White House forecasts high unemployment through 2012

[brentspeak]

Source: LA Times

Reporting from Washington—
In a move underscoring the urgency of the nation's economic problems, the White House issued a new assessment that predicted continued high unemployment through 2012.

The grim outlook, part of the summer report on the nation's budget and the economy, was released Thursday as President Obama prepared to announce new stimulus proposals next week.

The administration said that based on the latest economic data, it now expects the unemployment rate to end the year at 9.1%, which is where it stood in July. The jobless figure for August will be released Friday with accompanying statistics on job creation.

The report shows the bind policymakers are caught in: A stagnating economy reduces tax revenue and increases the deficit, but government measures that economists say are needed to stimulate the economy also cost money and also add to the deficit — at least in the near term.


Read more: http://www.latimes.com/business/la-fi-obama-economy-20110902,0,7026111.story

---

Duh! That's what happens when you a) refuse to do anything about China; b) not only not do anything about existing job-sucking "free trade" agreements, but actively pursue even more of them; c) shower Wall Street with trillions of taxpayer dollars to criminally reward it for sucking whatever middle-class wealth was left after "free trade" had decimated everything; d) not hammer home at least a public option to kill the third of the Middle Class-Killing Horseman of the Apocalypse, Impossibly Unaffordable Healthcare Costs (the first two Middle Class-Killing Horsemen of the Apocalypse horsemen being Job-Sucking Trade Policy and Wall Street Banksters).

[ixion]

1. perhaps the WH should try to actually DO SOMETHING about it

rather than just reporting that it will suck. Reporting that the job market will continue to be lame, and failing to at least try and do something about it, is a sure fire way to get unelected.

[OhioChick]

4. +1000 n/t

[larwdem]

5. fuck

at lest bush told us to go shopping

[defendandprotect]

14. True -- Look around, folks -- we have a DEPRESSION on our hands -- !!!

And a president who has damned well know this for more than a year --

A year ago this month, an article came up on Yahoo with Obama referring to

this as a "depression" --

I didn't post it immediately -- and sometime later when I went to post it

depression had been changed to "recession" --


On the other hand, believe your own eyes and your own experiences -- this is

a depression!!

[Name removed]

17. Deleted message

Message removed by moderator. Click here to review the message board rules.

[RBInMaine]

16. Um, uh, it can only DO what can PASS the RePUKE House. Try Civics 101.

[defendandprotect]

19. And, what happened when Dems controlled the House .... ?

:rofl:

[Arctic Dave]

2. Water is wet!

The Texas sun is hot!

Glaciers are cold!

Any other obvious statements need to be made?

[Marie Marie]

3. Captain Obvious calling for No Shit Sherlock.

[zogofzorkon]

6. Well that speech coming up on bite partisan job creation anticlimatic now

[area51]

7. We need a new WPA

seeing as according to this article, we have 30.5% unemployment.

[Phlem]

8. WTF, I hope he's not going to

tell us that in his "Jobs Speech".

-p

[DollyM]

9. and yet prices keep going up . . .

I have started shopping at discount grocery store Aldi's even though it is very difficult for me due to a physical handicap. I lost my job 7 months ago and don't hold out hopes of finding anything but at least the whopping 500.00 dollars a month in unemployment compensation helps. I try to make it stretch, have not been able to bring myself to applying for food stamps. I went to Aldi's today to pick up some basics that are entirely out of reach price wise at the big box stores, milk, eggs, bread, etc. A month ago, a carton of eggs was 99cents, two weeks ago it went to $1.19, today I just about died when I saw it had jumped to $1.49 for 12 eggs. That may not seem like much to people who have jobs but try making 900 dollars a month (my husband is disabled and had to take early retirement and gets 400.00 a month) stretch to pay the house payment, utilities, groceries, etc. I just want to scream "ENOUGH"! I can't take it anymore. I am stretched as far as a person can stretch financially.

[OKDem08]

10. Hey Dolly have you ck'd into the Angel Food Ministries?

www.angelfoodministries.com

[DollyM]

15. Angel Food isn't around here anymore . . .

We used to have two Angel Food sites and got food regularly from them but they closed both sites for some reason and the nearest site is 25 miles away. I was very disappointed in Angel Food Ministries after that. Our area has a high unemployment rate but obviously AFM was not making the amount of profit that they thought they should so they shut down our local sites. I even called them and they told me to drive to the site 25 miles away. I said "yeah, and spend 20 dollars in gas money to save 20 cents on eggs!"

[plumbob]

20. Get the food stamps. You have been paying for them, and I'd much

rather see you with them than the organized unit of folks here who formed 30 fake identities to draw the max in food stamp cards and then sold the cards for 40% of face, somewhere around a $300,000 a year scam going on for ten years or so.

They're supposed to help people in need. Please use them.

[blkmusclmachine]

11. Everything seems to be going "according to plan":

2012 will be lost, and to a Freakshow Theocratic GOP to boot. That's some bi-partisan chess playing you got going on there, Mr. Prez.! :silly:

[OKDem08]

12. That's the spirit! YES WE CAN

[defendandprotect]

13. Thom Hartmann said he thought we'd lose another 1 million jobs by end of 2012 -- !!!

[Major Hogwash]

18. Hartmann is a douchebag

He can't even balance his own checkbook.