15% unemployment 2010?

noob_trad3r · Oct 2, 2009

http://www.cnbc.com/id/33134493

Will such high numbers start causing issues in the US like a huge increase in crime etc.. I could see this affecting the whitehouse etc..

Scataphagos · Oct 2, 2009

Not to worry. National unemployment is not as big an issue as stumping for Chicago pork.

noob_trad3r · Oct 2, 2009

Quote from Scataphagos:

Not to worry. National unemployment is not as big an issue as stumping for Chicago pork.

An alternative gauge of unemployment, which includes discouraged workers and those forced to work part-time, rose to 17% from 16.8%.

from WSJ. I wonder what happens if we hit 30%

Retief · Oct 2, 2009

I think the main effect will be that the current party in power will be largely voted out in the next election. Unemployed people have lots of time to vote and will blame their present woes on whoever is currently in power.

noob_trad3r · Oct 2, 2009

I read an article just now that says 70% of US GDP is consumer spending?

Is this right? how can an economy work with 70% spending 20% output?

MohdSalleh · Oct 2, 2009

with Obama in chage, dont talk abt 15%, 25% is also highly possible

Scataphagos · Oct 2, 2009

Quote from noob_trad3r:

An alternative gauge of unemployment, which includes discouraged workers and those forced to work part-time, rose to 17% from 16.8%.

According to John Williams at Shadow Stats, that's the massaged number... really >20%.

Scataphagos · Oct 2, 2009

Quote from MohdSalleh:

with Obama in chage, dont talk abt 15%, 25% is also highly possible

I don't see the current unemployment mess as Obama's fault.

However, his plan to increase taxes, increase government and government spending means UNEMPLOYMENT GOES HIGHER AND STAYS HIGHER.

To constructively address the unemployment issue, Obama needs to promote polices which enocurage capital attraction to the USA and new private sector hires. He's RACING in the opposite direction.. because he wants to be THE BIG CHEESE.. IN CONTROL OF EVERYTHING AND EVERYBODY... He's apparently willing to RUIN AMERICA just so children sing his praises.. :mad:

hayman · Oct 2, 2009

Quote from noob_trad3r:

An alternative gauge of unemployment, which includes discouraged workers and those forced to work part-time, rose to 17% from 16.8%.

from WSJ. I wonder what happens if we hit 30%

Don't forget about workers over the age of 62, who were layed off, couldn't find re-employment, and decided to take early Social Security......they are not counted in the Unemployment stats either.

hayman · Oct 2, 2009

Quote from Scataphagos:

I don't see the current unemployment mess as Obama's fault.

However, his plan to increase taxes, increase government and government spending means UNEMPLOYMENT GOES HIGHER AND STAYS HIGHER.

To constructively address the unemployment issue, Obama needs to promote polices which enocurage capital attraction to the USA and new private sector hires. He's RACING in the opposite direction.. because he wants to be THE BIG CHEESE.. IN CONTROL OF EVERYTHING AND EVERYBODY... He's apparently willing to RUIN AMERICA just so children sing his praises..

You are right, the current state is not Obama's fault, and is directly correlated to Bush's administration. However, Bush i off collecting his lofty pension, and the microscope is on Obama. He must produce now, or he'll be hung out to dry on this problem. Raising taxes at the corporate level is certainly not the answer. Collecting a "fair share" of taxes on the rich (not higher taxes, just fair taxes), needs to be a priority. Also, many loopholes need to be closed.....e.g., having Goldman Sachs only paying at a marginal tax rate of 1 % is CRIMINAL. The only way this ship turns around, is if people are put back to work. Everything is driven off employment.