Unemployment Figure Rises To 10.2%
57Tarp Money
Unemployment jumps another .4%
Our president apparently did not pay attention in his math classes. When he convinced Congress to pass the $797 Billion dollar TARP stimulus bill in the middle of the night he promised unemployment would not exceed 8%. This morning we have an unemployment figure of 10.2% which rose from 9.8% yesterday.
Could it be that he didn’t guide Congress in where to spend the billions? Or, could he have been wrong? Where is all the TARP money anyway? The U.S. Treasury released a Congressional Report detailing expenditures but they don’t include the $4 billion promised to Chrysler LLC. Furthermore, it is questionable as to how much of the TARP money is left. Treasury Secretary Tax Cheat Geithner stated it was roughly $135 Billion, but according to estimates there is only $32 Billion left. Apparently the amount may depend on how much the banks pay back or it could be Geithner simply doesn’t know.
Unless we help small businesses by cutting their taxes and the ridiculous amount of red tape paper work they are required to complete, we probably won’t see an improvement in the unemployment numbers. Taxing people more, taxing companies more so they move out of the country will not help the average person which is most of the country. It seems Obuma just isn’t in tune with the economy anymore than he is in tune with the military problems.
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Comments
Pamela, he is clueless as to what is good for American.
Dear Pamela,
He's either clueless about what makes an economy recover and start to hum, or his actions are deliberate!..Great hub.
Good hub, and I have to agree with everyone. This economy is not picking up as they would like us to believe and every action they take drives us further into the hole with no relief in sight. If someone hits you once and says it was an accident or a mistake, you can forgive, but when this person continues to hit you and make an excuse for it, how long will it take for you to realize that he really wants to hit you. This administration is hitting us hard (in our pockets) constantly, so I must say it is now deliberate.
Pamela,
Great hub!!! Basic Economics 101!! I have heard economists argue Roosevelt’s “New Deal” did not end the Depression, and even though it helped, WWII did not end the Depression, but that it was not until Eisenhower’s tax cuts did the economy pull out of the depression. I think Reagan proved that as well. Keep on hubbing!!!
Thanks for all your comments. I was just so frustrated when I heard that new unemployment number I just wrote what we all know already. Ehern, I am tired of being hit! Ron, you are right about Eisenhower's tax cuts improving the economy.
So how is all the hope and change working for you?
I saw a good bumper sticker today. It said, "Change, I want him back." That made my day, when I saw that sticker.
Keep on Hubbing!
That sounds good to me. Thanks.
If you want to understand WHY? there is an economic depression all you have to do is look at the Federal Reserve/Central Bank and how it works. This is public record and people just don't get it. They like to get emotional and blame one party or the other. But the real culprit is the Federal Reserve System itself. Fractional Reserve banking means money is created out of thin air. It's backed by nothing. There are only $3 of real hard currency in circulation per every $100. Money is nothing more than numbers on computer screens. It dosn't exist.
And who controls that imaginary money? The Federal Reserve. The Fed has never stopped depressions because it creates them. A perpetual debt based economic model enslaves the people to the Banks. You spend your life working to make payments to banks so you can buy things you need to exist, a home, transportation, money for college. But the Bankers who own the Fed are Guaranteed 6% return by law for doing nothing more than printing money? And who Brokers the creation of money and the selling of Treasury bills? Big firms like Shearson Leamon. Most people don't know that part of the Bailout deal was appointing them to Broker $22 biliion in Treasury bills.
The Obama Administration has done nothing more than spend money and the "created" jobs are just papwerwork shuffles and created by transferring funds to State Governments. More Government jobs, but what does the Government produce?
Last month 520,000 jobs lost. But the Federal Government Spin Machine is trying to tell you there is a recovery because this is less than they expected so this "slowing" is somehow evidence of a recovery? Uh huh. Sure.
Until the Fed is abolished there will be no real recovery. Because you can not build an economy on a perpetual debt model. The Deficit can not be repaid there is simply too much debt to make that happen. You can not pay debt with debt. And to continue the present system is to perpetuate a fantasy that all is well.
I am not trying to hijack your thread but I hope people will take time to learn about the Federal Reserve.
Mike, I appreciate the information. I've read one of your hubs listed and will check out the other one. I know the way we are going will have us all speaking Chinese before it's over since that is where we are borrowing most of the money.
Tom Whitworth says:
5 weeks ago
Pamela,
Obuma doesn't care he just wants to enact his socialist agenda the citizens be damned.