Unemployment rate ticks up

Although any increase in employment is good ( 67,000 new jobs in private sector), the job picture remains very bad. The economy as a whole lost 54,000 jobs with 114,000 temporary census workers hitting the job market. And the official Unemployment went up to 9.6 percent for August. The official numbers do not include those that have lost their jobs and are receiving extended unemployment benefits (those unemployment for 26 weeks or more). In fact this group is slightly larger than those that are receiving unemployment benefits up to 26 weeks. This has been a very feeble recovery (if it is a real recovery) at best. Unemployment remains high and credit remains tight. In conclusion regardless what some of the Apologists say folks, the economy and the job market remains very bad.

It would help if those institutions that were bailed-out would begin to lend money to small businesses here, since the obstructionists Republicans in our Senate have held the Small Business Loans program hostage, for the past 2-3 months. I sure hope America remembers these, " good "Americans, the obstructionists in our Senate, when it comes time to vote, because any honest voter knows, they don't deserve to re-elected, the way they have tried to stymy President Obama, at every turn. It is downright reprehensible that these Republican-Libertarian-T.Baggers can lie, distort, mischaracterize and lie some more and still be considered electable!! They have failed America miserably and all of us know it. Instead, they have corrupt millionaires and billionaires bribing them, to discredit honest, hard-working politicians!! Yes, Virginia, there are plenty of honest politicians, unfortunately too many of them have vowed allegiance to their ideologies, instead of America's interests!! That is the real reason we are in this economic mess. Nobody, on the other side of the aisle wants to cooperate with the President of the United States. Instead, they are working overtime, since he was elected, 19 months ago, to discredit him, to disrespect him and to lie about him. They have brought unprecedented shame on our political system with their bullying, their intimidation, their hypocrisy, their fear-mongering, preying on our most vulnerable citizens in our nation. That is not Americanism, that is fascism, that is anti-Americanism and it should not be rewarded with a vote, it should be rejected with a vote against those that practice these forms of anti-Americanisms.
SUPPORT OUR TROOPS, BRING THEM HOME, ALIVE AND WHOLE. NOW.

Hear, Hear Don,

Well said, but all John D, Terry and Paulo will hear is "another hateful, left wing, libtard attack from the Looney Left........ blah, blah, blah" and then they will embed some biased BS link to prove their idiotic points.

PFUTZ,

It would help if those institutions that want top lend money to small businesses knew the rules they were goimg to play by. Dodd-Frank has left many of the details to the regulators, thus uncertainity. Also, the increase in tax rates in another 4 months also increase the cost of lending.

In 19 short months we have seen what Democratic-Socialist-Rearendrammer policies have done to this country. Like the swing state voters in Ohio said recently by a 50-42 margin, they would rather have President Bush than BO.

Larry Summers needn't worry.

After Nov. 2 he'll have lots of offers to give talks at hedge funds on Wall St.

The fees offered may be missing a 0 or two, however.....

Or, he could go back to Harvard......

O, wait......no, .... Well, maybe George Mason or Pepperdine.....

It's like the Greece situation is coming at us like a fastball at this point. Get ready for it.

To Don Fitzgerald:
One of the greatest things about the United States is the vast amount of freedoms that we enjoy including freedom of speech, freedom of religion and the rights to have are own political views. Our country provides vast opportunities and that is why so many people from all around the world keep coming here. It s one thing to have opposing political views on some issues. But in a Don Fitzgerald World those opposing a President on certain issues, and that may not be on all issues of the day, are accused of being Fascists and even UnAmerican. Fortunately people and political ,parties have the right to oppose policies if they think they are not right. And that includes those that have opposed some of the Obama programs. This country is not George Orwell's "1984" as you seem to want where everybody worships "Big Brother." And I suggest you look up and learn what a "Libertarian" or a "Fascist" are because it seem that you do not have a clue. I support all those that post and what they have to say (including you Don) even when I may disagree with them. That is part of the great freedoms we all enjoy to express our views.
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Don, unless things change dramatically in the next 60 days, there is probably going to be a lot of Republicans elected to the new congress. I just hope that both sides that include the GOP Leadership and the President, learn to sit down and work in a bi-partisan way to get things accomplished. So far the past two years the Republicans have not come up with any real programs of their own, and President Obama's version of bi-partisanship is my way or no way. I believe the majority of the country is getting fed up with the way both the Republicans and the Democrats have acted the last two years. They want progress and not more excuses and opposition. The heat will be on both sides to start acting like adults and get things accomplished..

Depot Jim, the Republicans had put forth plans the past 18 months but the Democrats in Congress, and ultimately this administration, wanted to nothing to do with them or completely shut the Republicans out. The Republicans were shut out of the alleged health care reform and many of their ideas to reform health care weren't even looked at (tort reform being one).
The other problem is this administrastion is bearing head on into a socialist system for this country and will not stop until it is successful. How can the future Republican Congress work with that? This administration is not interested in continuing with a capitalistic, free market approach to an economy but a government-run, government-mandated system.

"...in the Rose Garden, Obama said the jobs report was "positive news..."

For who?

"...Like the swing state voters in Ohio said recently by a 50-42 margin, they would rather have President Bush than BO."
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Great! Let's start with cutting their unemployment checks. Afterall, it was Obama that helped extend their unemployment checks. If they believe the Republicans will extend their unemployment checks then vote for them! People don't appreciate what little help they get, then it's time to take it away from them. Obviously, they haven't learn their lessons- do the same thing get the same results.

Depot Jim, the Republicans had put forth plans the past 18 months but the Democrats in Congress, and ultimately this administration, wanted to nothing to do with them or completely shut the Republicans out. The Republicans were shut out of the alleged health care reform and many of their ideas to reform health care weren't even looked at (tort reform being one).
The other problem is this administrastion is bearing head on into a socialist system for this country and will not stop until it is successful. How can the future Republican Congress work with that? This administration is not interested in continuing with a capitalistic, free market approach to an economy but a government-run, government-mandated system.

Posted by: John D | September 3, 2010 12:31 PM

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John, I know the Republicans did have some programs, but it was pretty much the same old thing. The GOP did not propose really anything new. But President Obama and the Democrats were completely uncooperative in trying to achieve any form of bi-partisan support for their programs. They probably thought that with their big majorities in both houses of congress they would trying to force through their entire agenda. In fairness to the Democrats if the Republicans had been in the same situation they would probably have done the same thing. But there is a good possibility that the Republicans will gain the House and possibly the Senate. (Trivia- every time the House flipped to the other party in the 20th century the Senate did too). If the GOP does take control of Congress the Obama White House and the Republican Leadership will have to come to some type of bi-partisan consensus or nothing will get done.

Rodney King,

That's the solution - keep extending the entitlement state. I had a friend that has been unemployed since 2008 and is one of those 99'ers. Based upon his unemployment benefits, he wouldn't consider applying for a job during those 99 weeks unless it paid at a minimum $600/weeks since it didn't make financial sense to do otherwise. Guess what, his benefits run out and now that nothing is coming in, he goes out applies for jobs for a couple of months and lands a job. Those benefits were just keeping him on the couch.

That margin of Bush over BO in Ohio is a lot larger than he carried Ohio in 2000 and 2004.

Hope and Change in 2010. We've seen what BO has sold us, now the country is really Hoping for a Change.

Posted by: HmongRodneyKing | September 3, 2010 1:37 PM

Thats right- opposing opinions need to be squashed and penalized ---- the irony here is that your proposal has probably already been considered by someone in the Obama admin...yikes!

"That's the solution - keep extending the entitlement state. I had a friend that has been unemployed since 2008 and is one of those 99'ers. Based upon his unemployment benefits, he wouldn't consider applying for a job during those 99 weeks unless it paid at a minimum $600/weeks since it didn't make financial sense to do otherwise. Guess what, his benefits run out and now that nothing is coming in, he goes out applies for jobs for a couple of months and lands a job. Those benefits were just keeping him on the couch."
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Ideally, you are correct. But, the fuzzy Math doesn't add up- the private sector hired 64,000 last month and there 20 millions without a job. Perhaps, he was one of the 64,000? But, what if you are not? How is that going to make a dent in the 20 millions who have no jobs? If everyone got off unemployment and were seeking jobs, there aren't simply 20 million jobs waiting for them! So, the concept is good; the practice is just bad and unworkable.

Posted by: HmongRodneyKing | September 3, 2010 3:33 PM

There are roughly 4.5 million people separated from their job each month. Looking at net numbers is too simplistic as it ignores the natural churn in the labor market.

Second, you are making the assumption that all available positions are being filled. There are many people that can live comfortably on severance or savings and unemployment combined that are unwilling to change careers, move or work for less than they were previously paid. Some of those jobs may never return at the previous pay levels. How long should we keep paying people to hold out for something better? Three years? Five years? Till death? When do we ask someone to take responsibility for themselves? I know the lib answer is never because no one is ever responsible for the situation they find themselves in. Everyone is a potential victim and people can only be successful by screwing over someone else.

The point of all this is that we have an idiot that squandered over a trillion dollars on political paybacks and we have no results to show for it except an approval rating that hasn't yet dropped into the 30's.

Rodney King,

26 weeks of unemployment insurance is a safety net. 99 weeks is a hammock.

I don't think that was "ideally", that was a real life example of acting rationally.

The solution to this would be for BO to give the business community a sign that a more frienfly business environment (less taxes, less regulation) awaits them. So far, most of the legislation that has passed has been anti-business, unless you are one of the "chosen businesses".

Hans---no.

Bush's approval rating did drop below the 30's.

Way below.

Han,

I welcome your interesting point of views. Although, we may differ in opinions...

"There are roughly 4.5 million people separated from their job each month. Looking at net numbers is too simplistic as it ignores the natural churn in the labor market."
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1. Interesting point of view. But this is not a natural churn. This is a severe recession. You cannot compare the 4.5 million (natural churn rate) to the 20 millions who do not have jobs, currently.
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"There are many people that can live comfortably on severance or savings and unemployment combined that are unwilling to change careers..."
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2. You are correct! 401K withdraw for "HARDSHIP" is at 10 year all time high!

Here is the link:

http://money.cnn.com/2010/08/20/news/economy/fidelity_401k_withdrawal/index.htm

The problem with the assumption that people are living off comfortably on severance or savings is that 401k is not a severance or savings account! 401K plan is a retirement plan. Because, many unemployed folks are taking out their 401K and living on borrowed time. I don't think it is their intention to take out money from their 401k.

Basically, in the second quarter of 2010: About 62,000 people initiated a 401k loan for hardship @ an average of $8650 or about $536 billion dollars per quarter.

$536 billion per quarter!!! This is definitely not living off comfortably but on borrowed time. . .
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"The point of all this is that we have an idiot that squandered over a trillion dollars on political paybacks and we have no results to show for it except an approval rating that hasn't yet dropped into the 30's."
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Actually $1 trillion is too low that is why it is not working. California's GDP is $1.85 trillion. That spending is barely enough to stabilize California. Actually, at the beginning of his presidency, I expected Obama to spend about $3 to $5 trillion (that was very modest numbers). But, due to political pressure, he was only able to spend $1 trillion. That is only enough to stabilize but not create enough growth. The 2009-2010 GDP of U.S. is about $14 trillion, which means you need to spend at least 25% of that which comes out to about 3.5 trillions. Or if you do not want to spend a dime then you have to grow the GDP by 25%. Either way will work. . .but growing the GDP by 25% is the best way without spending money!

Rodney King,

"there aren't simply 20 million jobs waiting for them" - with BO's policies, there never will be. BO is more concerned about making the unemployed comfortable, than he is about solving the underlying problem - unemployment. Put the money in the hands of the millions of capitalists that make billions of decision regarding what they do with their money, and the right decisions will be made and people will go back to work.

The point of all this is that we have an idiot that squandered over a trillion dollars on political paybacks and we have no results to show for it except an approval rating that hasn't yet dropped into the 30's.

The problem with the assumption that people are living off comfortably on severance or savings is that 401k is not a severance or savings account! 401K plan is a retirement plan.