Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Just wait 'till the GM/Chrysler and associated dealership employee dismissals get tabulated into the results. 10-11% EZ next couple of months.
The estimate for the dealerships being closed is another 150,000 unemployed. Yes, wait till they get added into the result.
The scary thing is that the GM / Chrysler employees will be paid their wages by the taxpayers while the plants shut down and reconfigure, but their "unemployment" is not counted in the unemployment figures because they are collecting "wages", not unemployment.
Just another way of making the unemployment appear lower than it is, pay people wages, not unemployment..
Today, the US Department of Labor's Bureau of Labor Statistics (BLS) will come out with their May 2009 unemployment report (in a few hours), and the general consensus among the finance community (see: "U.S. Economy: Services Shrink, Job Losses Mount") is that the highly-publicized, albeit misleading, U.3 Index will reach 9.2%, with the more comprehensive U.6 Index (which includes those that have been unemployed for more than a year as well as the underemployed) expected to exceed 16%. Some respected economic historians tell us the national unemployment rate will, as of today, actually exceed 20%, even though the official numbers will understate that. Then again, it's a widely accepted observation of our current reality that you always have to read these federal unemployment reports to catch the fine print comment, 12 paragraphs into the press release, where they quickly mention that they've "revised the previous month's report downward some 40,000 to 80,000 jobs." It's all but guaranteed that it'll be in today's report just like it's been in 22 of the last 24 month's reports, too. So much for state budget payroll tax revenue projections for the next few years.
A quick review of recent chain store revenue may be had here in, "Chain Store Sales Plummet," where we learn that these business revenues dropped a record 4.6% in May. I work in the software industry where my small business is focused upon providing finance technology to retailers. What I'd heard (it was consumers spending their income tax refunds and nothing more) from retailers across the country, which flew in the face of false MSM memes about so-called, improving retail stats over the past few months, is very much reiterated in a couple of sentences from the story linked earlier in this paragraph:
After a peculiar pick up in April, the chain store sales trendline has reverted to a complete collapse, dropping a whopping and record 4.6% in May. Looks like tax refund stimulus benefits have done their temporary magic and now all trends are back on their usual course. In other words, so much for state budget sales tax revenue projections for the next few years, too.
The estimate for the dealerships being closed is another 150,000 unemployed. Yes, wait till they get added into the result.
The scary thing is that the GM / Chrysler employees will be paid their wages by the taxpayers while the plants shut down and reconfigure, but their "unemployment" is not counted in the unemployment figures because they are collecting "wages", not unemployment.
Just another way of making the unemployment appear lower than it is, pay people wages, not unemployment..
That's why there's a government unemployment number and a real life unemployment estimate.
I'm starting to believe there is indeed a conspiracy to bankrupt America and every citizen in it, including the poor and the Left too.
Today, I read about how the Obama Admn. is openly conspiring with Midwestern governors of both parties to build a "high-speed rail network" with BILLIONS of US dollars. What a boondoggle, what a colossal waste. Inefficient use of capital. The US government should remit those dollars back to the citizens and let the capital be used effectively.
Does anyone actually believe this kind of infrastructure spending is a good investment or is really stimulative?????!!!! Are there no honest advisors anywhere in the US government?
Vice President Joe Biden lauded the Midwest proposal, which envisions passenger trains speeding through the region at 110 m.p.h., as "one of the most comprehensive plans that have been put forward so far."
The full 3,000-mile Midwest corridor system stretching over nine states would cost $9.6 billion to construct over 10 years, according to the latest estimate.
Sanrene, thats not fair, using charts and pretty pictures to get a point acrossed!!!
I'm waiting for liberals to come and proclaim, hey, the number of job losses fell this month over last, everything is getting better.
I wonder how much of the increased unemployment is directly related to the stimulus and steps being taken by the Obama administration, (like GM, and Chrysler for example). After all, taxes on the rich went up,they have to lay people off to pay bills, and the stimulus bill needs to be paid for..
"I'm waiting for liberals to come and proclaim, hey, the number of job losses fell this month over last, everything is getting better."
The amount of inflation that will be created from all of this funny money will hurt the poor most. The rich and some well connected upper middle class folks like myself can leave the dollar quite readily. The poor cannot easily purchase foreign bonds, stocks, currencies, gold, etc. they can only watch as the high demand consumables skyrocket in price. Of course, rationing and price controls will likely follow, but all that'll occur is the suffering being spread around. So, not only do you need some surplus food, water, etc. You need a surplus means of heating/cooling that is not dependent on the grid. Whether it's panels, windmills, whatever. If energy is rationed to fight inflation, there is no way to avoid it other than relying on a non-centralized source.
Agree, also think you'll start seeing impact from state and local budget cuts, beginning with contractors.
I know NC State is required to cut 18% from the budget for next year. Can you say freak out?
They even tried to lower Research Asst salaries by 0.5%, but the students yelled and screamed until it was aborted. It was obviously out of principle, because @ 18K/year, 0.5% is minuscule.
Check out this chart; Take note - this chart was used by obama's economic team to market the stimulus. The "dots" are the actual numbers, which clearly show how wrong they are/were.
Lame conclusion to draw without seeing how things would have been like without stimulus. Besides, the stimulus is not a magic wand like the kind republicans seem to have (but forgot to use while they had the driver's seat).
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Are there no honest advisors anywhere in the US government?
