Six Years of High Unemployment? Are you @&*#in' Kiddin' Me?

[Donnachaidh]

http://www.economicpopulist.org/content/six-years-high-unemployment-are-you-kiddin-me


Folks, the most horrific prediction was given by the Federal Reserve. Six, count 'em, six years of high unemployment. From the Federal Open Market Committee:

Somewhat more than half of the participants judged that, in the absence of any additional shocks to the economy, the economy would converge fully to its longer-run rates of output growth, unemployment, and inflation within about five or six years; the rest indicated that it could take longer for unemployment to fall back to its longer-run rate or for inflation to rise back to the level they deemed desirable in the longer run.

It's not what the Fed is saying is inaccurate, it's more to our government, and it's refusal to get off of it's corrupt and special interests agenda and do something.

Imagine how many skills will atrophy, how many people will never financially recover with these kind of projections.

Below are the Fed's consensus for new GDP, unemployment and core inflation revisions. As we can see, they were lowered and the FOMC minutes are loaded with pessimism. The only good news is how often the Federal Reserve gets it wrong in economic forecasts. Unfortunately, this time, they probably are right on the money.

:snip for chart:

Even worse, the Fed believes unemployment could increase:

Participants agreed that progress in reducing unemployment was disappointing; indeed, several noted that the recent rate of output growth, if continued, would more likely be associated with an increase than a decrease in the unemployment rate.

Charts and more at the link ---

[CrownPrinceBandar]

1. The unrec birds are circling...

The unemployed in this country need some serious help. Kick for visibility.

[obxhead]

7. As are the unrec complainers as usual.

;)

13 recs with mine added.

[fascisthunter]

12. let me add one more

[Yavin4]

2. When The Republicans Re-Take The White House in 2012, Here's How They Will Lower UE

They simply won't count people unemployed for more than 6 months. They will create a special category for them "U", and then they will make the claim that unemployment has been cut in half.

[flyarm]

5. and you don't think thatt is being done right now?? Surely you jest?? eom

[KansDem]

9. "They will create a special category for them 'U'"

They'll call this group the "Lazy-Ass Americans Who Don't Want to Work and Want to Leach Off Others" Group. They'll demonize them in CorpMedia so all of America will scorn them...

[LiberalLoner]

13. And since there will not be an extension of unemployment benefits, those Americans will die off....

thus decreasing the surplus population, dontcha know. It's all good...

:sarcasm:

[FreakinDJ]

3. Closing the Tax Loop Hole that Out Sources Jobs

Would go a very long way to create New Jobs

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x9655131

[ProfessionalLeftist]

16. Bingo.

NO WAY will unemployment be reduced until and unless outsourcing of manufacturing and jobs is slowed considerably or stopped. It's simply illogical to believe otherwise. 'Free trade" my ass. Unless Democrats get off that stupid bandwagon, it'll stay high. (Republicans don't give a damn about it anyway). Any politician trying to sell that 'free trade' horsecrap to the people is lying. We can NOT have 'free trade' and low unemployment - unless the unemployment numbers are tweaked and fudged so that they're FAKE - and I'm certain that's just what they'll do.

[FreakinDJ]

17. Not only Unemployment but the Deficits too

Simply put - we have to have some thing to sell to pay off these foreign debts.

The Trade Imbalance is a "Double Edged Sword"

Not only do we loose the Good Paying Jobs and all the income tax payments associated with them. We also loose the goods produced and exported which offset the Trade deficit AND foreign debt.

[Koshari]

4. Hey GOP Leaders: "WHERE ARE THE JOBS"?

This is just for fun. Every time someone signs this petition the following GOP leaders will get an email simply saying, "WHERE ARE THE JOBS?".

Rep. Boehner, Rep. Cantor, Rep. Pence, Sen. McConnell, Sen. Kyl, & Sen. Alexander

So far today they've received 130 but it would be great if they could get 1000s.

Sign the Petition Here:
http://uspoverty.change.org/petitions/view/hey_gop_leaders_where_are_the_jobs#

Feel free to call them too!

Boehner [phone]

Cantor [phone]

Pence [phone]

McConnell [phone]

Kyl [phone]

Alexander [phone]

Thanks!

[flyarm]

6. Last I looked it is Dems in the majority, and have been for some time now..

why are we not calling them out???????????? or telling folks to Call dems ..call the White House..

this is getting more than silly season!

You do know who is in chargge of both houses of our government and ..the White House ..do you not?

[Koshari]

8. Never too soon to start asking

Yes, it's tongue and cheek because over the last couple of years that's all the dems heard from the GOP. Since they won the House and a lot of Senate seats in Nov. it will be fun to give them a dose of their own medicine. We might as well start asking them now where the jobs are that they promised if THEY were in the majority.

[obxhead]

14. They're busy

[laughingliberal]

22. They are, indeed. They're in meetings with Timmeh & the GOP figuring out how many years the...

billionaires would like to keep their tax cuts.

[LiberalEsto]

10. Oh schwell!

I'm almost 59. I wonder if I'll be able to find a job before I'm eligible for Social Security, IF there's any Social Security left by the time I'm eligible for it.

:argh:

[kickysnana]

11. GOP lower taxes/bail outs for jobs...meme...lie. n/t

[OlympicBrian]

15. And here's why: Post-Recession Job Recovery Hampered by Offshoring

There are job-destroying corporate tax loopholes they can fix--read the story.

Post-Recession Job Recovery Hampered by Offshoring
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x9646348

[Skittles]

24. they won't touch offshoring

they are owned by the corporate masters

[inna]

18. DISemployment. That's what I'm going to call it from now on.

In the same vein as health insurance DEform and education deform.

DISemployment is a policy meant to drive down the wages/corporate costs, it's as simple as that.


Instead of New Deal, say hello to Raw Deal. :nuke:

[TheKentuckian]

19. 6 years is very optimistic. What kind of creation pace is that?

We have to net like 150k a month to tread water and we have a hole in the area of 8-10 million just to get back to the old not enough work for everyone.

I'd say a decade at bare minimum. Probably longer than any of us can face so we all count in some magical thinking to get a number that doesn't make our head explode. This mess runs the risk of being generational.

It does no good to listen to these folks, they are generally wrong and are just adding support to the flim flam job.

Six years???? Yeah, riiiiiiiiiight.

There is no such demand and little credit other than for Financial institutions to speculate with.

Wages can also be expected to generally slide downward as far as the eye can see, especially as the human scavengers go harder at other workers under the pressure of the wealth extraction scheme we live in.

I wonder when the beltway will start pounding on repealing minimum wage to be more competitive with prevailing wages around the world to create "jobs"?

They aren't going to tell the truth because if they did people would actually shut it down or die trying.

[Hannah Bell]

20. at this pace of job creation it will take 20 years to get to 5% unemployment.

so says the economic policy institute.

[laughingliberal]

21. I think they're being optimistic

If we continue down these supply side hell, free marketeer economic policies we're in for a lot more than six years of high unemployment. I think we're in for high unemployment forever. I guess a lot of the unemployed will die, though, so maybe that's what they count on bringing the numbers down.

[rucky]

23. Hey, it's a trailing indicator.

:rofl:

[XemaSab]

25. I haven't had a full time, professional job in three years

and long-term underemployment breeds a certain mentality.

I'm 33 and I'm asking myself if I will ever have another full time job again, if I want another full time job again, and if a full time job is in my best interests.

Of course, each one of these questions could be its own post.

To clarify slightly, it seems like a lot of employers in my field are hiring temporary workers with no bennies, and I wonder when this pattern will stop. If it takes another 5 years for this pattern to stop, then I think I will have been underemployed too long to go back to work full time.

I really hated getting up hella early every day and sitting at a desk in a cubicle all day. I felt like I was wasting my life, and I like having flexible hours. I also hate being in a field where you can't make any commitments to anything, like your boss could send you out of town for two months starting tomorrow, with no notice. I wonder how hard it will be to get back into the pattern of full time work, and being someone else's worker bee.

Finally, right now I am living with my mom, and having an income and a half in one household makes more sense in some ways than having two incomes in two households. I'm worried that I will move somewhere else, dump a bucket of money into trying to make something else work, and then the economy will hit another slack patch and I'll be bounced back here. :(

I've been out of school for 7 years, and I have been unemployed more than half of that time. :(

I wonder how many other people are in the same place, and if the economy will ever look like it did before.

[MilesColtrane]

27. "I wonder when this pattern will stop."

If the fallout from Japan's lost decade is any indication, it won't stop soon.

Over a third of Japan's labor force now consists of temporary workers with no job security and very few benefits.

When Bush fucks a country over, it stays fucked. :(

[crikkett]

26. Aw man, I thought you were reporting that we've already HAD 6 yrs

high unemployment. Because over here anyway, we have.