U.S. unemployment rate drops to 8.3 percent, lowest in almost 3 years

[Pedzie]

Does it really matter who's in charge in the US these days ?

Defo good news about employment rising though, It's going the other way in the EU, Spain has an extremely high unemployment rate, even here in the UK unemployment has been at it's highest since 1992.

[geriatrickid]

The economic suffering in the US is massive. Is the rigid ideology of the tea party the answer? No, it is not. Be prepared for an Obama second term and more progress on the slow recovery from this historically bad era.

As stated earlier, the Republicans in the House have passed 30 proposed laws to bolster the flagging economy and generate job growth. The Democratic majority in the Senate, led by the illustrious Harry Reid, has failed to even call them up for a vote.

Don't blame the tea party for the failings of the Obama administration and the four years of democratic control of both houses of Congress from 2006 through 2010. The tea party had absolutely nothing to do with this situation.

Just as another aside, is everybody aware the Democratic Senate has not passed a budget in over 1,000 days? They are afraid to let the American people know what they are spending and what it is being wasted on.

Oh please. Everything the Republicans have proposed relates to cuting taxes and eliminating the small discretionary spending. They have refused to address the need to increase government revenues or the 88% fixed spending costs that are responsible for the deficit. I consider the Republicans to be the loosey goosey free spenders. it's time to adopt the Bowles. Simpson budget cuts and tax adjustments. The Republicans need to allow a prudent conservative and fair approach take hold. A true conservative would appreciate the need for fiscal responsibility without abandoning the poor.

[geriatrickid]

People have short memories;

- It was George Bush that wanted to clip the wings of Freddie Mac and Fannie Mae. He was blocked by the Republican congressional members. He says it is one of his biggest mistakes that he didn't fight them over this.

- The tax cuts introduced by George Bush administration were described as temporary and intended to assist in stimulus spending. Now that the period has come to an end, it is the Republicans that have insisted they remain, screwing up the US government revenues.

- It is the Republican congressional majority that is blocking the adoption of the Bowles, Simpson proposals.

- it was under the the Republican rule that some of the most wasteful of earmark spending exploded.. Sarah Palin's Alaska was one of the largest receipients (per person) of these wasteful earmarks, along with key Republican districts. The Republicans talk about cutting spending but they will send billions to their districts.

- Everytime the US defense department tries to cut money through base closures, bases that are not needed, congressmen scream. Both Republicans and Democrats are guilty.

It seems that the only compassionate fiscal conservatives left in the USA are dead or retired. How I long for the responsible elected folks like Vandenberg, Wagner, Moynihan, Baker, Simon,

[chuckd]

People have short memories;

- It was George Bush that wanted to clip the wings of Freddie Mac and Fannie Mae. He was blocked by the Republican congressional members. He says it is one of his biggest mistakes that he didn't fight them over this.

This single statement made by you in the quoted post makes all the other content of your post irrelevant.

Following are some rather reputable links that will show you who really blocked GWB's attempts to more strictly regulate Fannie Mae and Freddie Mac, and it wasn't the Republicans.

1. How the Democrats Created the Financial Crisis: Kevin Hassett: http://www.bloomberg...id=aSKSoiNbnQY0

2. Democrats Were Wrong on Fannie Mae and Freddie Mac: http://www.usnews.co...and-freddie-mac

3. Democrats Resisted Freddie Mac and Fannie Mae Reforms - In 2003: http://www.crimeandf...rats-resis.html

4. Fannie Mae and Freddie Mac Invest in Democrats: http://www.opensecre...s-of-fanni.html Warning...this is a blog

5. Blame Fannie Mae and Congress For the Credit Mess: http://online.wsj.co...8811465427.html

6. Finally, in their own words:

[koheesti]

People have short memories;

- It was George Bush that wanted to clip the wings of Freddie Mac and Fannie Mae. He was blocked by the Republican congressional members. He says it is one of his biggest mistakes that he didn't fight them over this.

This is from the NY Times - about as anti-Bush newspaper as there is. For all of you who insist on blaming Bush, DO NOT READ the article!! You might die of a heart attack at the realization that the crisis could have been avoided 5 years before it happened IF ONLY the Bush admin had gotten their way...

Sept 11, 2003

WASHINGTON, Sept. 10 — The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac , the government-sponsored companies that are the two largest players in the mortgage lending industry.

"These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,"

said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee.

"The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."

http://www.nytimes.c...ml?pagewanted=1

Edited February 5, 2012 by koheesti

[KeyserSoze01]

There was considerable head-scratching by the usual suspects when the BLS released the employment numbers last Friday morning. Just last week, Ben Bernanke advised slow growth for the foreseeable future and all pundits agree, this week the market turns up on inflated employment numbers. The politicians are pulling strings during an election year. Imagine that!

Non-farm payrolls are off by 2.9 million for the last 2 months with zero gains. This as per the tax office that collects taxes and files W-4's on all new hires.

http://www.zerohedge.com/news/trimtabs-explains-why-todays-very-very-suspicious-nfp-number-really-down-29-million-past-2-mont

It's just more BS during an election year. The libbies have a lot invested in Obama and need to squeeze an additional term as POTUS to maximize their ROI.

[Jingthing]

Like I said, Romney , the TEA party nominee. He will lose because loudmouthed as they are, they aren't anywhere close to a majority. The other thing to consider is Obama's natural base LOATHES the tea party. Now that they are running against someone who has morphed into a tea partier, you will see the PASSION rise for Obama again. Romney is going to have a real problem in the passion department considering in many ways he doesn't even resemble a human being.

Mitt Romney, the stealth tea party candidate

http://www.washingtonpost.com/opinions/mitt-romney-the-stealth-tea-party-candidate/2012/01/31/gIQAy0BZnQ_story.html

[Pedzie]

It's just my opinion but Americans really need to take back their country. Democrat or Republican, it doesn't matter. The end result is all the same, look at Obama's pre election promises, some kept-most broke, and more surprises along the way!

Is it just me who see's Obama as a puppet? like all other presidents since JFK.

Can anyone argue that the Federal Reserve is neither a democratic organisation nor is it transparent?

On the plus side America has a history of re-inventing itself and pushing the boundaries of technology, the good people of the US have to wake up as to whom is really running the country.

Look at Obama's post election choice of administration, all geared towards wall street...This is not good for America.

[rakman]

It's hard for some people to admit that there might be some signs of improvement. They have used roughly the same method of calculating the unemployment statistics for a long time.

There have always been the under employed, but as the number of full-time jobs increases, the upward movement of people on the employment scale increases. There will always be the chronically unemployed, many of whom never had a job, never intended to work and certainly have neither the personality nor motivation to work.

The 'whole' picture is out there. I guess it just isn't painted in the right hues for some.

Jimmy Carter (now the 2nd worst president) changed the formula to what has been used since. It always masks the real number. Prior to the change, 5% unemployment was consider full and anything lower was "inflationary" and not good. What is really driving the UE rate is 1.2 Million people, in one month, are no longer participating in the UE equation. This is the lowest (depending on seasonal adjustment or not) since 1981 or 1983.

http://www.zerohedge.com/news/record-12-million-people-fall-out-labor-force-one-month-labor-force-participation-rate-tumbles-

[rakman]

Like I said, Romney , the TEA party nominee. He will lose because loudmouthed as they are, they aren't anywhere close to a majority. The other thing to consider is Obama's natural base LOATHES the tea party. Now that they are running against someone who has morphed into a tea partier, you will see the PASSION rise for Obama again. Romney is going to have a real problem in the passion department considering in many ways he doesn't even resemble a human being.

Mitt Romney, the stealth tea party candidate

http://www.washingto...BZnQ_story.html

Romney is not a Tea Party candidate. He is, unfortunately, a political opportunist. Unfortunately, non of the candidates are conservatives except Ron Paul, and unfortunately, he's a nutty uncle in the attic.

The good news is any "adult" would be a better president than Obama.

Socialism only works until the money runs out, and the US is running out of money. The US national Debt now exceeds GDP, much like Greece, except the US has a huge manufacturing base and could work its way out of the problem.

Many of the wealthy are leaving for greener pastures, as many companies have done, now estimated at USD$ 17 Trillion pulled out of the country, up from $13 Trillion a few years ago.

[flying]

I don't think it matters which party is in , they are there to get rich and if that means screwing the people, so be it. They vote as the lobbyist tell them to vote, it's that simple. And who do you think the lobbyist are trying to please, certainly not the people but whichever big business is footing the bill.

Lets face it the total system is broke, and most of the people are not interested. then there are those who are so blind they think the gov't is doing a good job. They are listening to the media and not looking at the numbers.

Exactly BTDT

It is beautifully broken!

It is also funny & yet not funny that if the puppeteers were reading this thread they would smile knowingly.

They see the same old same old arguments while the people remain divided thinking all the while they have a choice.

So half go left & half go right always blaming the other side. Thinking in their heart it would not happen if their side was in power.

Yet instead if they think with their minds & look back to when all this really got going they would see the root of the problem.

They would see that this country did not get 15+ Trillion dollars in debt by the fault of one side or the other.

They would see that in fact there is not two sides at all. Except for some minor rhetoric the two sides are one & the one side

is not By The People nor For The People at all.

People seem to forget that government was created to serve us not the other way around.

Yet it is so easy for a thinking person to see the truth. Major campaign funding & contributions are there for all to

review ( for the most part) people can easily look & see it matters not right or left because those who truly control both

sides are one in the same. How will you bake a cake over & over using the exact same recipe & expect change?

You may call it a Democrat cake or you may call it a Republican cake but the recipe is EXACTLY the SAME!

Yet you expect them to taste different in the end????

All the while We The People will argue it tastes bad because the other side baked it???

Please look at it...See....Use a calculator if you must but realize all these petty little

thing you argue about will not scratch the surface of the problem. They just want to give you something to

argue about.

Complaining that things like tax cuts or tax credits will make the smallest of a nick in a 15+ Trillion dollar debt is

silly. All the so called fixes both sides have come up with will not even nick the interest alone on this snowballing debt.

The system is Beautifully Broken if not looked at with fresh eyes & a major overhaul of what We The People

NEED from our government then please do not expect the next cake to taste any different regardless of what

party is the baker.

[Pakboong]

Like I said, Romney , the TEA party nominee. He will lose because loudmouthed as they are, they aren't anywhere close to a majority. The other thing to consider is Obama's natural base LOATHES the tea party. Now that they are running against someone who has morphed into a tea partier, you will see the PASSION rise for Obama again. Romney is going to have a real problem in the passion department considering in many ways he doesn't even resemble a human being.

Mitt Romney, the stealth tea party candidate

http://www.washingto...BZnQ_story.html

I agree, Romney has no chance whatsoever.

[Pedzie]

Gingrich wins my vote....

[Ulysses G.]

Paul's stance on legalizing drugs attracts many of his supporters.

Edited February 6, 2012 by Ulysses G.

[Jingthing]

In any case, the results are already in the bag.

Obama vs. Romney.

Obama wins.

It's time to cope with that reality. As someone who dealt with Bush for eight years even though he stole the election in 2000, I feel your pain.

[Scott]

A large number of posts have been deleted. Although the discussion was quite civil--and interesting, with a few notable exceptions, I am afraid the thread has drifted very far off course.

If you wish to discuss politics and upcoming candidates, then do so in the context of how this will affect employment.

[Scott]

I believe there are already a lot of people employed in the drug business, but statistically they don't count.

[flying]

The St. Louis Fed has some interesting graphs that help put it into perspective vs time lines

Edited February 6, 2012 by flying

[Scott]

Posts about presidential politics have been deleted.

I am sure there will be topics along that will be more suitable to a discussion on politics.

[Pakboong]

During 2008 and 2009, the U.S. economy lost millions of jobs. Since the beginning of 2010, the percentage of the U.S. population that has had a job has remained very stable....

Normally, when a recession ends the percentage of Americans that have a job bounces back pretty dramatically.

So considering the fact that the employment situation has never recovered from the last financial crisis, what is going to happen when the next financial crisis hits?

And most of the jobs that have been "created" during this so-called "recovery" have been low income jobs. In fact, if you look closely at the employment numbers that were released last Friday, you will find that the vast majority of the "new jobs" were part-time jobs.

[flying]

Normally, when a recession ends the percentage of Americans that have a job bounces back pretty dramatically.

So considering the fact that the employment situation has never recovered from the last financial crisis, what is going to happen when the next financial crisis hits?

This is a good part of the problem that I see coming.

Also the reason I have decided to move now while it is still possible.

There are certain sectors in the US that are not coming back for many years to come if at all.

Like the NASDAQ that was at 5000 twelve years ago there are folks still waiting for that return...good luck

because if it were not for all the banks & hedge funds propping this market with their bailout money it would already be back under 1000

I will also say that saying the recession ended is an aberration. I know they claim the recession ended because, In the summer of 2009 real GDP and industrial production hit bottom and resumed growth but.......

GDP= private consumption + gross investment + Government Spending + exports - imports

But really how does anyone use GDP as a measure? Even when they know GDP includes government spending??? Government spending that which they do not have but print out of thin air & by that action create debt owed by the very same country that is claiming GDP growth? How many trillion has the government spent us into debt since 2009?

They say a recession is when someone you know loses their job & a depression is when you lose yours.

Well I continue to see loads losing their job & I am self employed. In my industry I have sub contractors calling everyday asking for work.

IMHO we are at the door of a depression that will make the "great depression" look mild.

The only difference this time is the crash landing is more controlled by the unbridled printing of paper IOU's

Edited February 7, 2012 by flying

[Pakboong]

Normally, when a recession ends the percentage of Americans that have a job bounces back pretty dramatically.

So considering the fact that the employment situation has never recovered from the last financial crisis, what is going to happen when the next financial crisis hits?

This is a good part of the problem that I see coming.

Also the reason I have decided to move now while it is still possible.

There are certain sectors in the US that are not coming back for many years to come if at all.

Like the NASDAQ that was at 5000 twelve years ago there are folks still waiting for that return...good luck

because if it were not for all the banks & hedge funds propping this market with their bailout money it would already be back under 1000

I will also say that saying the recession ended is an aberration. I know they claim the recession ended because, In the summer of 2009 real GDP and industrial production hit bottom and resumed growth but.......

GDP= private consumption + gross investment + Government Spending + exports - imports

But really how does anyone use GDP as a measure? Even when they know GDP includes government spending??? Government spending that which they do not have but print out of thin air & by that action create debt owed by the very same country that is claiming GDP growth? How many trillion has the government spent us into debt since 2009?

They say a recession is when someone you know loses their job & a depression is when you lose yours.

Well I continue to see loads losing their job & I am self employed. In my industry I have sub contractors calling everyday asking for work.

IMHO we are at the door of a depression that will make the "great depression" look mild.

The only difference this time is the crash landing is more controlled by the unbridled printing of paper IOU's

I don't claim to know that much about the economy but what I do read and consider, all suggests that the worst is yet to come. I am sitting as tight as I can to see if there are any opportunities in the next fall.

[flying]

I don't claim to know that much about the economy but what I do read and consider, all suggests that the worst is yet to come. I am sitting as tight as I can to see if there are any opportunities in the next fall.

Well many ( but still a tiny fraction of the population of course) did in fact do well with the last drop.

If they weren't paralyzed with fear there were some certain bargains to be had