Posted tagged ‘jobs’

White House Says 1 Million Jobs Saved or Created By Stimulus

September 10, 2009

o-lolAccording to the Associated Press,  the Ministry of Truth White House said today that the Obama administration’s recovery efforts have saved or created more than one million jobs so far. That should be great comfort to the more than 14 million people still unemployed.

The article also states (emphasis added):

The report is certain to draw criticism because the U.S. economy has actually lost about 2.5 million jobs since the stimulus was signed in February. Because the White House number is based on economic models, it’s impossible to say for certain what that number would have been without the stimulus.

Well, I guess so. It’s also impossible to say for certain what the number is WITH the stimulus, as the whole guesstimate is based on computer models rather than reality.

Updated Unemployment Rate

September 5, 2009

The latest report on the unemployment rate from the Bureau of Labor Statistics was released yesterday. If you’re into the “less bad” thing, then this report has some good news for you. Only 216,000 jobs were lost in August. The bad news all around, though, is that the official unemployment rate rose to 9.7 percent – the highest rate in 26 years.

Calculated Risk puts it in perspective saying, “The economy has lost almost 5.83 million jobs over the last year, and 6.93 million jobs during the 20 consecutive months of job losses.”

 But worse than that, the Associated Press reported last week that more than 1.3 million people will exhaust their unemployment benefits by the end of the year. The same report puts the number of unemployed at 14.5 million.

And all of the above is based on the official BLS numbers which we all know are only a fraction of the true unemployment numbers. In the real world, where most of us live, the actual rate of unemployment is now around 21 percent.

Visit ShadowStats.com

Courtesy of ShadowStats.com

Not surprisingly, then, government tax collection isn’t going so well.

withholding

And government spending? Like there’s no tomorrow…

spending

None of it bodes well for the immediate future.

“By the pricking of my thumbs, Something wicked this way comes.”
William Shakespeare, Macbeth Act 4, scene1

Reuters: U.S. jobless claims unexpectedly rise

August 20, 2009

Unexpectedly? I guess it might be unexpected if you aren’t completely connected to reality. Anyeay, here’s what Reuters reported:

Initial claims for state unemployment insurance benefits rose 15,000 to a seasonally adjusted 576,000 in the week ended August 15 from 561,000 the prior week, the Labor Department said. Analysts polled by Reuters had forecast new claims slipping to 550,000 last week from a previously reported 558,000.

The number of people collecting long-term unemployment benefits edged up 2,000 to 6.24 million in the week ended August 8, the latest week for which the data is available. However, the four-week moving average declined 2,500 to 6.27 million.

Wonder how many of the 2,500 decline are people who have exhausted their benefits but are still unemployed. Considering that we’ve wiped out all the jobs created in the 21st century, you can’t help but wonder.

allJobs

HotAir’s Ed Morrissey sums it up nicely:

Obama has a big problem.  The stimulus package has utterly failed to prevent unemployment from getting above the target line of 8%.  After some initial optimism about the economy, employers are once again shedding jobs and reducing costs, particularly as they see Obama’s expansive — and expensive — legislative agenda work through Congress.  At the time when Obama says, “Trust me to run health care,” voters are realizing that he couldn’t get the economy right while mortgaging the Treasury.  Maybe Obama should focus on fixing what he’s already broken before breaking something else.

Read the rest…

It’s All About Unemployment

April 27, 2009

There can be no recovery until the free market is allowed to complete the correction we are now facing. And until the correction is complete, unemployment rates will continue to come in at record high numbers.

I’ve said before that it seemed foolish to start looking for anything like “recovery” until unemployment numbers dropped significantly. Finally, someone else is saying the same thing:

Defaults among prime borrowers are really starting to pick up. Why? Cause even solid borrowers can fall behind if they lose their jobs.

Credit card companies see much deeper charge offs than they’d foreseen just a few months ago. Again, unemployment.

While the talking heads insist that unemployment is a “lagging indicator”, it’s pretty clear that the financial system is highly levered to this numbers, so it’s hard to imagine a real turnaround unless the economy stops bleeding jobs.

Continue reading

Obama’s Bailout Promises

February 1, 2009

President Barack Obama on Saturday promised to lower mortgage costs, offer job-creating loans for small businesses, get credit flowing and rein in free-spending executives as he readies a new road map for spending billions from the second installment of the financial rescue plan.

The White House is deciding how to structure the remaining half of the $700 billion that Congress approved last year to save financial institutions and lenders. An announcement was possible as early as this coming week on an approach that would use a range of tools to unfreeze credit, helping families and businesses.

At the end of a week that saw hundreds of thousands of people lose their jobs, Obama also used his Saturday radio and Internet address to tell that nation that “no one bill, no matter how comprehensive, can cure what ails our economy.”

[emphasis added]

Continue reading…

Actually, Mr. Obama, I can think of one bill that would have gone a lot further in the right direction than anything the government has done or is planning so far…

H.R. 2755: Federal Reserve Board Abolition Act

To abolish the Board of Governors of the Federal Reserve System and the Federal reserve banks, to repeal the Federal Reserve Act, and for other purposes.

But since Congress doesn’t seem to have the intelligence or courage to do anything about the Fed, we’ll have to deal with the futile efforts it is willing to take.

Considering the promises made by Mr. Obama today, futile is indeed the correct word. Lower mortgage costs and “flowing credit”  will not help people who have lost their jobs or fear losing their jobs soon, sir. Small businesses will not be able to create enough jobs to replace the millions already lost, even if they were willing to risk taking out loans in such a volatile economy.

I sometimes wonder just how disconnected from reality the people running this country actually are.