Jobless Recovery: Unemployment Could Remain High

washingtonpost.com:

Despite signs that the recession gripping the nation's economy may be easing, the unemployment rate is projected to continue rising for another year before topping out in double digits, a prospect that threatens to slow growth, increase poverty and further complicate the Obama administration's message of optimism about the economic outlook.

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Read the whole story: washingtonpost.com

Comments

[sueinmn]

08:10 PM on 06/22/2009

Jobs and the economy go hand in hand. With out jobs, to many do not have a chance of recovery. Unless we support welfare for all jobless. We have too much of that already. We need jobs and good paying jobs at that! Sure a few banks will recovery with our help. Walstreet holds its own again with our help. Its time to help US now.

[BurtonOerney]

07:31 PM on 06/22/2009

In January it was impossible to get any bank to write a short term loan. If you owned a business - like the newly celebrated credit unions - you were done. In February, deflation was very probable. Deflation is, of course, much worse than inflation, which, incidentally, was also supposed to have already happened. We have just had the biggest drop in investment value since the one that took almost 5 years to bottom out and we're looking at bottoming out in less than one year. When did Depression-era workers see 1929-level employment figures? You guys know best, though. It's a big scam. We would have been on this trajectory after 9 months had we not bailed out banks. Europe, who took the approach most people here are advocating, is really doing well compared to the US and the US is where 90% of the damage was done!

[cdrach]

06:39 PM on 06/22/2009

keep throwin' taxpayer money at the banks and wall street Bam Bam instead of direct stimulus to the average Joe -G Sachs( contempt for commoners anyone?) will keep giving big bonuses and eventually it will trickle down to us pee ons( I regret voting for the guy)

[jerrypl]

05:28 PM on 06/22/2009

A jobless recovery-don't make me laugh. This is bigger than Reagan's jobless recovery. We have frozen credit, and evaporated personal wealth, along with shrinking home values. Spending has taken a tumble, and the fools are saying a jobless recovery? HAHA.

http://eye-on-washington.blogspot.com

[nomorefed]

05:19 PM on 06/22/2009

If the truth were being reported we'd be having riots in the streets. And meanwhile the top

execs in banks and brokeragesa that caused such a mess are STILL employed and making

millions while laying off THOUSANDS of people that actually do work. If you know anyone in

banking that's still employed, odds are they are doing the work of three people so the top

execs can show 'savings' and contineu collecting mega-incomes.

good articles: href=".http://www.bit.ly/12NCJR>recommended reading

[texastrixie]

02:48 PM on 06/22/2009

I blame one person for this - Nancy Pelosi. Yes we finally got a stimulus bill, but only a fraction went to job creation (and even not a 1/2 fraction at that). I am as liberal as they come, but even I could see that getting our "priorities" done wasn't as important as getting people jobs. Saving the banks was not something Obama could avoid, once Bush started it. As to bailing out GM/Chrysler, I still think bankruptcy without sliding into it would have killed off the car component manufacturers in this country, which would have affected selling new cars from all makers. But the stimulus should have stayed nothing but jobs.

Now things are sliding downhill, and no one in the Congress has any stomach to pass another stimulus bill. It would take 25% unemployment (on the record 25%) for the public to be willing to take on any more debt. So we are stuck.

Pelosi should have insisted on jobs and local service support for teachers, fire, police. I don't know what other garbage she allowed in this bill, but I hope it was worth it to her, because I think she will see massive numbers of Republicans coming back to de-throne her at the end of 2010.

[judiNJ]

12:40 PM on 06/22/2009

Well, employment is a lagging indicator. The first thing we will see is term of project and free lance jobs cropping up all over. Then staff positions. However, if we do not have health care reform, I don't see a lot of companies hiring, but rather sending their jobs offshore. This is all of the same package. Hey, remember how nice it was before the 1980s when there were jobs, jobs, jobs and health care was affordable?

[ekoorb]

01:41 PM on 06/22/2009

Health insurance is a huge jobs tax.

[boogiewoman]

11:38 AM on 06/22/2009

Wow!. Stop playing us as fools. The rich are going to remain rich and the poor are going to remain poor, and just maybe get poorer.

[Artos]

11:35 AM on 06/22/2009

Whoever is putting out this trash of late that the recession is easing and the a recovery is expected by years end is totally disengaged from reality in my estimation. Where I come from high unemployment is Recession and no amount of wishful thinking is going to change that. Just because the Big Banks are getting rich sapping the wealth of America out of the Treasury doesn't make a recession less true. We are in a deep recession that is bordering on a depression. The fact is that a real Depression is a lot more likely than a looming recovery.

[funkalicious]

11:30 AM on 06/22/2009

As government bureaucrats tout the magic of economic recovery the evidence is we are still deep in the crap hole.

FED printing money as fast as they can pushing on a string credits still contracting unemployment
reaching double digits.

Local governments going bust, states raising taxes to save bloated government programs and pension promises.
a broke government guarantee for pensions. Bank failures up foreclosures up and unemployment rising along with stagnating wages. the price of a can of black beans raised from .59 cents to a 1.09 dollars.

Shove your bullshit we ain't that ignorant

[hellboundtrain]

11:27 AM on 06/22/2009

Recovery? Really?

How is it we are to successfully negotiate through the hundreds of trillions of $
needed for the CDO/CDS gibberish?

I say gibberish because, apparently, the contract for these things are written so that nobody can understand them. Sounds like the perfect reason to VOID them all.

[vippy]

11:10 AM on 06/22/2009

I don't know about you but without jobs nothing will recover. The banks are stealing our money what is still out there and I don't see the rich holding up the markets.

[iridium53]

11:01 AM on 06/22/2009

Jobless Recovery is a ridiculous oxymoron put forth by fully employed government economists.