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BBC NEWS | Business | US job losses hit record in 2008
Look at that dramatic graph.. It wouldn't surprise me to see double digits shortly. :bon_voyag
Already is in double figures if you factor in those working partime that want to work full time and those who have given up finding a job but do want a job... guy on CNBC said the real unemployment in the US is about 13.5%.
There was double-digit unemployment under Carter, thats when we got Reagan and he fixed that whole mess.BBC NEWS | Business | US job losses hit record in 2008
Look at that dramatic graph.. It wouldn't surprise me to see double digits shortly. :bon_voyag
There was double-digit unemployment under Carter, thats when we got Reagan and he fixed that whole mess.
Hopefully, Obama will be another Reagan and fix this too.
InTrade is offering 46.5% odds that the US economy goes into a depression in 2009. :shock:
Wow, I have never seen odds in percentage.. You mean chance? Odds is measured in digits, "2.1" then times the amount you want to play, or odds is measured in the imperial fractions, which I do never bet in, because I dont understand how to bet them.. "46/100th" (then times amount played) I suppose.
(Opposite of thanks for this post.)
I had great hopes for Obama until he confirmed he will bring your national budget into trillion dollar deficits, each year, and in addition pay for a stimulation package of 800 billion. Financial irresponsibility was what got you here in the first place, his solutions will rather bring more financial mess to your country and encourage more investors to withdraw their money from US assets, which in the end will translate to even higher unemployment rates, more debt and even less faith in your economy.
Bill Clinton for president 2012!!!
Deficit spending makes sense during a recession. If the government decreases its spending at a time when businesses and consumers have already decreased THEIR spending, it will just make the problem worse.
The economy needs an enormous stimulus package. Perhaps you don't realize how severe the situation is. This is no ordinary recession.
Does it really make sense if the recession came as a result of deficits and debts in the first place,
Maximus Zeebra said:which led to investors withdrawing their money from the US as a result of it and lack of trust in your abilities to run a fiscally responsible country..
I sure as hell do not invest in indebted companies with no prospects except to try to save themselves with more debts.. No way!
The cause of the recession makes little difference. Government spending helps the economy...ESPECIALLY when the private sector is not spending. To choke off government spending AND private spending is a recipe for disaster.
This is a good opportunity to do some of the things that need to be done anyway: Establish universal health care, repair our infrastructure, expand the EITC, and build a high-speed rail system.
Governments are not companies. Companies are not tasked with saving the entire economy, they're tasked with delivering profits to their shareholders.
This is a good opportunity to do some of the things that need to be done anyway: Establish universal health care, repair our infrastructure, expand the EITC, and build a high-speed rail system.
I dont agree with this at all. Its not wise to spend money you do not have, and its not wise to loan more money than you can handle paying back. The US already pays 300 billion dollars every year from the federal budget in interest rates. Thats 1000$ per person.
Well, but one can easily draw parallels, but if the situation get to severe, like it is in the US now, with overwhelming debts, it will undoubtfully lower its value(dollar and share of world economy).
Universal healthcare is not going to happen.
Obama's public works programs will hopefully be implemented, because the infrastructure in the US is basically falling apart. Plus, it means more money for me!
What is EITC?
Good thing you're not an economist. But you are right about one thing; the US economy is ****ed, and nothing will make it better.
It is severe all across the world. This wasn't caused by the US government but by the actions of private investors and companies.
Hey Max, how is the ****hole you come from doing??
The cause of the recession makes little difference. Government spending helps the economy...ESPECIALLY when the private sector is not spending. To choke off government spending AND private spending is a recipe for disaster.
This is a good opportunity to do some of the things that need to be done anyway: Establish universal health care, repair our infrastructure, expand the EITC, and build a high-speed rail system.
If Government spending was the end all answer to economic prosperity, Keynes would be a hero today. Instead, he has been relegated to the trash heap of old failed economic theory.
Truth Detector said:Introducing Obama; the new hero of Keynesian theory; but alas, where, one may ask, does one get the money to spend 1.9 trillion to revive the economy? Why they borrow or print is the age old answer. But what happens when you borrow too much and start printing too much becomes the question?
Truth Detector said:You get inflation with a devaluation of the money because supply has been increased too much to pay off current obligations and interest. What happens when you get inflation? You get less buying and as a result, the double edged whammy of high unemployment combined with high inflation.
Truth Detector said:So what then is the answer to the current recession? The answer comes by understanding that free markets have cycles and we are currently in an adjusting cycle called recession.
Truth Detector said:They occur with much more limited frequency as a result of market influences like Government interventionism making home loans readily available to people who can't afford them which thus creates a "bubble" in demand combined with a failure to pay.
It also occurs when these mortgages get bundled by quasi Government agencies as safe derivatives backed by mortgages.
Truth Detector said:When one understands that this is not the crises to end all crises and that we have been in much tougher times where inflation was higher, unemployment much higher and interest rates much higher, they then resist the temptation to OVER REACT to create a far worse situation in the future.
Truth Detector said:Unfortunately the current mentality of the country is so lemming like that we forget these very important historic lessons and pretend that Government can spend and borrow us into prosperity; that is a false economy and can only be professed through ignorance.
Truth Detector said:The ONLY thing that can allow the economy to recover is by renewing confidence to the consumer and having them re-engage by starting to spend and save again. In addition, we need our Government to act responsibly by cutting spending and reducing the deficits.
Truth Detector said:Remember the OIL Crises last summer? Government Liberals were all in a panic with $140 a barrel oil prices and gas prices hovering over $4.00 a gallon. They ranted about obscene oil profits and demanded penitence from the greedy oil barons, they pointed the finger of blame at Bush for letting his "cronies" gouge the American consumer and they claimed the ONLY solution was to release oil from the vast Government Strategic reserves.
But alas, the market did work. Demand dropped and so did oil prices and the speculatory pressures on them. Now gas is under $2.00 a gallon and a barrel of oil is about $40. Is it not surprising now how those same rabid Liberals who pointed their fingers of blame at the Oil CEOs and Bush are now silent and NOT giving the same credit for the DROP in fuel costs and have moved onto the latest "chicken Little" issue.
One thing is certain with Liberals and their willing accomplices in the Democrat party, they will always be quick to point the finger of blame at those they politically disagree with, claim ALL issues are a “crises” which requires their actions and NEVER point the finger of blame at their own reflection in the mirror.
Carry on.
Now I live in Spain, here its fine, good weather, fine women, hot beaches, nice water temperatures.. I hardly notice the layoffs, except things are getting cheaper. :mrgreen:
BBC NEWS | Business | US job losses hit record in 2008
Look at that dramatic graph.. It wouldn't surprise me to see double digits shortly. :bon_voyag
Damn Islanders... its freezing here! So no hot beaches, women are covered up and water is cold..
Deficit spending makes sense during a recession. If the government decreases its spending at a time when businesses and consumers have already decreased THEIR spending, it will just make the problem worse.
The economy needs an enormous stimulus package. Perhaps you don't realize how severe the situation is. This is no ordinary recession.
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