*Obama says that he will create jobs jobs jobs over the weekend. That may be true to some extent, but how is he going to create first: enough jobs to get us back to normal after recessionary levels, and two: jobs that have wages high enough to continue to bail out his now banking crony friends? Answer? He's not. If one wants to be foolish enough to look at the past, and I am completely foolish by the way, there are mainly TWO factors that have brought us back from such misery. One: a housing market that started its boom and two: the lowering of interest rates by the fed to boost that housing market. These two very important factors are now possibly gone for a decade. So what rabbit does the President or anyone else for that matter, have that will replace that? Nothing but a stimulus that while it has helped keep unemployment at 10%, it has done absolutely nothing to bring wages up to even levels from 2004. So I ask you, what would you do? Me? I would let everyone cancel out their debt and let the banks just say, "oh no we don't have any losses" and let the whole shebang start all over again. Frankly, there is no other solution to the precipitous decline that NEEDS to take place in the world economy. I heard Merrill Lynch claiming that oil will reach $100 per barrel again this year. That is a huge mistake. And you can bet your booty that 80% of it is now speculation so the scheister banks can recoup the endless stream of losses. Gasoline prices over $2.00 and Fords Super Duty at $55,000 is the problem people, not the solution. And until these IJIOTS figure that out we are likely to be in a serious job decline for the next decade at least. Have a nice day!
Employment Report: 85K Jobs Lost, 10% Unemployment Rate
Here are couple of graphs based on the employment report this week:
This graph shows the job losses from the start of the employment recession, in percentage terms (as opposed to the number of jobs lost). The current employment recession is the worst recession since WWII in percentage terms, and 2nd worst in terms of the unemployment rate (only early '80s recession with a peak of 10.8 percent was worse).
Note: The total jobs lost does not include the annual benchmark payroll revision that will be announced on February 5, 2010. The preliminary estimate is for a downward revision of 824,000 jobs - pushing the total jobs lost over 8 million.
The second graph (blue line) is the number of workers unemployed for 27 weeks or more. The red line is the same data as a percent of the civilian workforce.
According to the BLS, there are a record 6.13 million workers who have been unemployed for more than 26 weeks (and still want a job). This is a record 4.0% of the civilian workforce. (note: records started in 1948).