Unemployment and the Deficit Commission
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On today’s edition of Coffee and Markets, Brad Jackson and Ben Domenech are joined by Francis Cianfrocca to discuss the latest jobs numbers, which put unemployment at 9.8%, and how plans by Obama’s deficit reduction committee may impact small businesses.
We’re brought to you as always by BigGovernment and Stephen Clouse and Associates. If you’d like to email us, you can do so at coffee[at]newledger.com. We hope you enjoy the show.
Related Links:
Jobs Up 39,000, Well Below Hopes as Rate Hits 9.8%
Commission’s final deficit report preserves controversial spending cuts; panel to vote Friday on whether to endorse plan
Report of the National Commission on Fiscal Responsibility and Reform
Hotline Whip Count: Deficit Commission Looks Dead
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30 Comments
The numbers do not add up, the govt says 39,000 jobs were added in Nov but the unemployment rose.
What the heck? Are we being duped again? I bet we are !!!
Well, the govt does not report those who are off the unemployment rolls, are only working part time, or have given up looking for jobs. The actual numbers, if these groups are included, are closer to 20% or worse. Shades of the thirties.
By the time 2012 rolls around, we'll be remembering "only" 10% unemployment relatively fondly. The Bush/Obama inflationary-depression is just beginning.
39000 added, but many thousands more entered the work force, so in total it's a net loss. Even those are irrelevant though, as we're adding the WRONG types of jobs.
Thank you! I've been discussing this flim-flam with my family all morning. The lame stream media is stroking us again. The one thing you can rely on is that you can't rely on the LSM for the truth. They are bought and paid for.
You have to see what is going on for what it is. We are in a War. Europe, California, Soro's Democrats and the News Media acting as an ARM of the DNC vs. the American way of life as we know it. The war is being fought with currency and every time the US Government blows 10 Billion Dollars you should look at it like a Nuclear Thermal ICBM being lobbed into our economy.
The sooner those at war against the US Constitution and the American way of life for the Individuals Freedom can destroy our Dollar. They win a Battle with in a sector of our economy. Then when the Dollar is TOAST a Global Currency can take over and the Globalist win.
Guys like Ron Paul and G. Beck have been right over the years and I have been wrong. I agree with them now.
I think you meant "left the work force", but I take your meaning. It is the same conclusion I came up with. It's the only possible explanation. That also means that +39,000 jobs is a blatant lie wrapped up as a half-truth.
Yep. And they'll still be lying to us about it then, too!
We need a economic growth rate of 3% to keep up with the employment demand. Just the Illegal Aliens entering the Country each month takes up most of the 39,000 Jobs reported. Then you have those who have a 401K that tuned into a 101K that can not retire from the employed sector along with those young folks now entering the work force.
At 3% growth of the US economy. It would take 7 to 10 years to replace the number of jobs lost and absorb the new employment.
As if this administration isn't playing with the numbers, the unemployment rate is more along the lines of that of 22-25%, not this artificial 9.8%!
Possibly a bit off thread, but I had to include this.
http://www.youtube.com/watch?v=oE-z38pXUAo&fe...
I find it difficult to believe that unemployment checks stimulates the economy. Then again, I never believed in Keynesian economics.
On the bright side…we don't have to listen to the media cry about underemployment like the way they did under Bush!
Since Obama passed stimulus unemployment went from 6.9% to 10.4%, now that is real progress for a Progressive.
''A genuine leader is not a searcher for consensus but a molder of consensus." Martin Luther King, Jr.
Remember Pelosi asking were are the jobs in the jobless recovery of Bush, with unemployment around 5. The MSM was always using the term, jobless recovery, now we get saved or created BS.
Does anyone else wonder if NoBama has some really loose screws?
http://news.yahoo.com/s/ap/as_obama;_ylt=An10HQGL...
The MSM asses are ignoring a heck of allot !
Now we are looking for the recovery in the recovery.
Suprise! Big government spending doesn't create sustainable economic outcomes. Keynesian economics only work if the government is structured as an endogenous stakeholder in the economy (and if that were the case there would be no reason for deficit spending, so the entirety of Keynesian economic theory is exposed to the charge of failure).
It's time to restructure the economy.
It's time to put an end to this entire sick game once and for all.
Can it go on forever?
It's been going on a long time already, I do not see them changing anytime soon.
This commission is nothing more than smoke and mirrors, and a excuse to punish tax payers with tax increases. We do not have a taxing problem. We having a spending problem by the leftist in Congress.
''A genuine leader is not a searcher for consensus but a molder of consensus." Martin Luther King, Jr.
Gary, the headline number is so full "seasonally adjusted" mumbo-jumbo that it's all but meaningless in the real economy – figures don't lie, but liars can figure, and alla that. To oversimplify, the nation needs to add 150,000 new jobs every month just to keep pace with population growth. We've been creating roughly 40,000 to 50,000 new jobs a month on average for months on end now. Over the course of a year, this pace of job creation adds up to another 1.3 million jobless workers, worth another full percentage point on the unemployment rate. The 0.2-percent jump means one of two things: 1) all those "seasonal adjustments" finally caught up with the Bureau of Labor Statistics or, much more likely, 2) The Harlem Globetrotter in Chief ordered BLS to keep the bad news under wraps until after the election.
Obama is too busy taking trips and playing basketball to pay much attention to his job.
According to the esteemed Speaker of the House, Tax cuts do not create employment opportunities but Unemployment checks do. Ive been trying to make sense out of that statement and the only conclusion I can come up with is —????? See what I mean!
I remember Pelosi saying 400000 (four hundred thousand) jobs would be created immediately after passage of the health care bill.
You are probably right…unless Barry leaves them no choice.
They have been doing this for months now. Put out high numbers then revise them the next month after the new numbers come out. Smoke and mirrors.
I often hear people say that people like the ideas of cutting, but not if it will effect them. I think that is a canard. I think there are quite a few people would tolerate raising the age for SS and/or making the benefits only available to those who meet an income test at a raised age. Cutting back to the bone to essential services. I wish they would say we are going to pay you unemployment insurance thru February. So plan accordingly (for those who are approaching their 99th payment).
People need to see that we are making honest efforts to become solvent again.
How about not lying about the payback of the TARP and bailout loans. How about when they do payback, then the money goes back to paying off the debt. A little honesty and treating the budget like it is real and meaningful and not just a toychest would go a long way to restoring a moderate amount of faith in our officials. What we are doing now is disgraceful.
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Your point is valueble for me. Thanks!…
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