“I need a Job”- know the Jobs figures
On those vanishing jobs. By Ice Cap Management.
Los Angeles, California – Freda Tolberman loses her job as a shipping clerk with a trucking company. She initially received 26 weeks of unemployment benefits from the State of California, then she received an additional 73 weeks of financial help from Washington. Today, Freda no longer qualifies for unemployment benefits and has given up looking for work.
Louisville, Kentucky- 46 year old Frank McGee also loses his job. Frank has better luck than Freda and does manage to find gainful employment, but at a salary 35% less than what he made before.
Washington, DC- US Bureau of Labor Statistics number crunchers, crunch numbers throughout the night. Despite their best efforts, they are unable to hide the true picture of the jobless situation in the USA.
At its peak in 2008, the US economy was supported by over 138 million workers. Today, despite the American government spending billions to create jobs and printing trillions to save the banks, the American job machine has a total of 132 million people working. That’s a full 6 million less jobs than 3 years ago and is actually the same number of people who were working 11 years ago.
Lack of depth
When we think back to the 2009 economic crisis, the one issue thatcertainly became quite obvious was the lack of depth and thinking bythose in charge. This is by no means a rebuttal against either GeorgeBush or Barack Obama. After all, this crisis was big and severeenough to actually straddle both Presidencies. Rather, the obviouspoint is that the policies from both political parties proved woefullyinept.In fact, many of the decisions and proposals at the time may go downin history as fairy tales instead of actual real events. The best (orworst, depending upon your view) must include the following:- Secretary Treasurer Hank Paulson formally presenting a one-pageblank proposal to congress to receive unlimited amounts of money tobe used at his discretion (for comparison purposes, the US tax codeconsists of 71,864 pages).- Cash for Clunkers was a $3 billion Program which enabledAmericans to receive $4500 towards a new car purchase in exchangefor trading in their old car. Ultimately, the program was deemed anenormous success but only if you measure success by encouragingpeople who previously had no car loans to suddenly go into debtright in the middle of a severe recession.- Federal Housing Administration deciding to offer low incomefamilies the money necessary to make the initial down payment on a home.
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