The 'stimulus' for unemployment: How Washington goosed joblessness

NY Post ^ | November 17, 2009 | Alan Reynolds

[Scanian]

Why did the unemployment rate rise so rapidly -- from 7.2 per cent in January to 10.2 percent in October? It was clearly the administration's "stimulus" bill -- which in February provided $40 billion to greatly extend jobless benefits at no cost to the states.

As Larry Summers, the president's top assistant for economic policy, noted in July, "the unemployment rate over the recession has risen about 1 to 1.5 percentage points more than would normally be attributable to the contraction in GDP." And the rate has moved nearly a percentage point higher since then, even though GDP increased. Countries with much deeper declines in GDP, such as Germany and Sweden, have unemployment rates far below ours.

[ottbmare]

True in our office. Some of the clerical staff who are about to be laid off announce that they are not looking for new jobs, especially since our state does not require them to take new jobs that don’t compensate them as well as their present, somewhat generous rate of pay. No, they say, they’re going to take a year off. Travel a bit. Take some classes. Nice if you can manage it.

[The Magical Mischief Tour]

Somebody needs to pull the rug out from under this ponzi scheme

[RU88]

Yeah, but I thought there were thousands of jobs created in the 82nd Congressional district in Arizona! s/

(Unless Arizona encompasses Mexico, which considering our lax immigration policy, we're well on our way, there are not 82 Congressional districts in Arizona.)

[EVO X]

No, they say, they’re going to take a year off. Travel a bit. Take some classes. Nice if you can manage it.

Really dumb if they intentionally draw off their retirement accounts to do it..