Posted on 07/02/2009 3:41:45 PM PDT by 2ndDivisionVet
Americans lucky enough to still have a job are noticing something unpleasant in their paychecks: They're making less money. Employers cut 467,000 jobs in June, far more than expected, and the jobless rate hit a 26-year high of 9.5 percent. Just as worrisome, wages shrank to their lowest in nearly a year.
The bleak news Thursday from the Labor Department underscored one of the big threats to an economic turnaround: Rising joblessness and falling wages for those still working could send Americans back into spending hibernation and short-circuit any recovery.
President Barack Obama acknowledged concern. "What we're still seeing is too many jobs lost, too many families who are worried about whether they're going to be next in terms of job loss, or whether they can find another," he told The Associated Press.
(Excerpt) Read more at wjla.com ...
President Barack Obama acknowledged concern. “What we’re still seeing is too many jobs lost, too many families who are worried about whether they’re going to be next in terms of job loss, or whether they can find another,” he told The Associated Press.
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Obama always expresses concern..and it’s usually deep.
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Thanks, 2ndDivisionVet
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GREAT NEWS! Our own FReeper, Beckwith of the fantastic ‘The Obama File’, will be on Thursday (tonight) at 7:30pm CST with Ken Dunbar
http://www.plainsradio.com/
The Obama File
http://www.theobamafile.com/
The United States
Library of Congress
has selected
TheObamaFile.com
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http://www.theobamafile.com/LibraryOfCongress.html
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Where’s the love, man? Doncha know that the Bamster really MEANS well? Can he help it if he is basically too incompetent to carry out all the chores of micromanagement? You really expect him to do EVERYTHING himself?
< /sarcasm >
An under the wire measurement - The Average Workweek is also falling. How do they count this in the Unemployment numbers? Is someone who is forced to work 39 Hrs./Week counted as 1/4 Unemployed. And what about those who take voluntary pay cuts. Is a Worker who absorbs a pay cut of 10% counted as 1/10 of an Unemployed Worker?
Doubt it, meaning the reality of ‘True’ Unemployment is far worse than what is reported.
39 = 30 Damn!
We are in deep doo-doo, Amerika !
odumbo didnt blame Pres Bush, he must realize this dog will not hunt anymore
My husband’s workplace trimmed wages across the board (they cut 3 percent of everyone’s pay.) I think the trimmed workweek makes more sense. At least you have something to show for your pay cut...a few extra hours off.
My husband’s company is cutting salaries 10%. They were also laid off this week. First time since our honeymoon that the man has taken a full week off and we are celebrating our 25th next year.
You know, this has really got to be hurting the tax revenues they are taking in. So far, they haven’t officially raised taxes, and with double the unemployment number, the revenues have to have big decreases, as well as now they have to fund unemployment benefits. Wow, he must be having nightmares. Well, more than the horror he must endure waking up next to Manchelle.
Employer taxes fund the Lion’s share of Unemployment Insurance (UI), not income or other taxes.
I do know that, but , do you think they are in a “Lock Box”? Same general fund and more is coming out than going in. He has to be getting jittery, cuz the more he has to borrow now, the less credit he has for his big stimulus debt next year.
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