NBC: Summers: High Unemployment for Years

[Thiebear]

http://www.nbcbayarea.com/news/politics/Summers__High_unemployment_for_years-59075747.html

September 12th (OBAMA CHIEF ecomonic advisor)

The president’s chief economic adviser warned Friday that the nation’s unemployment rate could stay “unacceptably high” for years to come — a situation that would seriously complicate Barack Obama’s ability to convince Americans that he’s beating back the recession.

“The level of unemployment is unacceptably high,” National Economic Council Director Larry Summers said Friday. “And will, by all forecasts, remain unacceptably high for a number of years.”

Update: (President of the Federal Reserve Bank of San Francisco)

http://www.google.com/hostednews/afp/article/ALeqM5iB4WVyXWwqNxJD9f72zr5bycrmqw

Unemployment to dog US for years: Fed official

(AFP) – 21 hours ago

WASHINGTON — US unemployment, now in the double digits, may remain "high" for several years and dampen economy recovery from a brutal recession, a regional central bank official warned Tuesday.

The United States had experienced so-called jobless recoveries following the previous two recessions in 1991 and 2001, when job creation remained weak for several years following the business cycle trough.

"In both cases, output growth was less robust than in the typical recovery and, unfortunately, things seem to be shaping up similarly this time around," said Janet Yellen, president of the Federal Reserve Bank of San Francisco.

Unemployment jumped to double digits in October for the first time since 1983, reaching 10.2 percent, although job losses narrowed to 190,000, the government said last week.

This shouldn't be that shocking to anyone paying attention.

You can't

print money as you've stated you never would, with no inflation forever.

have the same banks/fannie/freddie continue to fail and continue to get a bail out

Have a jobless, homeless recovery

Have commercial real estate coming next.

Keep raising the debt...

(We are becoming Europe / Japan for a decade... and were implementing policy to ensure it) We should tax more, but be as LEAN and MEAN as we can possibly handle.

[SnyderShrugged]

who knew that increasing already massive spending, asking more and more of the taxpayer, and installing trillion dollar corporate and individual welfare programs would cause high unemployment for multiple years?

[Midnight Judges]

who knew that increasing already massive spending, asking more and more of the taxpayer, and installing trillion dollar corporate and individual welfare programs would cause high unemployment for multiple years?

That isn't what the article said.

Republicanism, deregulation, libertarian economists, and conservatism are what lead to this recession. You can try and rewrite history to make your Republican party look good but it won't stick.

[SkinsHokieFan]

That isn't what the article said.

Republicanism, deregulation, libertarian economists, and conservatism are what lead to this recession. You can try and rewrite history to make your Republican party look good but it won't stick.

You might as well throw in NAFTA, illegal immigration, Glass-Steagel repeal, Telecom Act of 1996, free trade in general, "They took ur jobs", and every other center right to right economic thought while you are at it

Oh whoops, that all happened under Clinton's watch :hysterical:

[SnyderShrugged]

That isn't what the article said.

Republicanism, deregulation, libertarian economists, and conservatism are what lead to this recession. You can try and rewrite history to make your Republican party look good but it won't stick.

LOL, I've realized by now that you are simply trying to get my ire up by claiming I'm a republican party member, depite having been corrected time and time again by myself and even others.

It's not working MJ, but feel free to look stupid by continuing this silly tactic. I wont be mentioning it again.

onto the post...

No rewriting hisory whatsoever from me sir, I'm, first in line to bash both the GOP and the Dems for their idiot keynsian moves that have caused great economic strife for us all.

But mainly, I('m speaking of the present. You know, the present where our president and congress repeat the same dumb mistakes over and over again in the spirit of "recovery" that hasnt and wont occur as long as spending and borrowing and printing fiat currency continues.

[Burgold]

The term jobless recovery was coined after the recession of '91.

[SnyderShrugged]

The term jobless recovery was coined after the recession of '91.

LOL, That is the best oxymoron ever

[aREDSKIN]

From the President's team of experts- LOL at those "experts" -politician dissembling clear as day.

"However, the president's budget predicts the unemployment rate will peak at 8.1% this year and then fall to 7.9% in 2010."

http://seekingalpha.com/article/124458-obama-s-unemployment-forecast-much-too-rosy

[Thiebear]

The 60" plasma

The "bundle" Cable/phone/internet/HD/Sports package

The new car every 3 years.

(can't afford health insurance).

mentality has to be ridiculed out of existence.

if your eligible for medicaid, fine. If not buy insurance and stfu.

If your eligible for medicare, fine. IF not buy insurance.

Hell, If your found to not have insurance but you do have 2 cars...

Jailtime

If your found to have aluminum cans and 5cent bottle in your garbage and on welfare.

Kicked off.

Where are those jackbooted thugs when you need them.

We hemorrhage 100billion a year in money that just evaporates into the 'system'.

then say were not doing enough? We suck at policing this.

Our Grandparents actually DID something when times were tough.. we complain that its taking up 8 of the 900 channels.

That Larouche party lookin better every day

Get up off your couches, go to the window and yell I'm mad as hell and i'm not going to take it anymore.

Then vote: whoever is new

/soapbox

.

[Peeping Wizard]

The term jobless recovery was coined after the recession of '91.

A jobless recovery is when Wall Street is happy and Main Street isn't.

[Redskins Diehard]

LOL, I've realized by now that you are simply trying to get my ire up by claiming I'm a republican party member, depite having been corrected time and time again by myself and even others.

It's not working MJ, but feel free to look stupid by continuing this silly tactic. I wont be mentioning it again.

onto the post...

It's the only tactic he has, silly or not.

[mjah]

Then vote: whoever is new

Man, you had a good red-meat post going there.

But there's nothing necessarily better about the new guy. "New" is neither a policy, nor a position, nor a promise!

[Thiebear]

Man, you had a good red-meat post going there.

But there's nothing necessarily better about the new guy. "New" is neither a policy, nor a position, nor a promise!

The 30yr average bums that get kickbacks and all other issues are the opposite of what Security is meant to be.

There needs to be job rotation and mandatory vacation to ensure what you do is not being compromised.

Once every 40yrs is not within the scope of common sense.

[SnyderShrugged]

It's the only tactic he has, silly or not.

very true

[Midnight Judges]

LOL, I've realized by now that you are simply trying to get my ire up by claiming I'm a republican party member, depite having been corrected time and time again by myself and even others.

Oh my bad. It must be just pure coincidence that you voted for George W. Bush ® twice, your favorite politicians are/were Ron Paul ® Mark Sanford ® and Bobby Jindal ®, and you defend Joe Wilson ®.

And you tow the party line about as good as anyone:

Georgia Republican Jack Kingston: "Let's remember the Pelosi plan for jobs: an $800 billion stimulus plan that caused unemployment to go from 8.5 percent to over 10 percent."

http://www.washingtonpost.com/wp-dyn/content/article/2009/11/10/AR2009111013406.html

Here's what you said:

who knew that increasing already massive spending, asking more and more of the taxpayer, and installing trillion dollar corporate and individual welfare programs would cause high unemployment for multiple years?

You also recently called Obama (D) a "sissy boy" over his Afghanistan deliberations, started thread against Al Gore (D), and Maxine Waters (D) and David Scott (D) and for Joe Wilson ® and Ron Paul ®.

If over a 10 year span you vote for 10 Republicans, 5 independents, and 0 Democrats, that still makes you a Republican.

[SnyderShrugged]

Oh my bad. I must be just pure coincidence that you voted for George W. Bush ® twice, your favorite politician is Ron Paul ®, and you defend Joe Wilson ® and .

And you tow the party line about as good as anyone:

http://www.washingtonpost.com/wp-dyn/content/article/2009/11/10/AR2009111013406.html

Here's what you said:

You also recently called Obama (D) a "sissy boy" over his Afghanistan deliberations, started thread against Al Gore (D), and Maxine Waters (D) and for Joe Wilson ® and Ron Paul ®.

If over a 10 year span you vote for 10 Republicans, 5 independents, and 0 Democrats, that still makes you a Republican.

edit: taking some very good advice and deleting this comment.

[DieselPwr44]

I didn't know that George Soros was a Skins fan and a member here?

[Thiebear]

you crushed someone in another thread that wouldn't give it up today.

Go out on top and let this one go.

[techboy]

LOL, I've realized by now that you are simply trying to get my ire up by claiming I'm a republican party member, depite having been corrected time and time again by myself and even others.

It's not working MJ, but feel free to look stupid by continuing this silly tactic. I wont be mentioning it again.

I'd say it is working, and you need to better follow your stated approach.

[Thiebear]

what happens October 2010 if Unemployment is 10.5

then in October 2012 its the same.

I see a lot of back and forth going on for the next 4 years.

[SnyderShrugged]

I'd say it is working, and you need to better follow your stated approach.

LOL, very true! I guess I tire of his blatent and stupid lies. But, you're completely right and it's best to ignore children when they act out.

[Midnight Judges]

Based on your outburst I can see this is a very emotional topic for you. Personally, I don't know when calling a Republican a Republican became such a huge insult. You should just embrace it. It's who you are. You are not fooling anyone.

[SnyderShrugged]

Based on your outburst I can see this is a very emotional topic for you. Personally, I don't know when calling a Republican a Republican became such a huge insult. You should just embrace it. It's who you are. You are not fooling anyone.

I choose to follow TB's sage advice and ignore this child.

[SnyderShrugged]

http://www.google.com/hostednews/ap/article/ALeqM5inGNjDIjGAu1DO38MiiyxT8GSAOwD9BTA0OG0

World Bank warns unemployment threatens US economy

By ALEX KENNEDY (AP) – 6 hours ago

SINGAPORE — Stubbornly high joblessness threatens to trigger loan defaults and drag on consumption next year, hobbling a U.S. economy struggling to rebound from recession, World Bank President Robert Zoellick said Wednesday.

Zoellick warned that the U.S. unemployment rate, which jumped to a 26-year high of 10.2 percent in October, will likely remain elevated in 2010.

"You're going to have problems with delinquencies of credit card loans, consumer loans, people won't be able to pay their mortgages," Zoellick told reporters in Singapore. "Some banks are going to continue to be troubled by bad loans."

rest at link

[DeanCollins]

There is a large percentage of the unemployment statistic that is constantly unemployed and imo doesn't want to be employed and enabled to do so.

Growing up and working in the DC area in the construction industry, it was very apparent that tens of thousands of jobs existed locally in my industry. Every year, for decades, I heard the same rhetoric from politicians- "when are more jobs going to be made available for minorities" and every year a higher percentage of our industry's jobs were obtained by central and south american immigrants (now the percentage is closer to 100%). Now the number of central/south american immigrants is > or = to the whole Black population, and most of these immigrants are employed. And still, like a drum beat, journalists and politicians call out for the government to create/stimulate more jobs. For decades, apparently there were more than enough jobs as these immigrants came and took them. When can we divide the unemployment statistic into two columns, the ones that want to work, and the ones that don't?