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The real Crisis 25 years new high


Mr. T

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America faces double-digit inflation and over 15% unemployment ...

The unemployment will rise because of hopelessness among entrepreneurs. The business confidence has plummeted and is perhaps irreversible in the next ten to twenty years. That will have a serious effect on the employment. The tax receipt is plummeting deepening the red in the budget deficits. The unemployment can rise to 15% and perhaps to 25%. If you consider underemployment as a fact since 1979, the unemployment rate in US is actually above 25% right now. By 2015, 78% US citizens can be underemployed or unemployed.

http://www.indiadaily.com/editorial/20559.asp

 

 

the highest metropolitan unemployment rate at 25.1%.

 

Jobless rates of at least 15% were reported in March in 18 areas, compared with only one the previous year.

 

http://money.cnn.com/2009/04/29/news/econo...sion=2009042914

 

Many know of someone in their family who has been layed off. This is the biggest problem that we face. Even with the stimulus package It wont be enough to stop all of those being layed off, we will here about new jobs created but the jobs lost will be a greater number.

 

Cutting taxes and encouraging Americans to Save instead of spending is the only thing that will bring the economy back around. What are American/Consumers supposed to buy anyways? Chineese goods? Its time we go back to buying Made in America.

 

After all dosn't all of us own a part of GM and Chrysler? We are paying for the banks not making loans on new cars after they received all of that money.

 

 

State's jobless rate climbs

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That 78%-in-2015 number must have sent cal and T directly to the gun show to pick up some new pieces.

 

Why do you guys read shit like this when you know how susceptible you are to misnformation?

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That 78%-in-2015 number must have sent cal and T directly to the gun show to pick up some new pieces.

 

Why do you guys read shit like this when you know how susceptible you are to misnformation?

 

Where is yor compassion for all of those hard working Americans who have lost so much?

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mz the pussy, you need to learn to stick to the freakin subject of the thread.

 

It isn't about gun control.

 

It's about unemployment.

 

I keep asking: Do you have anything intelligent to add?

 

Or are you just pretending to be a troll?

 

 

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The US lost 663000 jobs last month, Labor said April 3, and the unemployment rate jumped to 8.5 percent, the highest level since 1983.

 

Incomes fell for the fifth time in the last six months.

 

 

http://www.bloomberg.com/apps/news?pid=206...&refer=home

 

I am still trying to find the state by state report. I beleive these reports dont include those who have fell off of unemployment benefits without obtaing new work.

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So what can be taken away from this stunning new development is that tax cuts and breaks for the rich that were the bread and butter of conservatism do not work or atleast didnt flourish under the Bush administration.

 

Unfortunately conservatives dont have any new ideas so all that is left is to blame Obama and democrats for the mess they have made of the country and nobody is buying it accept for the simple minded.

 

Get out your tea bags and donate them to those you put out of work.

 

 

So, do you really think that the republicans stand a chance of getting anything passed unless they go along and cross over to the socialist left side. Congress is Liberal demosrat 60-40 over conservative republican. if you have not heard.

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  • 2 weeks later...

Since the start of the recession in December 2007, the U.S. economy has lost 5.7 million jobs, the Labor Department said.

 

 

Manufacturing lost 149,000 jobs in April after shedding 167,000 in March. Economists were heartened by a slight increase in hours worked in manufacturing, where the average work week inched up to 39.6 hours from 39.4 in March.

 

http://www.reuters.com/article/domesticNew...E5472SK20090508

 

Never Fear! Obama's Here, while GM plans on pulling out and going to Mexico & China.

 

Compliance Assistance - Fair Labor Standards Act (FLSA)

 

The FLSA establishes minimum wage, overtime pay, recordkeeping, and youth employment standards affecting employees in the private sector and in Federal, State, and local governments. Covered nonexempt workers are entitled to a minimum wage of not less than $6.55 per hour effective July 24, 2008; and $7.25 per hour effective July 24, 2009. Overtime pay at a rate not less than one and one-half times the regular rate of pay is required after 40 hours of work in a workweek.

 

What will the unemployment rate be for July 2009?

 

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Here is what I really think about the unemployment rate climbing:

 

It isn't all due to the economy.

 

There are a lot of companies I know of, that have gotten greedy bigtime

over several years. It is due to one track minded, totally self-absorbed unethical, corrupt American corp managment.

 

*** 1. They have moved production ops overseas, just to quick change an increase

in revenue because of less costs to produce. The management gets a huge bonuses for that.

 

*** 2. They have brought in many, many consultants from overseas, India in particular.

These consultants tend to have no family here, different culture, sometimes limited English,

sometimes overbilled as qualified (ie. textbook training, bogus representation of experience.

 

The all-too-often big lie is "Oh, gosh, we just can't find any Americans for the jobs". bullpoop.

 

But, the corps don't have to pay any med insurance. And most of the consultants have

far longer work hours in their respective cultures back home.

 

I personally knew that some consultants would come into work about 5:00 AM. I came in a 5:30

a few times. The overnight janitor told me they came in that early every day.

I stopped back into work on night to get my laptop, we were at a social event out that way...

because I was going to work from home.

It was 7:30, and the same consultants were still working.

 

What else is there for them to do ? They do it for 6 months and go back to their home country.

 

Oh, and they work for less money an hour salary.

But, their software is very often not intuitive, and not specifically designed to the immediate requirements.

I was friends with one of them... he confided that some of his senior colleagues simply call back to their home base

overseas, and get generic software packages sent to them for tweaking.

But, a lot less expense. And American managment gets huge bonuses.for that.

 

*** 3. New corrupt management shows up, and starts a new "corporate culture"... as in from "now on"... they

wanted to get permanent American employees to work 65-75 hours a week. Or, as they said, they would

simply replace them with overseas consultants.

A lot of people got fired that way, for refusing to work all those hours, permanently, at the same salary btw,

and give up their family time. A lot of folks with busy social lives after work - kids, sports, church activities, other

family responsibilities etc. refused.

 

Well, after about 1 year of firings, it got around to me. I just told em I have known people in IT

who lost families due to divorce, or just ruined relationships with their kids... and I would never give

up my family. They could just fire me right then and there. I knew one who was divorced and he committed

suicide.

 

But, it took another year for it to get to be my turn. I was somewhere around the 123 person afflicted with

"Failure to meet expectations". LOL. Yeah, the same code as everybody else. I wouldn't

those hours either.

 

But, getting a lot of other people ot work insane hours... lowered personel costs.

And, American management got big bonuses for that. Until other people started quitting, some

other terrific managers got out of there, and lawsuits were initiated. Then the bad greedy somebeech

corp managers left to go elsewhere and do their thing all over again, I guess.

 

 

*** 4. Don't get me started about the big unions and their frivilous, contentious contract negotiations that

have helped put other companies into financial stress.

 

Now, the economy is hitting the skids, and the unemployment is even higher. But American corp management greed

laid the foundation years before the recession ever hit.

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The free market can be cruel Cal. But like always, a new field will open up as we outsource more of our current information based jobs.

 

And hey, all that "corrupt corporate management stuff" is funny coming from you. Almost socialist, if you will.

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So what can be taken away from this stunning new development is that tax cuts and breaks for the rich that were the bread and butter of conservatism do not work or atleast didnt flourish under the Bush administration.

 

But then, since it's even worse in Europe I guess the liberals high taxes aren't working either, huh?

 

Unfortunately conservatives dont have any new ideas so all that is left is to blame Obama and democrats for the mess they have made of the country and nobody is buying it accept for the simple minded.

 

There are no new ideas.

Not free market not socialism, none of it.

 

History did not begin last week.

For either party.

 

WSS

 

 

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And hey, all that "corrupt corporate management stuff" is funny coming from you. Almost socialist, if you will. PB&J

 

*************************************************

 

Now, that's just plain cruel. @@ B)

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The practices of outsourcing, overseas consultants, & demanding a worker to work hours that may be harmful to his life or family is disgusting and shows how much character a man has, this is done out of nothing more than selfishness and greed.

 

The influx of foreign workers (migrant) is done from both sides of the aisle this is not a D or R who done it. This is breaking the backs of American workers.

 

We need term limits in congress.

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The practices of outsourcing, overseas consultants, & demanding a worker to work hours that may be harmful to his life or family is disgusting and shows how much character a man has, this is done out of nothing more than selfishness and greed.

 

The influx of foreign workers (migrant) is done from both sides of the aisle this is not a D or R who done it. This is breaking the backs of American workers.

 

We need term limits in congress.

 

Term limits would make it worse.

These bastards would be 100% beholden to the party that puts them in power they'd be in constant campaign mode and answerable to no one.

 

IMO

 

WSS

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I was laid off from my job last week, and had applied for government aid. They told me no, basically because my wife makes too much money.

 

I'm sorry, dude.

 

Are you telling me that you've been turned down for Unemployment Insurance??? I wasn't aware that that's possible. Is it done on the state level??? As far as I know, it's like 400/week in California, which isn't a lot but it's something.

 

For all the talk of government aid for those who need it I've learned the hard lesson this week that that aid is soley reserved for those of a darker skin color.

 

I understand you're upset, but you know this isn't true.

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I think the government dicks everyone around, one of the many reasons I hate it.

 

I just wanna know how does an Illegal Immigrant with no SSN, driver's license, etc., get public assistance??? It's not a rhetorical question...I wanna know how that works, when you need to provide all of that info I suspect...

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I think the government dicks everyone around, one of the many reasons I hate it.

 

I just wanna know how does an Illegal Immigrant with no SSN, driver's license, etc., get public assistance??? It's not a rhetorical question...I wanna know how that works, when you need to provide all of that info I suspect...

 

 

Identity Theft

 

Identity theft hits record 10M Americans for record $48 Billion in 2008

 

http://streetknowledge.wordpress.com/2009/...illion-in-2008/

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Of course the farmers and such have the politicians on a string. That's how politics work unfortunately. It is disappointing that these immigrants effectively steal services, but I doubt that the majority of them would pass up the opportunity to be legal aliens, or even citizens. If there was a higher cap for new immigration I bet there would be a lot more tax payers.

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Wow is right. Went to a big picnic Sunday.

 

There was eventually a group of folks who had lost jobs

 

talking about it at one table.

 

Of course, that's after the big picnic meal,

 

volleyball, softball, and a big game of whatever

 

game it was that you draw a card and you answer

 

questions about yourself.

 

That is alarming - the # of folks who are now unemployed since

 

the beginning of the year.

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24,700,000 Unemployed or Underemployed Americans:

Job Losses Accelerate with 6 million unemployed over last year.

Real Unemployment rate now at 15.8 Percent.

 

http://www.mybudget360.com/24700000-unempl...at-158-percent/

 

It is hard to believe what is taken as good news. 539,000 jobs were lost in April yet this was taken as a positive because it wasn’t 600,000. Forget about the fact that the revised number for March was moved upward to 699,000 from an initial 663,000. So it may be the case when the final number for April is calculated in June, we might have another 600,000 job loss month. The market is continuing on its upward surge with the S&P 500 now nearing a 40% gain in 2 months. This market volatility and surge is indicative of an unstable market. The fact of the matter is, when we total up all of the unemployed and underemployed we find that close to 24,700,000 Americans fall in this category.

 

unemployment-rate1.png

 

Over the past 12 months the number of unemployed has risen by 6 million. Also, if you look at the above chart, the rate has shot up by 3.9% from 5% last April of 2008 to the current 8.9%. Yet that rate is for those that are unemployed. When we start looking at the broader measure of U-6 we see that 15.8% of people are unemployed or underemployed. Let us break down the numbers:

 

Unemployed: 13,700,000

 

Part-time but looking for full-time: 8,900,000

 

Marginally Attached and Discouraged Workers: 2,100,000

 

This brings our total to 24,700,000. That is why when we go back to the 1982 unemployment rate of 10.8%, we are even in worse shape today because how the employment numbers are calculated. Part-time workers looking for full-time work are such a big group but are considered employed by the U-3 headline number and they should not be. I think most people would say that someone working part-time at a Wal-Mart because they are trying to make ends meet does not constitute being fully employed. This is why we are seeing deflationary pressure hitting the market.

 

In October of 1995 the BLS revised their way of collecting data for unemployment. So if we are at 15.8% with the U-6 data, does that make our current employment situation worse than the 1980s recession? Absolutely. Take a look at this chart I found in an old article from the 1995 BLS revision report:

 

bls-data.png

 

In fact, looking at U-6 data back to the early 1960s which is the best I have been able to find, we are having the worst economic recession since World War II. That is why even though the headline rate of 8.9% is much lower than the 10.8% peak of 1982, our overall unemployed and underemployed is much higher at 15.8% and that is why this recession feels a lot worse. It is a lot worse it is just the method of measuring the data has changed.

 

And the rise in part-time employment is somewhat troubling because of the actions taken by the Federal Reserve and U.S. Treasury. With the recent stress tests, it is becoming abundantly clear that the U.S. Treasury is going to pump as much taxpayer money into banks no matter what the long-term consequences. Essentially, we are going to follow the Japan approach. Now Tim Geithner would like to believe that the mistake Japan did was they stopped too soon or didn’t do enough. Yet Japan has the highest percentage of national debt load of any industrial country in the world. They spent plenty. They zombified banks and injected trillions in fiscal stimulus and the market moved lower and lower for 20 years. Yet some point to the low employment rate. Well, the problem with this is nearly 1 out 3 people in Japan work as part-time workers…that is, they would be considered part of that U-6 data point which of course isn’t the headline number. How would you feel about being a part-time worker for the rest of your life?

 

Don’t believe this? The BLS had 5.2 million part-time workers categorized in April of 2008 as being part-time for economic reasons. Last month, that number surged to 8.9 million. A jump of 70 percent in one year. We almost doubled the amount of part-time workers in 12 months which is such an unsupportable pace and that is why the U-6 rate is now up to 15.8%.

 

I do agree that things slightly improved yet it is no reason to think the worst is behind us. We still have the FDIC gearing up to take over banks each and every Friday while their deposit insurance fund gets depleted. Be cautious for what is considered positive news.

 

 

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The problem down the road, is that while SocialistObama makes lofty politically targeted rhetoric at every op...

 

later, a lot of folks who were targeted are going to realize that he is, indeed, an Alinski clone - tell em what they want

 

to hear, then get power.

 

And sadly, people like Heck applaud the success via lying.

 

very strange.

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I feel Inspecta'spain.

 

I recently was forced to take a 42% paycut, and we can't make our mortgage paymeny anymore. We have always been on time with payments. However, since we bought our house only a year ago (when things were still great in my line of work) our house is worth less now than the remainder of the mortgage note.

 

I called my lender to ask for assistance or to work something out. With all the talk from Congress and the POTUS, you'd think there would be something available or some kind of way to lower the payment 200 bucks so we could afford it. Nope.

 

I can't even get financial aid for college because I'm married and have no kids. My sister in law can get thousands of dollars each semester because she is not married and has a kid. She makes about three times as much as I do at my new rate.

 

I suppose f I was a single woman I'd get pregnant so I wouldn't have to worry about anything.

I really don't have a lot of time for a second job since I am actually in school right now to change careers. I had to do a payment plan for tuition and I'm taking the money from the grocery money.

 

I don't expect help, at the same time I wonder who actually is getting help since it's unavailable to me?

 

I've made sacrifices, I had a balance on a credit card I've stopped paying, I've stopped making payments on my car and bought a '99 Saturn to use.

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