The views expressed in any article published in this blog are the author's own and do not necessarily reflect the views of Joseph Foster or Bob Lupoli.

Friday, February 17, 2012

"The Great Unemployment" at +8% thru '14

Joe: it seems it will be hard for Obama to argue for the effectiveness of the “stimulus” if unemployment remains above the 8% figure until 2014 as suggested below. Whatever happened to “shovel ready jobs? There is a very detailed website that offers mind numbing detail Stimulus Watch 2.0, anyway you look at it the President wrote some unemployment checks he can’t cash but there’s always the Fed who can print out some more bills. On the other hand as long as the American people are not engaged, politicians on the left like Obama and on those on the right like Bush – who spent like crazy, they all just slide. -Bob

CBO: Longest Period of High Unemployment Since Great Depression

CBO: U.S. enduring the longest period of high unemployment since the Great Depression

By ALEX M. PARKER   February 16, 2012 
After three years with unemployment topping 8 percent, the U.S. has seen the longest period of high unemployment since the Great Depression, the Congressional Budget Office noted in a report issued today.

And, despite some recent good news on the economic front, the CBO is still predicting that unemployment will remain above 8 percent until 2014. The report also notes that, including those who haven't sought work in the past four weeks and those who are working part-time but seeking full-time employment, the unemployment rate would be 15 percent.

The CBO made its comments in a report examining the long-term effects of joblessness, and possible policy options to boost employment, including unemployment insurance reforms and job training programs. The report came at the request of Democratic Michigan Rep. Sander Levin, but Republicans quickly jumped on the chance to bash President Obama's stimulus program, which is also reaching its three-year anniversary today.

"The stimulus is a stark reminder of how the president got the policies he wanted, and how those policies have failed the American people and are making things worse," said Texas Republican Rep. Jeb Hensarling.

October 13, 2010 11:45 AM
With unemployment hovering near 10 percent nearly two years after President Obama signed his economic stimulus package, Mr. Obama is acknowledging that, despite his campaign promises, "there's no such thing as shovel-ready projects."

The president gave that remark in an hour-long interview with the New York Times.
Mr. Obama also told the Times that he should have "let the Republicans insist on the tax cuts" in the stimulus, rather than including them himself, so the package would have seemed more like a compromise. The stimulus package, which the Congressional Budget Office said this year will cost $862 billion, included $236 billion in tax cuts. Nevertheless, the president said in the interview that he comes across as "the same old tax-and-spend Democrat."

When the president campaigned for the stimulus package at the start of his presidency, he and others in his administration repeatedly insisted the investments would go to "shovel-ready" projects -- projects that would put people to work right away. As recently as August, however, local governments were still facing delays spending the money they were allocated from the stimulus, CBS News Correspondent Nancy Cordes reported.

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