Friday, February 05, 2010

Bureau of Labor Statistics: President Obama Has America On the Mend

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8 comments:

Chris said...

Great blog. You might like my blog as well.

~ Marie ~ said...

It is so difficult to watch government in action these days and keep my faith.

The chart was just the perspective I need.

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Joseph said...

Sorry about the bot attack. Hit Publish by accident.

Anonymous said...

Joseph, I am a different Anonymous, please don't turn me into computer junk. Jobs lost or jobs gained? Who cares when the US unemployment is hovering around 10 percent. President Obama is not creating jobs like he promised. I know too many people who are out of work. It seems that the President and Congress what to spend, spend, spend, but they don't create jobs by spending on everything. As you know Joseph, FDR got us out of a Great Depression not by spending but by the Great WWII.

Dr. Theo said...

This chart comes from Nancy Pelosi's office, not the Bureau of Labor Statistics. The unemployment rate under Bush peaked at about 6.4% in 2004, but then spiked to 8.5% during the last few months of 2008 (following the Obama win). It has continued to climb steadily and may be as high as 17% if we take into account those that have quit looking for work.

Joseph said...

Dr. Theo, the unemployment rate has NOTHING--NOTHING--to do with Obama's election--NOTHING WHATSOEVER. Spare me the Rush Limbaugh propaganda. The U6 rate (which is about 17%) dropped by .8% last month, in part a consequence of Obama's forceful action on the economy. This is the BUSH-CHENEY recession we are dealing with, a direct consequence of failed conservative economic policy. But how silly of me to expect conservatives to EVER take responsibility for anything. The stats are directly from BLS and released from the Speaker's office.

Joseph said...

Anonymous, FDR cut the unemployment rate in HALF between 1933 and 1937. In '37 he restricted federal stimulus spending and recession flared again. The huge deficit of $1.3 trillion we ran in Fiscal 2010 was 90% leftover Bush spending plus a big drop in tax revenue. Even the conservative AEI has conceded that the stim program--which is only one-third finished--has already stopped the growth of unemployment. And I need to remind you that World War II marked the greatest period of Federal spending and borrowing (and taxation) in U.S. history. We'll recover from the Bush-Cheney recession, but it will take time. The damage right-wing economic policy did to America is grave; it won't be repaired overnight.