The First Draft: jobs jobs jobs

March 6, 2009

Guess what? There’s more bad news about the economy today.

Numbers out today show the unemployment rate has risen to its highest rate in 25 years as companies buckled under the strain of a recession that is showing no signs of ending. ECONOMY-JOBFAIR/

Want to hear more? The head of the Bureau of Labor Statistics, Keith Hall, testifies to Congress about the employment picture at 9:30.

In the Obama administration’s first public overture to Tehran, Secretary of State Hillary Clinton has invited Iran to a conference on Afghanistan planned for this month. Traveling in Brussels, Clinton also said the problems of climate change and the economy should be tackled simultaneously.

President Obama travels to Columbus, Ohio to show the $787 billion stimulus package at work: police cadets who would have been let go will instead be sworn in as officers. Attorney Eric Holder joins him.

photo credit: REUTERS/Mike Segar (People wait in line at a job fair in New York, March 5)

For more Reuters political coverage, click here.

9 comments

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The simple truth is that we have a marxist presidency and congress controlling our government. So long as we have this condition, the economy will get worse for us and for the rest of the world. If you think things are bad now, wait till you see what levels unemployment are in six months from now. The drum beats are faint now, but in time you will hear them loud calling for Obama’s redirection or his removal. Our country’s wealth is being stolen by this marxist and I fear that we will reach a point of a second revolution in this country.

Posted by aroleflin | Report as abusive

NO aroleflin,

Obama inherited the problems and it will all take time to straighten out the mess.

I get so tired of everyone blaming Obama and the Democrats for what it took the Republicans years to screw up, and the fix won’t come overnight, regardless of who is at the helm.

Posted by ABell | Report as abusive

In my opinion and since i want the Obama-Biden Adm. to succeed , the first thing the President should do is to get a new Financial and Economic team in place,the Geithner-Orszag-Bernanke-Furman-Summers group is the same that has been in control of Wall Street since the late 90′s, they are all members of the Robert Rubin Hamilton Project, the neocon machine doing the Hedge-Fund and Big Oil businesses , and they are now about to present their master plan to take over the USA money machine: TALF and WAPF and here is my opinion about this new nightmare:

TALF and Toxic Assets clean -up is another 2 trillion dollar Bail-Out of the Hedge-Funds and they will blame the Obama-Biden Adm. !

One of the few sources so far of facts about the new Bail-Out is a story by David Cho ( edited by 2 neocons) at the Washington Post ,march 6 ,09 : ” U.S. TO INVITE THE WEALTHY TO INVEST IN THE BAIL-OUT”, where we start to get some of the new Bail-Out details, but the sale of toxic assets to Hedge-Funds and the Government Securities to them is no guarantee that they will lend, so they will get 2 trillion of dollars from the Fed – Treasury – for nothing !!! – and the day after they will blame the Obama -Biden Administration….it’s better if president Obama tells the American people the Truth : THE HEDGE-FUND INDUSTRY AND THE EQUITY INVESTMENT INDUSTRY IN THE USA IS FOR THE MOST PART…..BANKRUPT !!!! there is none of the billions they said they hold for customers, there is no money, it’s just a huge Madoff scheme, so this new Geithner-Bernanke-Kohn-Polakoff-Shapiro- Leibowitz scam is just that : a cover -up of the cruel truth : the neocons have run away with all the USA money and now they need to milk the fools in the USA one more time , so here it is : the TALF and WAPF ( what a pack of fools ) , and then they will blame the Obama-Biden Adm. in time for the 2010 elections…..bu then, if 40 % of the taxpayers are so dumb as to don’t say anything when Kohn,Bernanke and Geithner tell the USA Senate last March , 5, 2009 on the Senate Hearings that they don’t need to know where the A.I.G. money went, maybe they deserve it, right ?

…in essence, since this new plan is criminally absurd, the Congress will rush to sign on and the neocons will finally take over all our money and dignity, because again Washington D.C. will bend over backwards to make it a reality as soon as possible , as usual…

Posted by financialtools1 | Report as abusive

talk that GM might except bankruptcy as a possible method of restructuring is a fallacy. the strangle hold the unions have on the democratic party, this will never be allowed to happen .they will come with every excuse in the book, but at the end of the day GM will receive cash bailouts into the foreseeable future.it will be spun around to argue that there is no other viable plan,just as some of the democrat now spinning the justification for ear marks.

Posted by brian lee | Report as abusive

Yeah. The problem I see is this. over 1 trillion dollars vanished into the banks. And the sheep are happy with a few billion from Obamas new plan. Watch the sheep smile and be happy. Its sickening. All of the new bailout money will be funnelled intop paying BANKFEES and overdraft fees, and so the new bail out money will end up in the same hands. Its a joke.

Posted by adam | Report as abusive

ABell,

Obama didn’t inherit this current mess. Every day since he was elected the economy has tanked. It has gotten worse every time he or his staff opens their mouth and spending trillions will not fix the problem. Besides now he wants to put through every plan the dems have ever wanted. At a time when people are loosing their jobs, the dems are spending money on pet projects. Sooner or later they will have to tax us even more to pay off this debt. Your President has the highest budget ever. That alone should be enough to show the dems are just as bad as the republicans were for many years.

So don’t sit there and spew dem talking points. He didn’t inherit the current mess we are in. The housing market started back in Clinton’s time and it really has been on a rollercoaster ride. This economy isn’t the worst we have ever had. It goes up and down all the time. Your party tried to tell the people it was a disaster and needs to spend money like it grows on trees, just so you could get into office.

What happened to change and hope? The only change I’ve seen is the change being spent. Not to mention the tax cheats in his cabinet that state it was just over looked. If that was a republican there would be outcry for him to step down. But you won’t hear that from the dems or the left media.

Posted by J | Report as abusive

Forget all the gibberish! Bottom line-we’re spending money we don’t have. All the giveaways will result in a third-rate USA. OBAMA will bankrupt the USA. It will take 2-3 generations to recover! I’m convinced he is an ego narcisstic socialist and a secret muslin and not a USA citizen. So thank the Congress for being totally out of sync and doing what they want to do. What truly amazes me is that the FBI and other government agencies haven’t indicted many of these outstanding, dishonest, self-serving individuals! I truly pity the younger generations, they’re in for a shock!

We need to get rid of Pelosi and Reed and those members in the House and those in Congress that totally follow party lines and ARE NOT SERVING THEIR CONSTITUTENTS. They are not acting in the best interests of the the country!
As guilty as Bush was for many things, we cannot blame him for everything. Obama is like a kid in a bottomless candy store–he will make marginal every citizen in these United States and the Democratic party is blind to his ambition to neutralize this country.

Oh yeah of little patience! The universal constant is change. Nothing lasts forever, good or bad. When societies realize their habits of consumption must change the market place will inevitably adjust. The first part has happened, now we must wait for the market adjustment.

People will need public transportation, home solar panels, home power generators and alternative fuel automobiles. Warren Buffet is correct when he states the society as a whole is griped in fear. It is natural to fear catastrophe, the unknown and change. However fear can paralyze. Yet it is precisely this fear we must overcome in order to meet the challenges facing humanity and the planet.

The exporting of jobs overseas has been going on for decades. The repealing of common sense regulation for the financial industry has been going on for just as long. We have ignored health care not once considering the implications of costs to future generations. It should be to no one’s surprise what took 30 or 40 years to do cannot be undone in the span of one Presidential administration.

We must resolve ourselves to follow a course of hard work and sacrifice if we are to leave a decent enough world for our children to live in.

Posted by Anubis | Report as abusive