New U.S. claims for unemployment benefits rose more than expected last week, a government report showed on Thursday.Initial claims for state unemployment benefits rose 5,000 to 417,000, the Labor Department said.
The Congressional Budget Office released it's annual summer update of the budget and economic outlook on Wednesday and according to the CBO's projection, the national unemployment rate "will remain above 8 percent until 2014."
We know the Democrats and Obama blame everyone and everything under the Sun for this economy. That is Democratic leadership for ya.
All things are pointing to a double dip recession. You may be wondering what that means to you and the future of our economy. First off our debt will grow even faster then it is now, leaving those 53% of Americans that pay federal income taxes on the hook to have their taxes raised.
We will be even closer to an even bigger downgrade from our AA rating.
There will be even less money for States to balanced their budgets. We all know that the unions will be mighty pissed when they have to give even more up. They can't blame anyone but themselves for voting in Democrats that have controlled our country for the last 5 years. But we all know they wont blame themselves for anything.
Fewer people will be working and this will put more economic strain on both States and Federal governments.
As if the Democratic Party hasn't done enough already they will play their two notes, raise taxes on those that pay taxes and spend even more money. In other words punish those that are working and add to our debt.
Soon we will see cities and States going bankrupt. The public union retirees will be out of a pension. They will blame the Republicans rather then blame the Democrats for promising something we could afford. But that is just what children do.
It's no wonder that Democrats are on a rampage against Republicans. They can't run on their performance now can they? Things are bad and they are only going to get worse. The cost of food is still going up. And so is our health care premiums. Our houses are still going down and everything that was too big to fail is still too big to fail.
The solar cell companies that Obama touted as successful are going bankrupt. Obama has made our electricity prices go up by closing coal production mines in Michigan.
We have only just started to see the bad times.
President Barack Obama is finalizing a jobs package that could include a program to refurbish school buildings nationwide and tax breaks to encourage firms to hire workers.
ReplyDeleteThe package, to be unveiled in early September, is Obama's chance to convince skeptical voters he can bring down the 9.1 percent unemployment rate and steer the United States away from another recession -- ahead of next year's election.
Critics say the president, who bailed out the auto industry(they still went bankrupt) and spent $860 billion to revive the economy after he took office in 2009, has few jobs-boosting options and will have a hard time getting Republicans to accept any new spending plan.
The rising impatience with the leadership of President Obama was epitomized on Aug. 8 in the middle of one of the now-habitual Wall Street roller coasters. His speech on the economy was 53 minutes late. What showed on TV screens was an empty White House podium, an image suggestive of the absence of leadership. When the president did speak, the best he could come up with was "We've always been and always will be a triple-A country." The market's response was a Bronx cheer, a drop of another 300 points.
ReplyDeleteMr. Obama seems unable to get a firm grip on the toughest issue facing his presidency and the country—the economy. He now asserts he is going to "pivot" to jobs. Now we pivot to jobs? When there are already 25 million Americans who are either unemployed or cannot find full-time work? Does this president not appreciate what is going on?
President Obama, I will vote for you again, only because you are the lesser of two evils. You sir have, while in office consistently
ReplyDeletedisappointed us by failing to stand firm on the issues important to the middle class. You have been consistent in appointing people (GE's Jeffery Immelt) to position's of power that in no way reflect the best interest of the progressive movement. By your failure to lead the nation toward a sane dialog, you have allowed the right to move the nations conversation and policies even further away from center right to totally wacko right. Frankly another vote for you will be really tough to stomach but as I started with, you are the lesser of two evils. show more show less
Obama has had the worse luck. Irene will be another FEMA moment for him. Things sure are looking bad. Mother Earth is pissed.
ReplyDeleteAnd just think, that if Bush and the Republican congress hadn't instituted tax cuts that hobbled the nation along with his illegal war in Iraq the state of our country would be excellent today and John McCain probably would have been elected.
ReplyDeleteWhen you take a quick look at the Bush years we only gained 500,000(in millions)in receipts, but we went up 1,200,000 (IM) in outlays. I am apt to believe that it was too late. That we were too leveraged federally and individually by the time Obama get in for anything to change it.
So the right has no one to blame but themselves. They managed to use their agenda to damage the American economy.
Chris, The CBO report distinctly says that there will be no new recession therefore no double dip.
ReplyDeleteCBO said...
GDP: On that basis, CBO projects that real GDP will increase by 2.3 percent this year and by 2.7 percent next year. That forecast reflects CBO’s expectation of continued strong growth in investment by businesses, moderate increases in spending by consumers, gains in net exports (exports minus imports), and the beginning of a recovery in new-home construction.
How is that a double dip? anyone, anyone, Bueller?
Joe Now Nobama is the President and the two Wars he was going to STOP how's that going?
ReplyDeleteThe Bush Tax Cuts your talking about are those the same ones Nobama Extended?
Now the LEFT had full power 2008 2010 and refresh me. They did what to get Economy and Job Creation moving?
My self I believe politicans as a whole have hurt this Nations Economy to the point of ALMOST destroying it. Your post seems to make this Regime SPENDING 4 TRILLION dollars NOT such a BAD thing. What did Economy get for that 4 Trillion dollars? What?
So from your Post whats your Point?
Al,
ReplyDeleteYou want to step outside your box a minute and Read this.
The Bush tax cut extension was completely wrong on Obama's part. But it was a deal made to keep the unemployment extension. What was worse is that the Republicans pushed for these revenue negative cuts to continue even though they weren't creating jobs either.
So Obama's polices are not creating jobs, but Republicans push for policies that don't create jobs either and increase the deficit at the same time and all you say is that Obama isn't doing anything.
Joe I listen to what Nobama says and then see what he actually does.
ReplyDeleteUnemployment rate would NOT go above 8%.
SOTU Laser in on Jobs.
With two full years of complete Power Nobama and his merry band did what to create jobs?
They had NO problem with Socializes Insurance yet until 2010 Shelacking Job Creation was not being addressed.Why?
All politicans through the years have made their contributions to the Mess were in. Nobama is Our Leader and what he says should have meaning and to me he says whats needed to get by. That however does not address the Problems we face. Since November all I hear from Libs is its the Republicans fault Yet dirty Harry and his Merry band of Liberals want to Spend with very little thought to CUTS. Without CUTS Our Economy will fail and to me that is the LEADER of Our Nations responsiblity to over come.
JFK said ask not what your Country can do for You but what YOU can do for your Country. We must get back to that or were DOOMED. We get what We elect and Voters have fallen far short on that Issue!