Actual unemployment rate now stands at 17.5%

[PLC1]

Broader Measure of U.S. Unemployment Stands at 17.5%

With the release of the jobs report on Friday, the broadest measure of unemployment and underemployment tracked by the Labor Department has reached its highest level in decades. If statistics went back so far, the measure would almost certainly be at its highest level since the Great Depression.

Most economists predict that the rate will in fact begin to fall next year, largely because of the federal government’s aggressive response — fiscal stimulus, interest-rate cuts and a variety of creative steps by the Federal Reserve and Treasury Department. Friday’s report showed that monthly job losses continued to slow recently, though the improvement has been gradual.

One of the more striking aspects of the Great Recession is that most of its impact has fallen on a relatively narrow group of workers. This is evident primarily in two ways.

First, the number of people who have experienced any unemployment is surprisingly low, given the severity of the recession. The pace of layoffs has increased, but the peak layoff rate this year was the same as it was during the 2001 recession, which was a fairly mild downturn. The main reason that the unemployment rate has soared is the hiring rate has plummeted.

So fewer workers than might be expected have lost their jobs. But those without work are paying a steep price, because finding a new job is extremely difficult.

Without unemployment insurance and other safety nets, this recession could easily have rivaled the great depression.

OK, now, let's start debating whether it is the "Bush Recession" or the "Obama recession"

 

[asur]

It's getting worse according to Obama's economic people and unemployment will continue to rise throughout 2010.

But if Obama were honest he would admit it would increase the next several years!

 

[Dr.Who]

Unemployment insurance makes things worse by encouraging people who otherwise would be out looking for work to wait just a little longer.

As insurance people are suppose to pay into the system and then when they loose their jobs they can collect. The payments are made on their behalf by their employers who do not pay them as much because they know they are on the hook for the unemployment insurance. When unemployment benefits are just extended without payments having been previously paid into the system it stops being insurance and starts being collectivist welfare. Welfare that hurts future workers.

 

[Pandora]

Unemployment insurance makes things worse by encouraging people who otherwise would be out looking for work to wait just a little longer.

This is very true. I have a number of friends on unemployment and every one of them got an extention, and every one of them said they wont have to seriously look for work now for another 5 months. I am sure all of them would be looking and looking hard or already have a job if they were not getting extended.

 

[PLC1]

It's getting worse according to Obama's economic people and unemployment will continue to rise throughout 2010.

But if Obama were honest he would admit it would increase the next several years!

From the article in the OP:

Most economists predict that the rate will in fact begin to fall next year, largely because of the federal government’s aggressive response

 

[asur]

Extending unemployment is bad because it does discourage people from looking or taking available jobs. I personally know people that would rather collect $300/week rather than
get a job at the mall that pays about the same. Why bother working, if it doesn't help you?


Sadly Dems and Republican voted for this nonsense, when they know better. Well the Republicans know better!

But Obama got us into mess worse than any in our lifteimes!
He's stinkin the place up!

 

[PLC1]

Extending unemployment is bad because it does discourage people from looking or taking available jobs. I personally know people that would rather collect $300/week rather than
get a job at the mall that pays about the same. Why bother working, if it doesn't help you?


Sadly Dems and Republican voted for this nonsense, when they know better. Well the Republicans know better!

But Obama got us into mess worse than any in our lifteimes!
He's stinkin the place up!

Ever read Steinbeck's Grapes of Wrath, asur?

 

[always]

From the article in the OP:

YEA!! Same JERKS that predicted 8% max . unemployment if"Mumbo" got his "Stick -it -to- us! " plan. lol,lol radicals will believe anything except the TRUTH! MY God , What have we done???

 

[always]

Ever read Steinbeck's Grapes of Wrath, asur?

YEA!!, I read it, it was the story of F.D.R.'s RADICAL FASCIST programs , very much like "presiedent" obama's ,except it was on wheels.
MY God , What have we done!?

 

[always]

It's getting worse according to Obama's economic people and unemployment will continue to rise throughout 2010.

But if Obama were honest he would admit it would increase the next several years!

IN 2012 and 2013 , unemployment amoung the dumb , lazy , and crooked will increase by 50% , 200% in washington D.C . as the HUGE WAVE of CONSERVATISM SWEEPS all the GARBAGE out of our CONGRESS, our White house , and off the streets of our Nations Capitol!
However, there remains a job for a clown , featuring huge ears,and can stutter while throwing his voice into a "Prompter",Does not pay much but will keep him in ACORNS!!!!
GREAT NEWS , huh, ASUR!! lolol MY God , What have we done???

P.S. ,Did you see that clown on t.v. Friday ??? Totally out of it!! I thought G.W. was bad but this guy is a complete JOKE!!!

 

[PLC1]

YEA!!, I read it, it was the story of F.D.R.'s RADICAL FASCIST programs , very much like "presiedent" obama's ,except it was on wheels.
MY God , What have we done!?

If that's what you think it was about, I really doubt that you've read it at all.

 

[The Scotsman]

I personally know people that would rather collect $300/week rather than get a job at the mall that pays about the same. Why bother working, if it doesn't help you?

ASUR.........there have whole families in the UK that have never worked, have no intention of working and who probably can't even spell the "w" word if they were provided the letters....... put the following letters "k" "o" "r" "w" into a word that means gainful employment ....errrmmm.....duhhhh....dunno

I remember reading not so long ago about a town of around 4500 people where only 300 or so worked, the rest just sponge of tax payers and are either to fat, stupid or lazy to get of there asses and look for a job. Likewise, their kids who strangely enough are just as fat, stupid and lazy grow up with these professional benefits spongers as roles models.............

Think yourselves lucky.

 

[PLC1]

ASUR.........there have whole families in the UK that have never worked, have no intention of working and who probably can't even spell the "w" word if they were provided the letters....... put the following letters "k" "o" "r" "w" into a word that means gainful employment ....errrmmm.....duhhhh....dunno

I remember reading not so long ago about a town of around 4500 people where only 300 or so worked, the rest just sponge of tax payers and are either to fat, stupid or lazy to get of there asses and look for a job. Likewise, their kids who strangely enough are just as fat, stupid and lazy grow up with these professional benefits spongers as roles models.............

Think yourselves lucky.

We have people like that in the US, also. What we're seeing now are people who would much rather be working and making their own way, but there just aren't any jobs to be had.

I suppose if there were no unemployment insurance, then people out of work for extended periods would make other choices:

Go to work in the fields, like they did during the last depression,
Learn to steal,
Become drug dealers,

since the choice would be that or starve. I'm wondering how many would be willing and able to do field work, and whether there would be enough of that even to go around.

No, I think stealing and dealing would be popular options.

Maybe it's time to bring back the WPA.

 

[asur]

Scottsman - We have people like that in the US and it's a growing group precisely because of policies like welfare, bailouts, credits, etc.

PLC1 - some of what you say is true, some people will resort to stealing and they
have already where I live, although it may not be widespread.

Now after the 26 weeks of benefits ends, what then for these people?
Actually I'll predict that Obama extends them again, just for political purposes.
And again these people will sit at home rather than look for jobs.

And by the way, 1200/month is fine if you are renting cheaply and living humbly.
But in the US we have many trying to make 1K-2K month home payments in addition to
buying green cars and paying bills on this unemployment check, which is impossible.

Many are simply living on credit cards.

Here's a true example:

A friend of mine is an alcoholic, and neither her or her husband have worked in
the past few months(actually years for him). They live in a 500K house and have been given a break on the mortgage at 500/month(originally > 1.5K/month) . She collects unemployment, yet owes over 30K in credit card bills. They plan on declaring bankruptcy as soon as the credit companies catch up with them. The unemployment is the only source of income they have now.

Personally I wish these type of people weren't
being supported in this way, since it costs taxpayers more in the long run.

 

[Pandora]

ASUR.........there have whole families in the UK that have never worked, have no intention of working and who probably can't even spell the "w" word if they were provided the letters....... put the following letters "k" "o" "r" "w" into a word that means gainful employment ....errrmmm.....duhhhh....dunno

I remember reading not so long ago about a town of around 4500 people where only 300 or so worked, the rest just sponge of tax payers and are either to fat, stupid or lazy to get of there asses and look for a job. Likewise, their kids who strangely enough are just as fat, stupid and lazy grow up with these professional benefits spongers as roles models.............

Think yourselves lucky.

In the UK? Do they have welfare and an SSI type of system? Somehow I thought only Americans had such stupid programs where perfectly healthy people were supported by the tax payers.