getting so paranoid that I fear the grid will go down and the 0 will decide it shouldn’t be fixed in order to better save the environment. I really, really hate what is happening to our country.
I noticed that too.
I know I’m buying BARE ESSENTIALS. The internet is my only ‘luxery’ and it’s $22 a month. But I feel it’s necessary to know what’s going on in the world because the news sure isn’t telling us.
We are grinding to a halt and Obama is too busy groveling at the feet of Muslim nations.
I’ll bet before it’s over, we’ll be forced to accept Sharia financing as our only hope, or so they’ll tell us.
Unemployment Rate Guide visual guide
http://www.mint.com/blog/finance-core/a-visual-guide-to-the-financial-crisis-unemployment-rates/
good time to own or work for a moving company
Obama gave up a career in private industry to instead to try and help people. Likely all of his Cabinet view themselves and each other similarly. They have sacrificed themselves rather than dirty their hands with filthy private industry lucre. They are superior to people who work in private industry. They are entitled to commensurate respect. The point of view of this article is likely to be as foreign to them as an invader from from another galaxy.
You need to think like a leftist to understand why this doens't bother them. See, Obama can step in and order them to hire and not worry about profits because the only reason they worry about profits is that they are greedy. (Please note that I'm not saying it makes any sense but that's the thinking.)
Of course, President Obama and his advisers don’t see it that way,no kidding obama calls msm hey print this number.
He doesn’t care. Makes us more in line with the rest of the world.
For you recently-laid-off Freepers, I had a brainstorm yesterday. I am buying a gunsafe like a lot of other people. Good safes run 600+ lbs. I could not find any company in my area that will deliver a safe to an upstairs room. Nobody! With $500 in startup capital, I would print up brochures, cut a deal with the staff at the sporting goods stores for a “birddog fee”, get a 1000 Lb. capacity dolly, hire four BIG guys who can deadlift 400 lbs. each, and start charging about $250 per safe delivered to an upstairs room or basement. Just pay the workers by the job as independent contractors so you don’t have to work them full time. I would do this myself, but I already have a business that makes me work 7 days a week. Good luck!
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