New unemployment numbers: Quick, blame Bush!
Waiting for “we inherited this” spin from the White House…
Employers cut a larger-than-expected 467,000 jobs in June, driving the unemployment rate up to a 26-year high of 9.5 percent, suggesting that the economy’s road to recovery will be bumpy.
The Labor Department report, released Thursday, showed that even as the recession flashes signs of easing, companies likely will want to keep a lid on costs and be wary of hiring until they feel certain the economy is on solid ground.June’s payroll reductions were deeper than the 363,000 that economists expected.
However, the rise in the unemployment rate from 9.4 percent in May wasn’t as sharp as the expected 9.6 percent. Still, many economists predict the jobless rate will hit 10 percent this year, and keep rising into next year, before falling back.
All told, 14.7 million people were unemployed in June.
Via AP.
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However, the rise in the unemployment rate from 9.4 percent in May wasn’t as sharp as the expected 9.6 percent.
This is how they’ll spin it…
I blame Sofia Bush.
If it was not for our quick action on the Pork Bill due take affect in 2010,2011 and 2012 – these Jobless numbers would be much higher.
I blame Bush. Can’t figure out why yet but I will get back to you on that.
I always love that line: “Blah blah blah…than economists expected.” FYI…these are GOVERNMENT economists.
My broken clock is more accurate than they are- at least my broken clock gets it right a couple of times a day.
When do you suppose he’ll appoint the Blame Bush Czar?
He’s going to be blaming Bush frequently in the near future as his policies accomplish nothing or worse. He already has one for everything else.
We had a liberal call in to one of the local talk radio shows yesterday claiming that Obama has repeatedly said that the unemployment rate will top 10%. He told the host to google it and he would see. The host googled it and the only story he could find about Obama saying it would go above 10% was dated two weeks ago.
I guess we now know what liberal long term memory looks like.
This morning on Fox And Friends, believe it was Stuart Varney was identifyed the cities with 24%+ of the population is now “off the radar” from those unemployment stats. Given up looking for work and/or unemployment benefits had run out etc…To be fair, I’m not sure what the % would be in good times.
In the old days some of my friends may have called it “going underground”.
I cut into a rotten watermelon a few days ago. Damn Bush. If Obama had been president, I know it would have been sweet and crisp, and I would have found a pearl in it. Damn that Bush.
identifyed = identified…
Of course it is all Bush’s fault. If he had not won the elections in 2000, we would have had the inventor of the environment, Al Gore, as president at 9/11. China would be our intimate buddy as they had bought Gore during the Clinton Presidency, and they, the Chinese, would be fighting in Afganastan. But of course Bush won, so it is all his fault. When will Obama pull up his basket-ball-shorts and take charge?
My dog just crapped on the floor!
Darn that rotten Bush!
The numbers in cities and states run by liberal Democrats have been in double digits for months. If you add the numbers of people that have stopped looking for work the national number is actually 14%. Have another weenie roast or luau Mr. President.
Too late. Gibbs said the other day it’s Bambi’s economy now./
It should also be pointed out that Obama’s big plan was supposed to cap unemployment at 8%.
And they keep on voting for DemonRats, cuz they know how to work the welfare system and their votes will always be needed. Gone is personal responsibility.
The only jobs I’ve seen this administration create are in the form of czar’s in the White House. I’m betting it’s Dick Cheneys fault.
That here was going to be an economic turn down was a given-we had a long period of growth and we were expecting a change in Party of the
WhorehouseWhiteHouse–that is a trend over a hundred years old. But the msm and Democrats HAVE been claiming we were in recession/depression since the first LittleBush tax cuts. But President Bush did not help by agreeing to the first bailouts thus “Destroying Capitalism to Save It”.Now that the Obaminites have terrified the financial markets, declared that debt/bond contracts are no longer valid and Equity Shares are public property I feel safe in saying the perpetually high unemployment rate of Europe has been brought to an America near you.
Now go to the river, clean you clothes by beating them on a rock and save the planet. Wait for the knock on the door.
It is Bushes fault because he passed the stimulus!!! Oh wait.. no that doesn’t work…
Its Bushes fault because he wrote the last 2 budgets!!! Oh wait, that was dnc controled congress…
no wait, its because he bailed out the banks!!! Right, that it!!! got it!!!
“Green shoots” theory tells us that “not as bad” is the new “good”. This is from the same people who theorized about “new paradigms” of valuation where a desk, a chair, a door and a .com company name justified market valutions of $billion.
Just as scientific data no longer factors into scientific theory, market data no longer factors into market valuation theory. The world according to 5-year old boys playing “Calvin ball”.
Economists are always wrong! Why!?!?
I am sure the real unemployment number is much higher. As a real estate broker I am never included in unemployment statistics even when I have no income for months. I also cannot collect unemployment.
There are millions more like me, who own their own businesses, who are never included in these statistics.
As each day of this rouge administration goes on I find it harder and harder to believe anything they release through the compliant MSM. Especially after seeing this:
I also have a feeling many of our small business owners have decided to go Galt with the well founded fears of the affect the Crap and Tax bill becoming law and “dear leader’s” push for socialized medicine allowing a new class of clueless bureaucrats to beat them over the head with a full load clipboard of intrusive regulations to comply with. We are so screwed!
I really believe it was GW’s dog Barney’s fault. You know he was nasty little dog! Obama has it all wrong!
Here’s a nice little story regarding a Tampa Bay Cigar factory closing down and shipping jobs overseas.
One of the causes for this they cite is SCHIP legislation.
Full story here
Becuase you can’t quantify human reactions in a free society. In other words, they guess as to what people will do. The only way you can quantify human reactions is if you CONTROL that reaction and get rid of uncontroled reactions. i.e USSR.
I believe it was Laura Bush’s fault; she killed a man you know.
Sorry, just channeling Rest Stop Skeptic for a minute, there.
Bumper Sticker:
Stimulas Not Working – Neither am I
Economic expectations started dropping as soon as Obama started leading Hillary Clinton in the polls a year ago.
So tell Obots to rationalize this: The Bush administration’s fiscal liberalism was caused by Obama.
Many of us are personally affected.
I have no idea why anyone thinks growth is anywhere near this economy. 500,000 is a HUGE NUMBER in one month even though it is less than previous numbers.
How are these people losing their jobs going to pay their mortgages? We haven’t even begun to get foreclosures based on job losses in this cycle. All the foreclosures up to now have been on the speculators in the real estate market.
Our economy is in real trouble. Eventually we’ll get to the point where nobody has any money to be taxed anyway.
If there is a recovery, it will be shallow. If you want an economic playbook, look at the 1970′s. This is exactly the same model. Interest rates will be in double digits before too long.
High Interest Rates, High Inflation. . . that’s the Zimbabwe way. That’s what our government is counting on.
The government’s ‘recovery’ numbers are actually based on growth in the 90′s and 2000′s. Unfortunately, they don’t account for the rise of the internet on productivity in the 90′s and they don’t account for the housing bubble that falsely added to the economy in the 2000′s.
Growth won’t happen again until we have another technological advance. The government can’t legislate that.
On July 2nd, 2009 at 9:24 am, regularguy said:
Agreed. They’ll rehash that foolishness about “jobs saved” again; pure hokum!
EdDantes,
You have it all wrong. Taxes never negatively affect employment! The government said so just after they released their latest unemployment guesses!
It must be evil capitalists who want to exploit poor people in other countries who are responsible for closing the factory here and moving it overseas. Maybe Obama will appoint a cigar Tsar to help him find some Cubans…
Ya think we can clean up DC by beating the politicans on the rocks to help save the US?
Just wondering?
Sarge
Because they fire the ones that say differently.
The Ministry of Truth has just directed that all record of Obama’s statement that without stimulus bill unemployment will exceed 8% are to be immediately found and sent down the Memory Hole.
Queue the next “Breaking News” story on Michael Jackson……
They can keep using the blame Bush excuse but I don’t think it’s working anymore. For example – I left the toilet seat up and my wife called me on it. I blamed Bush and she didn’t buy it. My son drank the last of the milk and put the container back in the fridge. He blamed Bush. We didn’t buy it. My neighbor left the windows of his car rolled down overnight and it rained. He blamed Bush. His wife didn’t buy it.
Obama and company can blame everything on Bush but a growing majority of the American people are no buying it. He will find that out in 2010.
You can always depend on an NCO to come up with a good, solid, plan for corrective action.
It’s an outstanding approach to correct a systemic problem.
Queue the next “Breaking News” story on Michael Jackson……HE’S STILL DEAD!
ok fixed
Untill the ONE rasies him.
Teleprompter in Chief S.O.P.
“We are working hard to fix {insert name of problems here} that we inherited from the previous administration.”
Don’t give him any ideas to repurpose a news source. It was a great diversion to his destruction of the US as we know it! LOL
Let’s hope no other black icons die or we won’t KNOW anything!
Thanks for the great laugh. From one retired AF NCO to another I think you just might have found a way to straighten them out. It worked pretty well on the arrogant young Airmen when I first came in the Air Force back in the 1970s. You would be surprised how well a wall-to-wall counseling session administered to a young smartass by a couple of NCOs behind a blast fence our out by the paint lockers would turn them into a model Airman. Although I doubt it would work on the elitist slobs in the beltway. Still it would be a lot of fun!
There are plenty of economist who in fact got it right-they are the economist who do NOT work for Fedzilla or the Alphabet Soup Networks. The major part of this economic contraction is companies scaling back hoping the government stops helping. They are sitting on their cash reserves as their non cash assets are devaluing.
“I am From the Government and I am Here to Help” is the new panic button. When John McCain cinched the Republican nomination and we knew it was Obama or Hildabeast mattresses got stuffed all over the world.
Now put spark plugs in that diesel engine, check your tire pressure and all will be right with the world.
Sell tickets Boomer: I’ll take eight.
Michael Jackson was black?
Government statistics are ALL increasingly suspect. The BLS reports that the real unemployment is over 16%. The Bush administration re-categorized food service jobs as manufacturing jobs. And I just learned yesterday that the monthly retail sales reported by the government no longer includes those for the largest retailer in the world, WalMart, who no longer make that info available.
More and more, the numbers we investors are asked to base our decisions on are based on fudge. Where did all of those toxic assets that were spooking the market last year go? They are still there! All they did was relax the accounting rules related to “mark to market”. In the absence of having a market interested in buying those assets at any price, the banks are now allowed to just make up a number that makes their books look good.
That’s why many of us call this market rally a “Kamikazi rally”. Taking one for “the team”. No thanks, I’ll sit this one out until the adults are back in charge.
The jury is still out on him and Obami
LOL
I KNOW THE NUMBERS ARE MUCH MUCH HIGHER. I am self employed. I contract work with many self employed people in my field. None of us can file for unemployment. From 1995-2005 I’ve met hundreds of people who left big business to start their own companies. Through most of the year we require one single “bread and butter” contract while also working other smaller jobs. I’ve read many of their comments from emails and facebook; Looking For Work. My ONLY customers within the last 5 months have been big government orders. Zero orders from private business. This has never happened, even after 9-11. Obama and the Democrats are destroying REAL jobs and private companies.
sorta, maybe, who the F knows???
Thanks, it needed that.
Patience! Give Barack time!
You can’t really judge the effectiveness of his actions until, oh, about 2016.
/snort
In a year or two, people will DREAM of the day when unemployment is ONLY 10%
Because poking around in entrails with a stick is an inexact science.
Bush had nothing to do with this.
This is all Dick Cheney, my friends. Dick Cheney…
Republicans should be blaming Democrats rather than Obama, after all they have controlled both houses for 2 and one half year.
At what point are we officially in a depression?
14
Here is Gibbs on video:http://www.realclearpolitics.com/video/2009/06/29/gibbs_you_can_begin_to_judge_stimulus_now.html
Thanks Obama!
http://michaelscomments.wordpress.com/2009/06/08/correction-to-the-may-unemployment-chart/
Here is the graph of Obama’s economy. You need to fill in the blank (Hint: it keeps going up!)
:http://www.realclearpolitics.com/video/2009/06/29/gibbs_you_can_begin_to_judge_stimulus_now.html
http://www.realclearpolitics.com/video/2009/06/29/gibbs_you_can_begin_to_judge_stimulus_now.html
I can’t speak for the nation, but I’m personally headed that way. With Wrong Way Peachfuzz at the helm, and Bullwinkle Biden navigating, it’s hard to see a happy ending here…
Bush asleep-at-the-switch “regulators” let huge imbalances build up that caused our current downturn. It will take at least another year to start anything that feels like a recovery to ordinary working people.
Remember Reagan? He inherited an economic downturn. Three years after he came into office things still were bad. His economic fix had not yet worked as he hoped. His campaign slogan: “Stay the course”. The difference is that Reagan was a great President and great Presidents don’t deserve blame for things that happen during their watch.
Here is an excellent summary by Bloomberg’s Mark Gilbert on what is wrong with the bank bailouts. Conclusion: if “too big to fail” and lack of regulation caused this banking crisis, why are we forcing the biggest banks to get bigger while easing the regulations further?
Answer: follow the money. Who owns our government again? Three guesses.
Another STUPID post from you!
GW tried in 2003 and 2005 to regulate the housing market
http://www.cnsnews.com/public/Content/Article.aspx?rsrcid=43799
Reagan brought our economy back from the brink you tool!
Of all recent new presidents, it was Carter’s successor, Ronald Reagan, who faced an economic crisis most similar in magnitude (though dissimilar in kind) to what Obama faces right now. And it was Reagan who met his challenges with the greatest boldness. When Reagan took office in 1981, the unemployment rate was 7% and climbing fast — much like today. Consumer prices had soared a stunning 12.5% the year before, and interest rates in the high teens were crippling residential real estate and business investment.
Reagan’s stimulus package consisted primarily of deep cuts in marginal tax rates (slashing the top rate from 70% to 50% in 1981 and 33% in 1986), plus a big expansion of the military. Meanwhile, the Fed, under Chairman Paul Volcker (today an adviser to Obama), began to administer the bitter medicine of monetary tightening to cool down the inflationary fever. It worked, pushing inflation down to less than 4% over the course of two years.
But the cost of taming inflation was high: a sharp drop in national production, the worse recession since the 1930s. Output tumbled a steep 5% and 6% in two consecutive quarters of 1981-82 — about the same decline now being forecast for the first half of 2009 in this recession. By the fall of 1982, nearly 11% of American workers were jobless. It was the highest unemployment rate since the Great Depression.
When tax receipts plunged in recession (but federal spending grew), the annual federal budget deficit soared in 1982-83 to more than 6% of GDP, the highest level in recent history. Today, this record is about to be eclipsed by a federal deficit topping 7% of GDP.
The deep slump of 1981-82 eventually ended, as recessions always do. Stimulated by tax cuts, falling inflation and interest rates, and massive government spending on both defense and social programs — with attendant massive deficits — the economy took off on a tear. Unemployment dropped, job creation resumed, the stock market climbed.
Reagan inherited a sick economy that got a lot sicker before it recovered. But the recovery came in the middle of his first term, and he was credited by voters with playing a key role in bringing it about. They gratefully reelected him in 1984.
I love your revisionist history! Get a clue before posting
Oh and lgm see where is say his 1st term = 1 year not 3 years you A()()s
Only one thing to do. Spend another trillion dollars. If we just keep spending money we’ll eventually be prosperous.
lgm said:
xler8bmw pretty much summed up what are the actual facts.
LGM were you born a pinhead or did this condition you have occur naturally over time?
Time and again it has been proven that tax cuts increase employment and increase the tax base. It has been proven that high taxation during an economic downturn only lengthens said economic downturn.
How does a 477,000 job loss only result in 0.1% rise in unemployment? Assuming the same size workforce that should have translated to more like a 0.3% increase. Doesn’t seem to add up, but that may just be how the Labor Dept calculates the unemployment rate
In any case , what sane person actually believes this recession/depression is going to end later this year? We have entered a prolonged period of economic stagnation that will not get better until fiscal sanity is restored and even then it will take years to get the national debt and entitlements under control. Anybody see that happening under a Democrat controlled government? Or Republican for that matter? This fiscal disaster has been looming for 30 years and is now starting to descend upon us. And the Dems solution is (surprise): raising taxes and creating more entitlements programs.
I work in commercial construction and our new jobs are down around 70% this year. One thing on everybody’s mind is “Where are the stimulus projects?” Nobody has any answer to this. This shows no sign of turning around and seems to get worse daily as many of our clients, contractors, architect and other engineers are going belly up. That’s change you can believe in.
Thats a change. obama promised how many new jobs???
It worked nicely in the Navy too. We usually used the paint locker.
And the Democrats plan to keep the House in 2010, by doing what exactly?
I think even your average person in America with no interest in politics will soon realize that the collapse of the private sector is being hastened by Obama’s policies. Now you have companies like Wal-Mart supporting government healthcare. I wonder why that is? They know that its better to get preferential treatment in Washington than to be left on the outside of the banana republic.
If CRAP AND RAID OR ObamaCare are passed…
the lose of jobs seen to this point ain’t nuthin’.
As Rush was saying yesterday, and I’ve said here several times, this economy isn’t going to recover under those burdens. It may not recover even without them, as we think of recovery.
BIG BRO has fundamentally wounded the economy with attacks on contract and bankruptcy law, and the role of government under the Constitution.
Rush has people he speaks to…people who understand the real deal, deep down.
People need to listen to what he was saying yesterday. Expecting a turn-around is goofy.
Blame Bush? Nah, Obama’s hit the motherlode of blame-laying – with this being a 26 year high level (i.e. 1981) of unemployment, it’s obviously all Reagan’s fault!
With the Democrats in charge of the whole shebang it’s more like “The Banana’s Republic”, sicsemp.
Earth never had these crises before human beings showed up with all of their big ideas and carbon emissions. There is only one cure for anyone go cares about Gaia.
correction (d’oh!): …anyone WHO cares about Gaia.
As I’ve pointed out before, corporate boards do what they rationally must to protect their stockholders. This is the hour of crony capitalism, and there is a race to the sow teets that are available. This is why lobbying has increased since THE ONE ascended to power.
BIG BRO is converting market competitors into supplicants, who must kneel at the Federal throne. The old rules don’t apply now.
Again, this is consistent with Fascist economics, which favor big, compliant business over small, innovative, entrepreneurial firms.
on a daily basis, I am reminded of the movie idiocracy, where some wunderkind caused the the largest employer in the world (gatorade), to fire everyone.
Great job Congress!!! With your new tax and tax bill, we’ll be seeing unemployment above 15% soon.
BTW, good people of California-get ready to be paid in iou’s, and just what do you expect these papers to be worth???
PEOPLE, PEOPLE!!! What seems to be the problem??? “THE ONE” has already set the BENCHMARK for unemployment at 10%… It ain’t there yet…
sarc on
I bet when it hits 9.8% he will up the ante to 11% LMAO!
***
RAGSPIERRE #71 gets it right as far as he goes.
***
Wait until UNIVERSAL HEALTH CARE and ILLEGAL ALIEN AMNESTY costs are added to the taxpayer bill. President Obama (PBUH) and his Congressional / Government minions will force these C**P SANDWICHES down our throats soon.
***
Like Ragspierre said, “You ain’t seen nuttin yet!” Coming to the new U.S.S.A. soon. Even Super Liberal “Reporter” Helen Thomas is starting to see the picture.
***
John Bibb
***
Obama shaves or cremates 467,000 jobs
With even Helen Thomas starting to rag on the Minister of Propaganda Robert Gibbs about the smoke-and-mirrors dishonesty of the Potemkin Presidency, it seems that The Politics of Personal Distraction (i.e., the answer to any pointed question becomes “Look over there — it’s George Bush! GEORGE BUSH!!!”) have gone well beyond their Sell-By date.
Even if I was an idiot Hope-a-Dope supporter, I’d be pretty frustrated with him by now: “We traded in Jesus Christ for you, because you promised us more than He could. Well? When are you going to start delivering on the sunshine, lollipops and Unicorns….?”
Ugh, Riverside has the dubious distinction of being #1 in something, the ‘I am not even trying to find a job’ statistic:
Riverside, CA (25.2%)
Birmingham, AL (24.4%)
Detroit, MI (24.2%)
America’s Quitting Capitals
CNN is in full fantasy mode in their economy coverage.
Michelle, can you link to a blurb of this presstitution.
Good grief…!!!
Last night Asst. Press Sec. Bill Burton was on Fox and actually said Cap and Tax is in reality a jobs bill! My TV is is serious danger these days of being destroyed my projectiles. Nearly put the remote through the screen.
Porkulus really saved jobs, eh Barry? The Barry boys can spin all they want now. This mess now firmly belongs to Dear Leader, and more and more people know it. Watch the polls. It’s definitely beginning to swing back to the right.
That’s why they are desperately trying to ram their massive social engineering bills down our throats before the support drops off the charts. Keep up the pressure. The tide is slowly but surely turning.
Rush played the new anthem for The Banana Republic Of The United States…
The Banana Boat Song…
Oh, this is TOO FREAKING MUCH…
http://blogs.reuters.com/felix-salmon/2009/07/01/california-the-haves-and-have-nots/
The elites in Kulifornia are getting paid in real money…
while the really needy get IOUs.
If that doesn’t tell the story, nothing will…
lgm,
Yes I remember Reagan. He was the man that the American people overwhelmingly elected over that f-up, Jimmy Carter. Good of you to note Reagan’s greatness. You and I both know that Obama is no Reagan. In fact, Obama has all the makings of being even worse than President F-Up. So, which conservative candidate do you predict will sweep our current Jimma-wanna-be out in 2012?
9.5% unemployment is meaningless, what’s truly important is how much higher it would be had Obama not ‘saved’ all the other jobs.
Jet Jaguar #89
Yes, but you will remember that the economy still was bad three years into Reagan’s first term. He was still blaming Carter. He ran on “stay the course”, not “brought us back”.
We were told that the US faced an economic collapse if Porkulous was not passed IMMEDIATELY.
That was a lie.
We were told that various companies were “too big to fail”. Certainly, that was a testable hypothesis.
We have models of big, BIG businesses successfully going through a TRUE bankruptcy process. Think of INRON, which was a HUGE company with lots of ramifications through the larger economy.
Bankruptcy has worked every time it has been tried.
But it didn’t foster the imposition of a FASCIST economy, and that didn’t serve the interests of BIG BRO.
This is the aim of this government; convert the economy of the US into a fascist state-run system, with each of us subverted to the collective.
Thanks for the revisionist history there, loony tunes. Check the unemployment, interest rates and GNP for the ’80s. I was in business then and things were already rockin’ by ’83.
Guess when you actually live through something, you remember it differently.
So, lgm… Looks like you lied again, and that the American people trusted Reagan to keep the economy in recovery mode, and knew that the collectivists would ruin the economy…again…some more…
When collectist/fascist Carter had screwed up the economy to the level he had, it would take some time to rebuild it.
I wonder how long it will take to rebuild our economy…if it can be rebuilt…after THE ONE finishes his FASCIST take-over?
Well 8 months after the election, and only 16 months before the next one. First priority: Get the Democrats out of power in the House and reduce the number of Democratic Senators.
Pelosi and Franks must be neutered. Then 2012 its the White House. We need to throw out these thugs of the socialist party while we still have a chance.
After they run out of the *Bush* excuses, they will turn on us, the American people. We will be the ones Obamanites blame for the economy.
A beee-u-tiful sentiment…!!!
Michaeleen O’Flinn in the Quite Man, in response to the line,
“IF the IRA had been involved, not a scorched stone of your lovely house would be left standing” (paraphrased).
lgm you obviously havea reading disabiliy! Where does it say it was 3 years? it says 1 year = 1 term
Post #62
“Reagan inherited a sick economy that got a lot sicker before it recovered. But the recovery came in the middle of his first term, and he was credited by voters with playing a key role in bringing it about. They gratefully reelected him in 1984.”
STOP REWRITING HISTORY!
My mistake 1 term is 4 years so the middle would be 2 years not 3 years!
Turn the page…