Obama bemoans desperation of people out of work
For many people the recession means one thing – no job. I’m not sure exactly what the answer is to the unemployment problem but something must be done. We will never, as a nation, pull out of this economic slump until people who want a job can find a job.
The unemployment rate is considered a lagging indicator meaning that it measures the effect of a recession and can worsen even after the economy starts to turn around. In October, unemployment rose to 10.2%. The states with the highest unemployment rate in October were Michigan (15.1%),Nevada (13%), Rhode Island (12.9%), California (12.5%) and South Carolina (12.1%). A total of 29 states had a rise in unemployment rates in October.
President Barack Obama says chronic unemployment isn’t merely academic and is “a struggle that cuts deep and touches people across the nation.”
Seeking to set a can-do tone for a jobs forum he hosted at the White House, Obama claimed progress toward an economic recovery while saying much more work needs to be done.
Obama said the leading question of the day is “how do we get businesses to start hiring again.” He spoke to a gathering of academics, business executives and labor leaders on the eve of the government’s report, due Friday, on the state of joblessness in November. The jobless rate in October shot up to 10.2 percent.
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“Increasing employment is everyone’s responsibility, from government to businesses to households,” Obama economic adviser Larry Summers said in advance of the forum. “The White House jobs forum will take stock of where we are on the implementation of the Recovery Act and explore new job creation measures, including infrastructure investment, incentives for small businesses, developing our green economy and promoting U.S. exports.”
December 4th, 2009 at 12:11 am
The Big money people, the ones that Barack Obama knelt in front of and said he would do their bidding for them, know exactly what to do to fix the economy. It requires not needing to turn their 20 billion dollars into 50 billion dollars.
Just cut interest rates to anyone that is capable of reducing their debt if their interest rates were cut.
This group, as they become less and less indebted, then begin to create opportunities for those who are even deeper in debt.
Instead, the credit card companies have raised interest rates to as high as 30%, and LESS THAN 3% OF THOSE who have applied for home loan modifications, have actually gotten them. Meanwhile 10,000 homes are forclosed upon EVERY DAY in this country.
A president who has both the support of the community activists and the banks is a president that has created a very bizarre coalition of support.
timesr Reply:
December 4th, 2009 at 11:17 am
@Alessandro Machi, “Instead, the credit card companies have raised interest rates to as high as 30%…”
The 30% credit card interest rate has been in effect for a long time, even before most of us ever heard of Obama.
Alessandro Machi Reply:
December 4th, 2009 at 1:58 pm
@timesr,
They have been steadily increasing in advance of the credit card reform law that goes into “full effect” in 2010.
December 4th, 2009 at 8:29 am
Obama needs to do more than just talk the talk. He needs to walk the talk.