I read an article from The Nation called, Unemployment Spike a Wake-Up Call for Obama. This article was about unemployment continuing to rise. Unemployment is now higher than at any time since Ronald Reagan's first term in the White House. Eight and a half percent of Americans are officially unemployed, however that number doesn't include the millions of American's who want to work but have given up on trying to find it.
Since the Bush-Chaney administration in 2007 there has been a loss of 5.1 million jobs, there were 663,000 jobs alone lost last month. There are six states who now have double-digit unemployment rates. Things are bad and they're not looking up. "A growing number of analysts predict that unemployment nationally will move into the double digits and that it will remain above 10 percent well into the mid-term election year of 2010." They say we'll be lucky if we quit loosing jobs by the end of the year. However during the Bush-Chaney administration they and the financial media was still peddling the fantasy that all was well with the economy
This crisis is a big part in Obama's administration. However a scary fact is, "When the White House and Democrats in Congress worked up plans for what became the $787 billion stimulus plan, the administration's economists were counting on unemployment staying below 9 percent." So who knows how they'll be able to fix the unemployment crisis because unemployment is getting into the double-digits. It is said that we're going to need more money than what the stimulus plan offers.
These unemployment rates are scary. It's hard to believe that the Bush-Chaney administration was still trying to say that the economy was still okay and strong when it was falling apart. Then the fact that the stimulus bill that everyone is hoping will save us and give us jobs probably won't even be able to help us as much as we need it to.
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Nice post. It is scary and who knows where it will end. The unemployment rate in the county i live in is something like 14%. I cant imagine how things would be if the whole country where that high?
ReplyDeleteVery good article you did! Makes me wonder when will it end, and what will it be like in the end?!? Who KNOWS?? Unemployment rate, just keeps on growing!
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