Nouriel Roubini: Unemployment Hasn't Peaked, Worst Yet To Come

RGE :

Think the worst is over? Wrong. Conditions in the U.S. labor markets are awful and worsening. While the official unemployment rate is already 10.2% and another 200,000 jobs were lost in October, when you include discouraged workers and partially employed workers the figure is a whopping 17.5%.

Read the whole story: RGE

Comments

[Brute]

Exclusive: Jobs 'Saved or Created' in Congressional Districts That Don't Exist

http://abcnews.go.com/Politics/jobs-saved-created-congressional-districts-exist/story?id=9097853

[kidolympic]

I have a good global stimulus plan which originates in the U. S. Government; I can't find support for my plans&plans. It's a good global game plan for the economy and jobs. I'm an American living in a market deomocracy. http://www.youtube.com/watch?v=31AxHeYEDxc&feature=related

[ncmom54]

1- Scrap all health care reform plans & establish Medicare for All NOW!
a lot of people can independently contract & freelance until jobs open up...

2- Wall Street inflicted an economic disaster on the country's economy; SBA should and could be making disaster payroll loans based on last 2 years' payroll taxes for payroll only.

3- Freeze family home foreclosures

4- Establish State Owned Banks

Americans are going under as Corporations are being restored.

[nolookpass]

CBO says there is 59 billion a year in waste and fraud in Medicare, two years of Congressional control by Democrats and that was ok. Why put all of us into a fraudulent system where they will be able to tax us unmercifully and still not care about waste and fraud.

Clean up Medicare first then we will see if it is a viable alternative.

[vorpalmusic]

But you support the 700 billion fraud and waste that is the TARP?

[MarcusT]

This is the entire foundation of Obama's "recovery" plan-shopping. They have pumped literally trillions into the financials just to keep them afloat while waiting for the public to wake up and go shopping again. The financials have taken the cash at 0% and shorted the dollar by buying higher rate foreign debt. So now we're betting that imports will slow and everyone will go shopping BEFORE we have to raise the interest rate which will cause the biggest short squeeze on the dollar the world has ever seen and crash the financials. Mean time, the idea that everyone is going to wake up and go shopping again is simply ridicules. Boomers have lost their retirement, in home equity and 401Ks, and unemployment is staying right where it is, best case. It's quite possible we've managed to build an even bigger house of cards than before.

[brooklyncitizen]

What exactly does hunker down mean?

[liberalbug]

Get a van that your family can live in.

[leduck]

Massive GAS TAX Yesterday!!!!

$8.00 Gas

should have been 20 or 30 years ago, but, better late then never

[SamKnause]

Disagree. We should have been the first country to go totally off oil 30 years ago. There are so many alternatives out there for us to still be dependent on foreign oil. Our corrupt government has kept the oil companies in the drivers seat and help to cause the collapse of this country. Exactly what do you think would happen if gas were $8.00 a gallon?

[markinaz]

You would have to do what I've done for the last nearly 30 years of not owning a car and either walk, bike or take the bus.

[steppenwolfsayshi]

The biggest thing that would happen is that $8.00 gas would cause massive consumer price inflation. Everything you buy is shipped using gas, so the price for everything would increase 20% maybe overnight. That would bankrupt businesses that couldn't eat more of the increased cost than their competitors to keep costs down more for consumers, people would get laid off, and low income people who commuted would not be able to afford to drive to work and pay their bills. So eventually cities would build more mass transit, but not until after a lot of economic hardship.

[talkitreal]

What we need is the business owners, entrepreneurs, manufacturers here in the USA starting to make products again, and create manufacturing jobs for Americans . WHY, are we importing from China things like cloths, shoes, and toys, furniture, even apple juice we are now importing from China - why are we in the USA not making these things for ourselves, and sellinmg them to other countries!

In 2006, USA businesses IMPORTED the following products from China.
1. Computer accessories, peripherals and parts
2. Miscellaneous household goods : (e.g. clocks , lamps, etc...
3. Toys & sporting goods (e.g. bicycles dolls, baby toys, etc...)
4. Computers
5. Non-cotton household furnishings & clothing
6. Video equipment
7. Household furniture
8. Footwear
9. Cotton household furnishings & clothing
10. Telecommunications equipment

Read more: http://internationaltrade.suite101.com/article.cfm/top_chinese_exports_imports#ixzz0X5v7BbDN

[liberalbug]

We import this stuff because Americans would rather have cheap crap from Wal-Mart than pay living union wages to their neighbors to make the stuff here at home, which would raise the price just a bit on those products. Also, corporations always have to improve the bottom line for shareholders. Easiest way to do that is to export jobs to China. So, until Americans "get it" and corporations get a social conscience, two things that will never occur, we will continue to outsource pretty much everything. Even white collar jobs are going now.

[karen1p]

Hunker down....yes, have been....hunkering down and losing the house......hunkering down and losing life savings.....hunkering down and wondering what other country has opportunites???

[vorpalmusic]

Things are fine in Canada. I got out during the Bush years because I could see where this was headed. I sold everything, rented a dumpster and threw everything that I couldn't sell out my third story window and into said dumpster. I got myself a small apartment near the metro line and I got rid of my car.

It may not be easy or fun, but it's the smart thing to do right now.

[steppenwolfsayshi]

New Zealand is nice. Beautiful, low crime, the people are cool. I want to move there but I don't have enough job experience yet. Their immigration site lists which occupations they are looking for. If you worked in one of those for a while, then you probably could move there.

[Lizaxyz]

Million Fax M.a.r.c.h.

http://www.peaceteam.net/action/pnum1020.php

Send far and wide!

[ncmom54]

thanks for the link -
great photo - 2 of those are members of my family.

[JMK62]

Having been unemployed since March, I am now happy to say that I was offered a job today. It is below my skill set, but I dont care. It is a job and I am grateful for it. Stable company, good benefits and a steady income. We are totally relieved. We are going to have to make some sacrifices in our personal life with schedules and such, but I am just so grateful it doesnt matter at this point. To all who are facing unemployment--hang in there! It will get better.

[Lizaxyz]

JMK - CONGRATS! It must totally feel like a huge relief!

Send your energy my way as I'm going on a job interview this Wed. I'm sure it will be for less money, but I will take it all the same.

Good luck on your new job!

[onwardsandupwards]

Many congratulations, and good luck in your new job!

My fingers are crossed for everyone else who is looking for work too. ;-))

[Adartist777]

Good for you JMK. I hope you do well. It's always a pleasure to know that someone here has gotten lucky with the job market. I, too, have at least found a weekend job. It's not much, (only sixteen hours at minimum wage) but I do some networking through this tiny job and there are possibilities that I may find a better job with some real hours. It just feels good to work - period.

[PhillyQuaker]

Good for you! I have been unemployed for six months, it's nerve wracking.

[Lorianne]

Award-winning FRONTLINE producer Ofra Bikel chronicles the recession's impact on one unlikely American neighborhood -- New York's Upper East Side.

Close to Home
http://www.pbs.org/wgbh/pages/frontline/closetohome/view/?utm_campaign=homepage&utm_medium=proglist&utm_source=proglist

[talkitreal]

Roubini - is suggesting that we do the things that the Stimulus Package is did, and is still doing right now.

FACT: Some of those infrastrucuture projects are still going on right now.
Secondly - a payroll tax cut was already given to 95% of working people in the USA. (This was where most of the Stimulus money went)
Thirdly - All the 50 states governments were saved by the Stimulus - The money from the Stimulus were given to help prevent the States from going bankrupt, as well as save most of them from having to lay off millions, and millions of teachers, and police officers, and firefighters, and social workers, and other government workers, all across the country.

THE REAL FACT OF THE MATTER IS THIS: Now that the Stimulus has been provided, which provided tax cuts, and helped stop the laying off of millions of teachers, police firefighters, etc, across the country, and a tax cut was given to 95%of working families. -- Now that these things have all been done -- THE ONE THING LEFT IS -- The American people WITH jobs need to start buying things again, start spending money in American businesses again . When these American businesses start making profits, they will start hiring people to work in their stores, and their companies, etc. It is only when American citizens (you and me), start spending, start shopping, start buying things, that American businesses will start hiring again, and creating jobs for other Americans.

[T Pol]

That, to me, is short-term. I believe business needs a new paradigm where our economy is not measured by how successful the consumerist exploitation of a religious holiday makes or breaks us our stats and confidence. Not to mention the environmental rape of the planet the manufacture and disposal of many consumable has caused.

This is where American ingenuity, innovation and technology are needed more than ever.

[Lorianne]

For decades we have been involved in an unsustainable economy. Unsustainable growth supported by unsustainable consumption financed by unsustainable levels of consumer debt.

We shouldn't be trying to 'recover' something that was unsustainable to begin with ... that's just kicking the can down the road a few months or years.

None of this is Obama's fault and he cannot fix it (no one can) ... the engine of this usustainable paradigm started before he was even born. That said, he and his cohorts are not getting what's really happening, and are only reciting platitudes about "recovery" to keep the peace.

Recover to what? That is the real question.

Obama is in the unenviable position of needing to tell the American people the real truth ... that there will be no recovering the broken system we thought would last. Still, I believe it is his duty to tell us what we don't want to hear. He was hired to do the hard things ... and telling the truth this time my be the hardest job a president has ever had to do.

Will he have the courage?”

[T Pol]

Good for you. See my reply to the comment above. Same wavelength.

[rascalov]

Good post. Problem is, do we even know how to have a society based on sustainability and not consumption?

[Knowitall]

Where was Mr. Roubini for the last 8 years? In fact, where are all of these "experts" coming from now that the bottom has fallen out of the economy. Seems to me that too many of them were cheerleading for the Bush administration because they were making money hand over fist NOT to say anything negative.

Not saying that was what Mr. Roubini was doing, but too many of the ones who are talking all the gloom and doom now, said very little when all this was building. Why should we believe them now???

[Lizaxyz]

That's a pretty good point

[ISOLEP]

I didn't see any Democrats trying to stop the mortgage crises,Barney and Dodd did the opposite they told Bush any attempt would die in congress?

[KarateKid]

@ BradSmith:

OK, I read the link you posted, but also went back and read all of your posts around Veterans Day, and I'm going to re-fan you. I agree with 95% of what you say but you have a weird way of expressing yourself sometimes. But, I read every comment you made around _Veterans Day, and I have a better understanding of where you stand on this issue.

I still think you have jumped to conclusions about someone who inherited the situation instead of instigating it. If the situation was reversed, I think Obama would have handled it differently than Bush did.

You know, having served, that withdrawal is not an easy thing, logistically speaking. Look back at what happened in SE Asia in 1974-75, the other side stepped into the vacuum created by a lousy withdrawal plan and looked what happened.

That being said, we do share the same views so I'll restore the fan. I can't believe how I had to sanitize this post.