Summers: Unemployment Will Remain ‘Unacceptably High’ for Years

It will be interesting to see what the next steps in regulation are. The problems Obama faces are, however, formidable, for many people have their heads stuck firmly in the sand and continue to believe in the mythology of free enterprise, which means free for the rich and lawless to scam the poor and law-abiding, and naturally no criminal wants to be controlled or regulated.

The US is not the US because it was like Europe, but because it was different.
Until Obama.

Where are all of those 1 million jobs Biden said the stimulus created/saved?
What a joke….

Economists (except perhaps for Bob Schiller) do have difficulties forecasting. But the consensus view does seem to be similar to that of Dr Summers –the improvement in labor markets will be unusually slow. There are currently unemployed in almost all occupation and all levels of skills. Inner city blacks and rural poor are particularly hard pressed. For example the unemployment rate in the city of Detroit is close to 30%. With the downturn real incomes are lower than they were a decade ago. Males without high school education find their real wages approximately 25% below the level several decades back. Amidst all of this the government issued 1.5 million Visas in the last year. In the short run immigration (except for legitimate spouses and a few other groups) should be stopped. In the longer run immigration should be set at a level that will provide adequate opportunities to those already here and be consistent with maintenance of environmental objectives.

It’s not all bad.
Sure, Obama’s promised 3 million jobs never materialized, and the overall unemployment rate continues to worsen, but employment opportunities are plentiful for radical leftist czars.
So how’s that Change working for you?

But we have “created or saved” 1 million jobs!

But…But…Obama has assembled the best
team of lobbyist/economist/Dem hacks
ever! We should appreciate the economic
acumen of his brain trust, and trust
Obama’s brain. To not do so would be..
um….racist.

He must be assuming that the Democrats will retain their majority and Obama won’t be thrown out in 2012.
If we get lucky, the dems will try to pass healthcare through reconciliation and the GOP will shut down the Senate with line by line reading of every bill.
Then, once the tourniquet has been applied employment should get better.

WASHINGTON (AP) — With four simple words — “Give it to me!” — President Barack Obama took possession of the economy.
“So our Recovery plan is working. The financial system has been saved from collapse.”
“So make no mistake. We’re moving in the right direction.”
” … we’re on the road to recovery.”

This collapse of economy as we see today was planted by Ronald Reagan’s “let’s have no regulation and give Rich more money and let’s create a greater gap between rich and poor” philosophy!!(Trickle Down Economics)
It will take plenty of time before we neutralize Reagan effect!!!
Trust me, when I say this, stimulus and bank bailouts have worked, If not we will be in depression right now!!

Didn’t this administration just say that there were one MILLION JOBS CREATED yesterday??? What is the true story here??? Why is there this look at this side and… oops look at the other side all in TWO days???

And this President wants to keep spending money we don’t have????? It’s time for him to have a psychiatric examination!

“I guess the stimulus bill that would save the unemployment (not above 8%) that was promised if passed DIDN’T work.”
_____________________________
No such 8% promise was ever made, and dimwits who repeat this nonsense are either ignorant or intentional liars.
The lesson as always – right wingers lie.

Emmanuel is a political hack. Summers is a smart jerk. Politicians will never save the world.

“We will not be failsafe until it’s safe for failure,” he said.
Safe for failure eh, no wonder why Goldman, JP Morgan, Citibank and BoA are raking in “profits”.

All part of the Obama plan to weaken and cripple America.
Then when there is the “emergency” Obama can then use fear to push through more laws to take away our freedoms and put more government to control our lives?
**************
Democrats – you used to be the party of less government, freedom for the individual, freedom of thought, power to the people (remember the 1960s and 1970s?). When did you all become brainwashed believers that the government is always right and should control everything?

yep, just wait til the appetite for 30 yr treauries dries up. we’ll need some recovery ELSEwhere for that to happen, which we’re starting to see. interest rates go up. they’ll “quantitative ease” MORE. oh what a perfect storm they are exeacerbating. and then …to top it off…..the bush tax “cuts”"expire”. tax increases. too bad that wont happen until after nov ’10; mostly. but that does give the grown-up controlled (read rep) house time to enact legislation to try to fix this mess. whuich then sets up the beautiful perfect storm. a dem pres, dem senate vs a rep house who is trying to repair the damage. and senate blocks it or potus vetos. ’10-’13 is gonna be fun. except for all bho’s damage. other than that, fun. oh and dont investigations of exec branch begin in house too? yee hee hee.

Economists (except perhaps for Bob Shiller) do have difficulties forecasting. But the consensus view does seem to be similar to that of Dr Summers –the improvement in labor markets will be unusually slow. There are currently unemployed in almost all occupation and all levels of skills. Inner city blacks and rural poor are particularly hard pressed. For example, the unemployment rate in the city of Detroit is close to 30%. With the downturn real incomes are lower than they were a decade ago. Males without high school education find their real wages approximately 25% below the level several decades back. Amidst all of this the government issued 1.5 million Visas to foreign workers in the last year. In the short run immigration (except for legitimate spouses and a few other groups) should be stopped. In the longer run immigration should be set at a level that will provide adequate opportunities to those already here and be consistent with maintenance of environmental objectives.

Our national debt was $11,689,233,166,103 a few minutes ago and is rising by nearly $2 million every minute. We are watching our country die. Is Obummer purposely doing this? – yes.

I HOPE this isn’t the CHANGE everyone had in mind?
Let’s go back to 2008. Barack Obama is giving his speech at the DNC Convention. The highlight of his speech is as follows:
“If I am elected President, unemployment shall remain unacceptably high for years to come and we will run at record deficits for as far as the eye can see…”
No, that’s NOT what he promised us is it? Would he have been elected with promises like that?
Go back to 2006. If the Democrats had run on the “In 2 years, the real estate market will collapse along with our entire banking system if you elect us!” do you think they would have won?
No?
The Democrats have controlled Congress for 3 years now. Someone please let me know when all of this starts being THEIR fault?

“No such 8% promise was ever made, and dimwits who repeat this nonsense are either ignorant or intentional liars.”
They did state that without the stimulus unemployment would rise over 8%.
They absolutely did.
FactCheck.org:
* Without a stimulus package, Obama’s team predicted unemployment would hit 9% early next year. However, it’s already at 9.4% and climbing.
* With a stimulus package, Obama’s team predicted unemployment would max out at 8% later this year. Again, it’s already at 9.4%.
You guys throw the “liar” thing around really quickly- but you should be as quick to vet your own accusations.

And wasn’t ABC on of those, that pushed this guy on the entire country? Thanks

So, I assume all of you read Thursday’s annual Census Bureau report on income, poverty and access to health care.
It kinda puts a dimmer on the shrill claims seen here that Obama is the one with the plan to weaken America, which thrives in part because of its middle class.
During Bush’s two terms in office, the median household income declined, poverty increased, childhood poverty increased, and the number of Americans without health insurance spiked. By contrast, the country’s condition improved substantially on each of those measures during Bill Clinton’s two terms. It’s really interesting given the current debate on what to do to fix the economy, and whether we’re headed in the right, or wrong direction. The GOP and conservatives seem to insist that a similar agenda to Bush’s focused on tax cuts offers the better way to revive the economy than President Obama’s combination of some tax cuts with heavy government spending– and many on here defend the GOP’s actions, and blame Congressional Dems for our current situation. But the dismal economic results from Bush’s two terms, spoil, to put it as cordially as possible, the idea that tax cuts represent an silver bullet, although admittedly Bush failed to pair his tax cuts with spending cuts.
While it’s been pointed out to me here and many economists do, indeed, cite many reasons why presidential terms are an imperfect frame for tracking economic trends, most experts would also agree that its foolhardy to argue that national economic policy is irrelevant to economic outcomes. The Census report shows that Bush’s national economic policy flunked on every relevant dimension-and, guess what? It’s not just because of the severe downturn that began last year.
Bush is the only president in recent history to preside over an income decline through two presidential terms. But here’s what’s interesting– even if we remove the global recession, middle class and poor families were worse off in 2007 than they were in 2000,
despite business expansion.
Also, during Bush’s two terms, the number of people in poverty increased by over 8.2 million, or 26.1 per cent. Nearly 70% of that increase occurred before the economic collapse in 2008.

Given that the combined intelligences and capabilities of Obama, Summers, Geithner, Biden, Reid, Pelosi and Frank amount to that of a idiot, the ‘unacceptably high’ jobless rate is unsurprising!!
In fact, given the moral and ethically poverty of all of the above (along with that of other notables like Schumer, Dodd and Waxman, et al.), I would swear that all of their activities are being done on purpose to make it that way!!

So let me get this straight – the Stimulas Plan is not stimulating and its Bush’s fault? (because Obama & company inherited these problems)
Guess what? That plan is never going to stimulate jobs -

Government regulation is never going to prevent such bubbles–because politicians will never allow bubbles to be deflated prematurely…
A bubble represents a kind of wild party. Everybody is drunk on paper wealth.
No President or any other government official wants to tell the participants that the party’s over.
Posted by: sinz54 | Sep 12, 2009 9:56:54 AM
On this I would think (though you never know) that everyone can agree. We never seem to learn from our mistakes on this one.

Timmy and Barry are so busy patting each other on the back they forgot to look at the calculators on their desks. It is WAY to early to claim this country has avoided anything, much less a depression. The pols in Washington, D.C., are completely and utterly out of touch with reality; or they know exactly what they are doing blundering and baloney slicing, ad nauseam. The latter is probably the most accurate of the two.

Marketwatch reported on Sept 9: “Employers’ hiring plans for the upcoming fourth quarter dropped to their lowest level in the history of Manpower’s Employment Outlook Survey, which started in 1962.” US Job openings fell to a record low in July this year. An article by G. Washington for Naked Capitalism painted the real picture: “Projections of former International Monetary Fund Chief Economist and Harvard University Economics Professor Kenneth Rogoff and University of Maryland Economics Professor Carmen Reinhart, U-6 unemployment could rise to 22% within the next 4 years or so.”