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Unemployment back up above 9%; new job numbers down

Discussion in 'Sports and News' started by Freelance Hack, Jun 3, 2011.

  1. Freelance Hack

    Freelance Hack Active Member


    Assuming this is buried underneath talk of Dr. Jack and John Edwards. If you have any other bad news to share, this would be a great Friday dump day for it. Shame it's not a holiday weekend.

    The unemployment figures shouldn't come as a shock -- least I don't think so. Weren't we told that umemployment might rise a little once the job market started heating up?

    Still not great news, especially for those who either are or may soon be looking for new work.
  2. TigerVols

    TigerVols Well-Known Member

    I was just going to post this, with the question:

    It's clear the economy's nascent recovery, which for the most part was sparked by the Stimulus and other government actions (like cash-for-junkers, housing purchase tax breaks, etc) is wilting.

    So, all you little Greenspans out there in SJ world, what do you suggest we do to get the economy back on track?

    I'm not sure, but I'm guessing defaulting on our debt, slashing government spending and laying off thousands of government workers, and continuing with tax breaks for oil companies and not taxing billionaire Wall Street oligarchs is one suggestion we'll be hearing from our friends on the right.
  3. Mark McGwire

    Mark McGwire Member

    Yeah, three ways to look at it. Either people are refiling because they're back to looking for work, or it's the start of the second dip, or it's a blip.

    Anecdotally, we've had five people leave my shop in the last two weeks cause they've found other jobs.
  4. The Big Ragu

    The Big Ragu Moderator Staff Member

    There was no nascent recovery. The "stimulus" wasn't stimulative. It was spending, not stimulus. Wasteful spending. And it threw us into more debt. It accomplished zero other than getting S&P to issue a warning that our debt could be downgraded.

    What we have now is what I have posted about on here for four years. Stagflation. I thought it could be a possibility for the longest time. I thought it could be avoided. Bu it's obvious that is what we are starting to see.

    You can thank the Federal Reserve and the monkeyfucks controlling our money supply. But you can also thank our form of government, which exists to spend massive amounts of money to help special interests. And when we don't have that money, they will roll up debt.

    Unemployment is high and inflation is increasing. Under normal circumstances, there should be an inverse correlation between the two. But this will become a runaway train in which unemployment probably hovers around where it is for a while and the outward signs of inflation increase.

    We (and by we, I mean mainly the U.S., but also the rest of the world) have a government that is spending beyond our means and we have a Federal Reserve that has filled its balance sheet with trillions of dollars of unloadable debt, and at the same time has shit all over our currency. The stagnant economy would have been something we would have dealt with in 2007/8. Who knows how long it would have taken to shake out. Rather than let us feel the pain and let the economy work though it, our legislators tinkered and in effect shifted money from potentially productive and growing areas of the economy to their handpicked areas. And the economy has stagnated and now is perhaps dipping back into a recession. At the same time, our Federal Reserve has been running the printing presses 24/7. So the dollar has depreciated and we are seeing costs of just about everything rise.

    If we want the economy to get better, tell those assholes to step aside and let it recover. Because they are impeding a recovery and have exacerbated the bad.
  5. britwrit

    britwrit Well-Known Member

    Yet corporate profits were up again in the first quarter of 2011, reaching their (nominally) highest levels ever.
  6. TigerVols

    TigerVols Well-Known Member

    "There was no nascent recovery. The "stimulus" wasn't stimulative. It was spending, not stimulus. Wasteful spending. And it threw us into more debt. It accomplished zero other than getting S&P to issue a warning that our debt could be downgraded."

    Accomplished zero?


    No teenagers received jobs for two summers via work programs set up by the Stimulus (programs that are not around this summer)? It's been proven over and over again for every dollar spent in a jobs program for teens, 4 more dollars come back to the community.

    And no bridges were built? Roads widened? The list goes on and on...


    So I can only assume all these programs listed above are non-existent in Ragu's world?
  7. king cranium maximus IV

    king cranium maximus IV Active Member

    Corporations are doing fine. They just aren't hiring.

    Laying off hundreds of thousands of public employees and holding the country hostage over Quixotic Medicare cuts doesn't help.
  8. Starman

    Starman Well-Known Member

    Shock Doctrine.

    It will take a cataclysmic (1930s-level) financial meltdown to get rid -- completely -- of all social spending.

    That's what they're going for.

    Getting rid of Medicare in the Ryan plan is just the first step. They want to get rid of it all.
  9. dixiehack

    dixiehack Well-Known Member

    Except stadium spending.
  10. Starman

    Starman Well-Known Member

    Nahh, that goes straight into the pockets of billionaires, so that's in no danger of going away.

    It's those pesky poor people using my tax monee to buy shit like food and clothing that we've got to put an end to. I want my countree back.
  11. Michael_ Gee

    Michael_ Gee Well-Known Member

    Ragu, if the government had done nothing in 2007-2008, unemployment would now be at least double what it is now, and we'd be in the Greatest Depression, not just the muck we've got now. Once again, let's not reverse cause and effect. The gap between income and outflow on the balance sheets of U.S. governments of all sorts has grown primarily because of three things. 1. The drop in revenue due to the recession and financial crisis (for state and local governments, this is about all of it). 2. Increased demand for programs like unemployment insurance, food stamps, etc. due to the recession. 3. 2001 tax cuts (for U.S. budget).
    As they're learning in Europe, fiscal austerity in bad times makes deficits worse, not better.
  12. BTExpress

    BTExpress Well-Known Member

    The debt we are in now is less of a burden than the one Reagan ran up . . . simply because of interest rates.

    Just like a $250,000 mortgage costs less today ($458,000) than a $100,000 mortgage in 1982 ($542,550).
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