Not a Recovery at All
Unemployment is now at 10.2%. 15.7M Americans are out of work. Some of those have accepted part time positions or given up. Including them, unemployment is at 17.5% and climbing.
From the link:
Why do they remain reluctant to hire? Because they don't know how much their taxes are going up next year. All told, small businesses and corporations know that rises in taxes are around the corner and are inevitable. They just don't know how much it will be.
They also don't know how the new health care legislation will affect their bottom line. There will be no hiring until Congress stops it's spending spree and businesses can realign their balance sheets long term. Right now, businesses, like families, are living pay check to pay check, not planning too far ahead, saving where they can, and cutting back because of an uncertain future.
The stimulus money you say? What a joke. In a down year with tax revenues through the floor, cities and states used that money to make up the difference. There was no additional hiring, and there was no additional spending. They used that money to stay afloat, not to add employment. Texas used the money so they didn't have to dip into their rainy day fund. But they didn't add jobs.
The previous quarters GDP jump was due to the cash for clunkers program, and last minute home buyers trying to cash in on the $8k revenue. Those programs were a good start, and a good example of what the American consumer will do with more money in their pockets and cash incentives.
I'm grateful to be employed. President Obama is quoted in the link that he is going to increase unemployment benefits. Maybe that will please some.
But 16 million Americans don't want welfare. They want a job.
Update -- see the chart below that I saw on Powerline.
I'm not sure it's a swindle, but it's definitely a mistake that they made in predicting the economy and it's complexities. And someone should ask them about it.
From the link:
Economists say the unemployment rate could reach 10.5 percent next year because employers remain reluctant to hire.
Why do they remain reluctant to hire? Because they don't know how much their taxes are going up next year. All told, small businesses and corporations know that rises in taxes are around the corner and are inevitable. They just don't know how much it will be.
They also don't know how the new health care legislation will affect their bottom line. There will be no hiring until Congress stops it's spending spree and businesses can realign their balance sheets long term. Right now, businesses, like families, are living pay check to pay check, not planning too far ahead, saving where they can, and cutting back because of an uncertain future.
The stimulus money you say? What a joke. In a down year with tax revenues through the floor, cities and states used that money to make up the difference. There was no additional hiring, and there was no additional spending. They used that money to stay afloat, not to add employment. Texas used the money so they didn't have to dip into their rainy day fund. But they didn't add jobs.
The previous quarters GDP jump was due to the cash for clunkers program, and last minute home buyers trying to cash in on the $8k revenue. Those programs were a good start, and a good example of what the American consumer will do with more money in their pockets and cash incentives.
I'm grateful to be employed. President Obama is quoted in the link that he is going to increase unemployment benefits. Maybe that will please some.
But 16 million Americans don't want welfare. They want a job.
Update -- see the chart below that I saw on Powerline.
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