Unemployment holds at 9.5%

SoWal Insider

Aug 6, '10 · 2:17 PM621

For the current employment recession, employment peaked in December 2007, and this recession is by far the worst recession since WWII in percentage terms, and 2nd worst in terms of the unemployment rate (only early '80s recession with a peak of 10.8 percent was worse).

This is a very weak report, especially considering the downward revision to June. The participation rate declined again, and that is why the unemployment rate was steady - and that is bad news.

http://calculatedriskimages.blogspot.com/2010/08/employment-recessions-july-2010.html

Nasty nasty nasty. At this growth rate, it'll take over a decade to fully recover.

This is going to be a very long slog forward.

I seem to remember during the campaign Obama criticizing Bush's economic policies during the last recession as having caused lackluster jobs growth. How ironic is it that Obama's policies are having a similar result?

Replies

Beach Fanatic

Aug 6, '10 · 3:26 PM#2

Government spending needs to be reduced in a big way. It has grown by leaps and bounds in the past few years. A lot of the spending is Not for national defense and homeland security.

The costs of entitlements are going up connected with the upcoming baby boom retirements. We are headed in the same direction as the uncompetitive European welfare states like Germany and France.

The USA needs to have a fiscal policy based on smaller government.

SoWal InsiderAuthor

Aug 6, '10 · 9:54 PM#3

Romer gets the boot:

Christine Romer one of President Barack Obama?s most pivotal economic advisers, is resigning, a change that comes as the White House struggles to show signs of clear economic gains to a hurting nation.

Hot Air ? Romer resigns from Obama WH post

With job growth performance this dismal, this isn't surprising.

Beach Fanatic

Aug 7, '10 · 4:21 PM#4

Romer gets the boot:

Hot Air ? Romer resigns from Obama WH post

With job growth performance this dismal, this isn't surprising.

You here that 30a..................it's called silence from the left.............and don't forget................... IT'S ALL GEORGE BUSH'S FAULT!

Beach Fanatic

Aug 7, '10 · 4:46 PM#5

Nah, it isn't George Bush's fault. Or Obama's. I don't believe any one person can cause an economy to tank or boom. I've debated this at great length in another thread. So I was quiet because I don't think I have anything valuable
to add- not because I agree with you.

SoWal Insider

Aug 7, '10 · 4:47 PM#6

You here that 30a..................it's called silence from the left.............and don't forget................... IT'S ALL GEORGE BUSH'S FAULT!

right you are....enjoy! and don't forget....wanted dead or alive!

SoWal Insider

Aug 7, '10 · 4:53 PM#7

right you are....enjoy! and don't forget....wanted dead or alive!

I'm just happy George Bush is one of the unemployed.

beats on hood

Aug 7, '10 · 4:58 PM#8

I just can't count how many people I know who are young, well-educated, and brilliant who can't get jobs, plus how many people I know who are older, brilliant, and have made big bucks because they made even bigger bucks for their employers who have let them go. Thank God I have tenure, seniority, and can teach in multiple disciplines, so according to the AAUP, the only way I could get fired is if I committed a crime or if the institution closes.

No DUI. Only PUI. ;-)

SoWal InsiderAuthor

Aug 7, '10 · 5:28 PM#9

I just can't count how many people I know who are young, well-educated, and brilliant who can't get jobs, plus how many people I know who are older, brilliant, and have made big bucks because they made even bigger bucks for their employers who have let them go. Thank God I have tenure, seniority, and can teach in multiple disciplines, so according to the AAUP, the only way I could get fired is if I committed a crime or if the institution closes.

No DUI. Only PUI. ;-)

I have a good friend, very brilliant, who's going up for tenure this year. I'm not sure the school she teaches at has the money to award it.

I'm not sure where she goes from here if she doesn't, she's basic research, private industry doesn't interest her. The public school system is really geting hammered in this.

Edited Aug 7, '10 · 8:11 PM

beats on hood

Aug 7, '10 · 7:12 PM#10

I have a good friend, very brilliant, who's going up for tenure this year. I'm not sure the school she teaches at has the money to award it. I'm not sure where she goes from here if she doesn't, she's basic research, private industry doesn't interest her. Thu public school system is really geting hammered in this.

One thing our institution is doing is offering early retirement with insurance benefits at a 50% teaching load/salary. That way they can hire young faculty members at a lower salary, not offer tenure track for a while, and the young faculty won't cost as much for the health insurance group because young people generally have fewer health problems than older people.

To tell you the truth, now that I have recovered from the wedding, even though I dread going back to work soon and getting up early, it's so much better than being bored. I love what I teach because it is such a dynamic discipline.

SoWal InsiderAuthor

Aug 7, '10 · 8:13 PM#11

I don't understand why universities boot people if they don't make tenure. If the individual is bringing in grants, why not just let them work on a salary basis?