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Unemployment at 15 year high

Printed From: MiddletownUSA.com
Category: Outside World
Forum Name: News, Info and Happenings outside Middletown
Forum Description: It might be happening outside Middletown, but it affects us here at home.
URL: http://www.middletownusa.com/forum/forum_posts.asp?TID=747
Printed Date: Jul 16 2025 at 4:50pm


Topic: Unemployment at 15 year high
Posted By: Bwood
Subject: Unemployment at 15 year high
Date Posted: Dec 05 2008 at 10:24am
Skittish employers slashed 533,000 jobs in November, the most in 34 years, catapulting the unemployment rate to 6.7 percent, dramatic proof the country is careening deeper into recession.

The new figures, released by the Labor Department Friday, showed the crucial employment market deteriorating at an alarmingly rapid clip, and handed Americans some more grim news right before the holidays.

As companies throttled back hiring, the unemployment rate bolted from 6.5 percent in October to 6.7 percent last month, a 15-year high.



http://biz.yahoo.com/ap/081205/financial_meltdown.html?.v=21 - http://biz.yahoo.com/ap/081205/financial_meltdown.html?.v=21

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Replies:
Posted By: arwendt
Date Posted: Dec 05 2008 at 10:42am
This in my opinion is only further evidence that the housing market and its collapse is only thy symptom of this much larger underlying problem.
 
Yet all we hear on the news would make us think that if only we could keep people in their homes, or if only there were more credit avaliable life would be good.
 
Though not all agree I still say it's jobs that are the root of our problem.


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Posted By: spiderjohn
Date Posted: Dec 05 2008 at 11:22am
Creating jobs is a key locally.
Maintaining jobs is a key nationally.
The financial bailout has been a disaster, and has severely tainted any similar thinking for other sectors. The lack of banking bailout oversight was a major gaffe, and the homeowners/business borrowers aren't getting the desired relief.
 
We would have been much better off to simply tax credit or spread the bailout funding to every consumer in the nation, high-weighting the middle-class taxpayers. They would, in turn put the windfall back into the economy, hopefully paying mortgages, credit card debt, and have the ability to purchase consumer goods including vehicles. These people would circulate the $$ into the overall mainstream economy. That alone should provide more than adequate economic stimulus, and would by-pass the corporate greed and siphoning of the public $$$
 
jmo


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