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What recovery? Unemployment shoots past 10 percent
- November 07, 2009 00:14:41
- Read all 12 comments
- +5 raves
- Just when it was beginning to look a little better, the economy relapsed Friday with a return to double-digit unemployment for only the second time since World War II and warnings that next year will be even worse than previously thought.
The jobless rate rocketed to 10.2 percent in October, the highest since early 1983, dealing a psychological blow to Americans as they prepare holiday shopping lists. It was another worse-than-expected report casting a shadow over the struggling recovery.
President Barack Obama called it "a sobering number that underscores the economic challenges that lie ahead." He signed a measure to extend unemployment benefits and to expand a tax credit for homebuyers.
Economists had not expected the 10 percent mark to come so quickly and immediately darkened their forecasts. Mark Zandi, chief economist at Moody's Economy.com, and Joshua Shapiro, chief U.S. economist at MFR Inc., predicted the rate will peak at 11 percent by mid-2010. They earlier had projected 10.5 percent.
Unemployment at 11 percent would be a post-World War II record. Only once since then has joblessness hit double digits in the United States — from September 1982 to July 1983, topping out at 10.8 percent.... Read full article »
The jobless rate rocketed to 10.2 percent in October, the highest since early 1983, dealing a psychological blow to Americans as they prepare holiday shopping lists. It was another worse-than-expected report casting a shadow over the struggling recovery.
President Barack Obama called it "a sobering number that underscores the economic challenges that lie ahead." He signed a measure to extend unemployment benefits and to expand a tax credit for homebuyers.
Economists had not expected the 10 percent mark to come so quickly and immediately darkened their forecasts. Mark Zandi, chief economist at Moody's Economy.com, and Joshua Shapiro, chief U.S. economist at MFR Inc., predicted the rate will peak at 11 percent by mid-2010. They earlier had projected 10.5 percent.
Unemployment at 11 percent would be a post-World War II record. Only once since then has joblessness hit double digits in the United States — from September 1982 to July 1983, topping out at 10.8 percent.... Read full article »
Factories, production and the jobs that would increase the tax base and reduce cost for society.
We must continue to "Dumb Down" the American People until they are like 10 year old homeless children, then we will be able to systematically control you like puppets.
The trauma you are experiencing is just the beginning stages. Things like lose of income and no prospects, as well as loss of dignity and low self esteem are common during this phase. This will be followed by deep depression, and a lack of confidence.
We will follow up with you when we have successfully completed this stage of our new paradigm.
Obama sucks
have a yard sale and get rid of some of that stuff you shouldn't have bought in the first place. dumb down your resume and get an entry level job that will pay your mortgage, gas, electricity, water...your mainstays.
suck it up and quit blamin others for YOUR current situation. some stuff is just out of your control - handle it like a grown man/woman and reorganize your financial life yourself.
oh, welcome to the normal financial life of many others
God truely help you if you believe in that one. You done drank a quart of dat KoolAide.