Posted on 09/05/2010 7:59:14 PM PDT by SeekAndFind
The U.S. economy will eventually rebound from the Great Recession. Millions of American workers will not.
What some economists now project — and policymakers are loath to admit — is that the U.S. unemployment rate, which stood at 9.6% in August, could remain elevated for years to come.
The nation's job deficit is so deep that even a powerful recovery would leave large numbers of Americans out of work for years, experts say. And with growth now weakening, analysts are doubtful that companies will boost payrolls significantly any time soon. Unemployment, long considered a temporary, transitional condition in the United States, appears to be settling in for a lengthy run.
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"This is the new reality," said Mark Zandi, chief economist at Moody's Analytics. "In the past decade we've gone from the best labor market in our economic history to arguably one of the worst. It's going to take years, if not decades, to completely recover from the fallout."
Major employers including automakers and building contractors were at the core of the meltdown this time around. Even when the economy picks up, these sectors won't quickly rehire all the workers they shed during the downturn.
Many small businesses, squeezed by tight credit and slow sales, similarly aren't in a hurry to add employees. Some big corporations are enjoying record profits precisely because they've kept a tight lid on hiring. And state and local governments are looking to ax more teachers, police officers and social workers to balance their budgets. Meanwhile, U.S. legislators have shown little appetite for a new round of stimulus spending.
It all points to a long slog for the nation's unemployed.
(Excerpt) Read more at latimes.com ...
No $hit. Under President Bush, my wife and I had a six-figure income. Under Dumboears Obama, we’re on food stamps.
That must have been you I saw in line.......I was denied.
Stimulus spending does no good.
| U-6 unemployment | ||||||||||||
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
| 2000 | 7.1 | 7.2 | 7.1 | 6.9 | 7.1 | 7.0 | 7.0 | 7.1 | 7.0 | 6.8 | 7.1 | 6.9 |
| 2001 | 7.3 | 7.4 | 7.3 | 7.4 | 7.5 | 7.9 | 7.8 | 8.1 | 8.7 | 9.3 | 9.4 | 9.6 |
| 2002 | 9.5 | 9.5 | 9.4 | 9.7 | 9.5 | 9.5 | 9.6 | 9.6 | 9.6 | 9.6 | 9.7 | 9.8 |
| 2003 | 10.0 | 10.2 | 10.0 | 10.2 | 10.1 | 10.3 | 10.3 | 10.1 | 10.4 | 10.2 | 10.0 | 9.8 |
| 2004 | 9.9 | 9.7 | 10.0 | 9.6 | 9.6 | 9.5 | 9.5 | 9.4 | 9.4 | 9.7 | 9.4 | 9.2 |
| 2005 | 9.3 | 9.3 | 9.1 | 8.9 | 8.9 | 9.0 | 8.8 | 8.9 | 9.0 | 8.7 | 8.7 | 8.6 |
| 2006 | 8.4 | 8.4 | 8.2 | 8.1 | 8.2 | 8.4 | 8.5 | 8.4 | 8.0 | 8.2 | 8.1 | 8.0 |
| 2007 | 8.3 | 8.1 | 8.0 | 8.2 | 8.2 | 8.2 | 8.3 | 8.5 | 8.4 | 8.4 | 8.5 | 8.8 |
| 2008 | 9.1 | 8.9 | 9.0 | 9.2 | 9.7 | 10.0 | 10.5 | 10.9 | 11.2 | 11.9 | 12.8 | 13.7 |
| 2009 | 14.0 | 15.0 | 15.6 | 15.8 | 16.4 | 16.5 | 16.4 | 16.8 | 17.0 | 17.4 | 17.2 | 17.3 |
| 2010 | 16.5 | 16.8 | 16.9 | 17.1 | 16.6 | 16.5 | 16.5 | 16.7 |
Thanks to OBAMA!
Hey...agree!
Before the Bush Bashers get in here....I lost at least 1/2 of my retirement thanks to Obozo not getting this ship back and of course the Dems’ Fannie/Freddie etc crash.
with the way kids are “edumacated” now unemployment will still be high.
sarc/
I got your back. No bush bashing here.
1. Outlaw public unions
2. Reduce government and regulations
3. Reduce government taxes especially corporate taxes
4. Massive tort reform
5. School choice
Or in a nutshell - everything that democrats support and gain their power from destroys jobs...
After the big government default and layoffs, maybe we’ll see lower levels of pride and more ironing of shirts. What’s for supper, anyway? ;-)
They don’t want them coming back but a whole dependent underclass to keep voting them in ad infinitum (Panem et Circines)
Unbelievable.
The moment buisnesses knew Obama was going to be president they started elimanating jobs.Now OBama can say whatever he wants but that is the truth and this chart does not lie.
I know several people who are around age 60 and out of work. No one will hire them. They are taking early social security as their only real option. S/S didn’t see this coming - hence they will start running deficits much earlier than planned.
My daughter is a coupon cutter. She has an average grocery bill of $110/week. With the coupons, she rarely spends more than $18. A couple of times she has had a balance and walks away with cash and the food. And even then, we store a lot of goodies. E.g. we had 18 lbs of bacon that she paid about $0.50/lb for. Since they offer many toiletries also, she gets the bargains (a lot more than she needs) and sells the balance at carport sales. An 8-pack of TP sells for 2 bucks and she gets 5 packs. Sells them for $4/pack. What she makes on the sales essentially brings their food bill down to $0. Her sis in law does the same and has similar results. Not bad. She says it takes about 1 1/2 hours a week to arrange the coupons and go thru the Wednesday and Sunday papers. My wife helps. Anyway, try that and help yourself out a bit.
Recovery Summer has made the transition to Epic Fail Fall.
See my tagline for my response:
My daughter is a coupon cutter. She has an average grocery bill of $110/week. With the coupons, she rarely spends more than $18.”
What a great suggestion!
Chrisy Matthews wants everyone getting unemployment check to vote for a DemocRAT this November.
1. Outlaw public unions
2. Reduce government and regulations
3. Reduce government taxes especially corporate taxes
4. Massive tort reform
5. School choice
Or in a nutshell - everything that democrats support and gain their power from destroys jobs...
----------------------------
What's standing in the way of the self-correcting mechanism?
Not what, but who?
Answer: The turd-in-the-punchbowl president, the Speaker of mumbo-jumbo Pelousy & Senate Majority Leader Harry Odious-Ridiculous.
The 'Three Stooges' from hell.
The 'working man' has been pushed into a corner. His savings are gone, his children's futures are being destroyed for no good reason.
There can be no doubt that what Obama seeks is to overthrow the Constitutional Republic that we have enjoyed for the past 230+ years.
Look at what we have become in 18 months.
Obama, the king and master of nothing, kills America financially and when the economy realizes some growth again, those waiting to get rehired as managers and engineers start to find they have to work two jobs as cashiers and janitors.
Barry must be thrilled. Time for some hoops. Time for some ice cream. Time for a swim. Up yours America.
And so, we're in deep, deep economic trouble. And these liberals are going to friggin' sing and dance along, all the way, as they dance off a cliff.
Liar = Obama.
Cheater = Feds.
Thief = Congress.
Con artist = Piss-Stream Media.
Throw 'em all out.
Not sure we want to take a race to the bottom to compete with China and India. We need to pull out of the world trade agreement crap and trade as it serves our people and economy.
The TARP stuff, stampeded by RATs and RINOs under Bush, was enough to worsen a mild recession into something more serious. Now 0bama has dumped a tanker of gasoline on the smoldering fire, and has more on the way. Commerce and finance headed to the bunkers, and we have to look to our own safety too while 0bama and his minions try not only to wreck the economy, but the entire society.
What happened was the wildest wet dream of liberals came true. They have a cipher for president, and now claim limitless power above and beyond the Constitution. No matter what they claim, everything they've done so far has been bad for America, but good for them, as they see it.
They've come to the point that they may not need to worry about 2012. They've done such a good job that they've wrecked more and faster than they ever imagined. They could lose everything in November, and feel that they will rule by decree forever.
After November, they will either submit to the rule of the American people as expressed in the Constitution, or detonate the suicide belts they have unwittingly made for themselves, while trying to get the other guy to go first.
My wife And I have both been unemployed for nearly two years. There is no assistance for us because we own a house and now may have sell it just to pay for my medical, I have been battling cancer. I need my meds and treatments to survive and we only have my unemployment left. With just my little bit of that income we can’t even afford it.
We too have gone from 6 figures to barely nothing, we were lucky to lease our house and move in with her sister, but have no way to pay my next cobra payment. We pray she gets a job in the next few weeks. But after two years of trying I’m not holding my breath......it’ll be the same old story, she’s over qualified and no one is willing to hire her for fear she’ll leave if a better opportunity arises.
Summer of recovery my arse......Obama sucks!
Which it might, in what... a decade or so? It is to laugh so as not to cry.
yep, and all the old farts will be stealing from the future. this system will be collapsing quickly.. unless by some miracle, the baby boomers all kick off.
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