Job losses began when the dems took over

• Impressed - Just the big bad
  • Job losses began when the dems took over - Congress 2 years ago. -will get worse now.nm
  • I am struck by the serious, if not somber expression - on Obama's face....sm
    • Where is all this money going to come from?nm - Nothing new to my ears.
      • I say, Drill, Drill, Drill. - We need new jobs, NOW.
    • Should add there repeated references to - bipartisan cooperation and....sm
  • he had me until... - dnh
    • If he even mentions raising taxes on - onlyinamerica
      • who cares about the stock market anymore? it's - dying a well-deserved death.
      • I prefer to keep my focus on the positive measures - he HAS talked about and (sm)
        • Where do you think all this money is coming from? - onlyinamerica
          • Maybe he will just write a check... sm - m
          • Exactly. Just tax us all or watch our - Nothing new to my ears.
    • I heard him say that the tax cuts would precede - the tax increases....sm
    • I don't think anyone could have... - Just the big bad

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Unemployment rate soars to 8.1 percent
Employers resort to even bigger layoffs as they scramble to survive
BREAKING NEWS
The Associated Press
updated 8:02 a.m. CT, Fri., March. 6, 2009

WASHINGTON - The nation's unemployment rate bolted to 8.1 percent in February, the highest since late 1983, as cost-cutting employers slashed 651,000 jobs.

Both figures were worse than analysts expected and the Labor Department's report shows America's workers being clobbered by a relentless wave of layoffs.

The net loss of jobs in February came after even deeper payroll reductions in the prior two months, according to revised figures. The economy lost 681,000 jobs in December and another 655,000 in January.

Since the recession began in December 2007, the economy has lost 4.4 million jobs, more than half of which occurred in the past four months.

Employers are shrinking their work forces at alarming clip and are turning to other ways to slash costs — including trimming workers' hours, freezing wages or cutting pay — because the recession has eaten into their sales and profits. Customers at home and abroad are cutting back as other countries cope with their own economic problems.

With employers showing no appetite to hire, the unemployment jumped to 8.1 percent from 7.6 percent in January. That was the highest since December 1983, when the jobless rate was 8.3 percent.

All told, the number of unemployed people climbed to 12.5 million. In addition, the number of people forced to work part time for "economic reasons" rose by a sharp 787,000 to 8.6 million. That's people who would like to work full time but whose hours were cut back or were unable to find full-time work.

Meanwhile, the average work week in February stayed at 33.3 hours, matching the record low set in December.

Job losses were widespread in February.

Construction companies eliminated 104,000 jobs. Factories axed 168,000. Retailers cut nearly 40,000. Professional and business services got rid of 180,000, with 78,000 jobs lost at temporary-help agencies. Financial companies reduced payrolls by 44,000. Leisure and hospitality firms chopped 33,000 positions.

The few areas spared: education and health services, as well as government, which boosted employment last month.

A new wave of layoffs hit this week.

General Dynamics Corp. said Thursday it will lay off 1,200 workers due partly to plummeting sales of business and personal jets that forced it to cut production. Defense contractor Northrop Grumman Corp., and Tyco Electronics Ltd., which makes electronic components, undersea telecommunications systems and wireless equipment, also are trimming payrolls.

"This is basically cleaning house for a lot of firms," said John Silvia, chief economist at Wachovia. "They are using the first quarter to cut back employment and figure out what they want."

Disappearing jobs and evaporating wealth from tanking home values, 401(k)s and other investments have forced consumers to retrench, driving companies to lay off workers. It's a vicious cycle in which all the economy's negative problems feed on each other, worsening the downward spiral.

"The economy is in a tailspin. Businesses are jettisoning jobs at an unprecedented pace," said Richard Yamarone, economist at Argus Research.

The country is getting bloodied by fallout from the housing, credit and financial crises_ the worst since the 1930s. And there's no easy fix for a quick turnaround, economists said.

President Barack Obama is counting on a multipronged assault to lift the country out of recession: a $787 billion stimulus package of increased federal spending and tax cuts; a revamped, multibillion-dollar bailout program for the nation's troubled banks; and a $75 billion effort to stem home foreclosures.

Even in the best-case scenario that the relief efforts work and the recession ends later in 2009, the unemployment rate is expected to keep climbing, hitting 9 percent or higher this year. In fact, the Federal Reserve thinks the unemployment rate will stay elevated into 2011. Economists say the job market may not get back to normal — meaning a 5 percent unemployment rate — until 2013.

Businesses won't be inclined to ramp up hiring until they are sure any economic recovery has staying power.

The economy contracted at a staggering 6.2 percent in the final three months of 2008, the worst showing in a quarter-century, and it will probably continue to shrink during the first six months of this year.

Fed Chairman Ben Bernanke told Congress earlier this week that recent economic barometers "show little sign of improvement" and suggest that "labor market conditions may have worsened further in recent weeks."

Consumers’ growing frugality has hammered automakers, among other industries. General Motors Corp.'s auditors on Thursday raised "substantial doubt" about the auto giant’s ability to continue operations, and the company said it might have to seek bankruptcy protection, sending its shares below $2.

Bill Hampel, chief economist for the Credit Union National Association, said his group’s members are reporting record increases in deposits. Government figures show the savings rate jumped to 5 percent in January from zero last spring. That’s the highest rate since 1995 and a much faster shift than he had expected, Hampel said.

Consumer spending makes up about 70 percent of the economy. It topped out at 71 percent in 2005, Hampel said, but will likely drop by 2 to 3 percentage points over the next few years.

Increased savings can actually lower economic growth. Economists call it the “paradox of thrift”: What’s good for each of us individually — being thrifty, limiting our spending — can worsen a recession when everyone does it all at once.

Hoffman said about half the 6.2 percent drop in economic output last quarter was attributable to lower consumer spending.

This really confuses me.  It's my understanding that the Dems STILL haven't taken over.  They need 60 in the Senate in order to prevent a fillibuster, and as I write this, the Republicans (still in control) are threatening to fillibuster the proposed auto maker bailout/loan legislation.  Since the Democrats DO NOT have the majority they need, the Republicans may very well do that.

So please explain to me how the Democrats are in control because I keep seeing this and truly don't understand how that is.

Not trying to start an argument or stir anything up.  I truly don't "get it."

like Bill being interviewed a lot.  LOL!  He is rather obvious that he is only saying Obama because he is following his political party and that he truly doesn't want Obama as president. 

Oh well....for whatever reason Bill said what he did.....it is still nice to hear someone admiring both candidates, saying they are both ready to be president, and not cutting down one party or the other. It was a nice change for once.

They fight and carry on just as much as the pubs. They are like children, too. Don't forget, they put a lot of pork in these bills and then cry when the pubs vote against it.

No matter what you say, neither party is working for the people. It's time to vote them all out.

all these Obama supporters just sweep that under a rug.  They continue to point fingers and blame others and yet they will take no responsibility at all for what they did.  They will not give McCain credit for his warning.  They will not admit that they ignored that warning.  I'm tired of the media having their nose up Obama's ars.  They call McCain a coward for wanting to postpone the debate when it was McCain who was pushing for the debate before until this and now he wants to be in Washington to help find a solution.  He wants to put the country first instead of his own personal campaign.  To me...this says a lot about McCain and yet the dems and the media can do nothing but downgrade.  How in the world are we to have a fair election when the media is so obviously one-sided?

At this point, I really don't know that any candidate can get us out of this mess.  I guess I've just lost hope all around.  As for all those so-called plans Barry Obama promised.....he can't do a one of them....not that they would have worked in the first place but now it is impossible for him to even try.  So now what, Barry?  What else are you going to promise you will do that you can't deliver on?

Oh, I know all about her.  First it was sad to me that voters don't do their homewordk and just believe what literally any politician tells them just because they're R or D.  Savage really educates his audience on the San Franfricko "values" and how horribly corrupt they are out there.  Take the Bologna case, where the illegal aliens/gang members who killed this poor woman's husband and 2 sons all in one sweep.  There's just one example of the sanctuary city thing for ya. 

The best way to educate people is to play their own words back for all to hear.  That way I make my point and am not accused of being a right-wing hack.

By the same token, I've been literally wailing over Olympia Snow (snot job), Susan Collins, etc...the queen RINOS.  They don't belong in the GOP and they need a royal flush.  Hagel finally retired, fortunately.

The drivebys are so complicit in this crap, too.  If we put out such a horrible product (like a report with only a small portion of the situation, or twisted it completely around), we'd be fired.  These people work for us and only answer to their NE lib journalism pals.  There are so many facets to this zirconia it's criminal.

stupid, when in fact she is very savvy — as demonstrated by her negotiations with the oil companies, pushing through a gas pipeline, etc. She is a lady of many accomplishments, unlike the Dem’s PRESIDENTIAL candidate, the big O ( as in ZERO).

Governor Sarah Palin made history on Dec. 4, 2006, when she took office. As the 11th governor of Alaska, she is the first woman to hold the office.

Since taking office, her top priorities have been resource development, education and workforce development, public health and safety, and transportation and infrastructure development.

Under her leadership, Alaska invested $5 billion in state savings, overhauled education funding, and implemented the Senior Benefits Program that provides support for low-income older Alaskans. She created Alaska’s Petroleum Systems Integrity Office to provide oversight and maintenance of oil and gas equipment, facilities and infrastructure, and the Climate Change Subcabinet to prepare a climate change strategy for Alaska.

During her first legislative session, Governor Palin’s administration passed two major pieces of legislation - an overhaul of the state’s ethics laws and a competitive process to construct a gas pipeline.

Governor Palin is chair of the Interstate Oil and Gas Compact Commission, a multi-state government agency that promotes the conservation and efficient recovery of domestic oil and natural gas resources while protecting health, safety and the environment. She was recently named chair of the National Governors Association (NGA) Natural Resources Committee, which is charged with pursuing legislation to ensure state needs are considered as federal policy is formulated in the areas of agriculture, energy, environmental protection and natural resource management. Prior to being named to this position, she served as co-chair of this committee.

Prior to her election as governor, Palin served two terms on the Wasilla City Council and two terms as the mayor/manager of Wasilla. During her tenure, she reduced property tax levels while increasing services and made Wasilla a business friendly environment, drawing in new industry.

She has served as chair of the Alaska Conservation Commission, which regulates Alaska’s most valuable non-renewable resources: oil and gas. She was elected by her peers to serve as president of the Alaska Conference of Mayors. In this role, she worked with local, state and federal officials to promote solutions to the needs of Alaska’s communities.

The bottom line is that she is running for VP.  Obama is running for president and his own running mate said he didn't have enough experience. 

and left-wing media don't just repeat what they see and hear?  LOL!  Oh please.  Half of the Obamanation supporters spout exactly what Obama says and only seeing the promise of change.....which I might add....WON'T HAPPEN.  Obama can't do anything he promises and if he does.....our country will be totally FUBARed (f*cked up beyond all recognition).

joke of a bailout too. The dems had the majority then.....they could have stopped it.

I think the pubs know they have lost a lot of respect in the eyes of their constituents but I am encouraged by them not voting for this spending package that won't work.  I guess we just have to wait and see how it plays out.