Geithner: Unemployment Could Go Up Before It Comes Down

Discussion in 'Economy' started by dvinman, Aug 3, 2010.

  1. dvinman
    Offline

    dvinman VIP Member

    Joined:
    Dec 14, 2009
    Messages:
    458
    Thanks Received:
    65
    Trophy Points:
    78
    Ratings:
    +65
    Treasury Secretary Timothy Geithner acknowledged that it is still a "tough economy" for most Americans, and warned it's possible the unemployment rate will go up for a couple of months before it comes down as more people enter the labor force.

    "When they see a little hope that there may be jobs out there, they start to come back in again. And that can cause the measured unemployment rate to go up — temporarily," Geithner told "Good Morning America's" George Stephanopoulos in an exclusive interview. "But what we expect to see, and I think most forecasters expect this…is an economy that's gradually healing, gradually strengthening, businesses starting to add people back."

    The economy is not rebounding as quickly as Geithner and the Obama administration would like, he said. Last week's economic report card showed the Gross Domestic Product grew at a rate of 2.4 percent, slower than it had earlier this year. But amid that bad news, Geithner said, were signs of growth in the private sector.

    Treasury Secretary Timothy Geithner: Unemployment Could Go Up Before It Comes Down - ABC News
     
    • Thank You! Thank You! x 1
  2. CrusaderFrank
    Online

    CrusaderFrank Diamond Member

    Joined:
    May 20, 2009
    Messages:
    81,164
    Thanks Received:
    14,901
    Trophy Points:
    2,210
    Ratings:
    +36,894
    The Stimulus has failed! We need more Stimulus!

    Obama's Stimulus was great than Reagan's entire 1982 Budget.

    Recovery starts when Obama, Pelosi and Reid are unemployed
     
  3. Douger
    Offline

    Douger BANNED

    Joined:
    Jun 25, 2009
    Messages:
    12,323
    Thanks Received:
    915
    Trophy Points:
    0
    Location:
    Not fucking there !
    Ratings:
    +915
    Their is no recovery.
    If unemployment goes down it will be because the poor will flock to the military for a check.
    A perfect scenario in prep of WW3.
    Sound familiar ?
     
  4. asterism
    Offline

    asterism Congress != Progress

    Joined:
    Jul 29, 2010
    Messages:
    8,592
    Thanks Received:
    906
    Trophy Points:
    190
    Location:
    Central Florida
    Ratings:
    +1,073
    I'm not sure why anyone would rely on this man's predictions. He hasn't ever been correct before.
     
  5. saveliberty
    Offline

    saveliberty Diamond Member

    Joined:
    Oct 12, 2009
    Messages:
    41,954
    Thanks Received:
    6,098
    Trophy Points:
    1,830
    Ratings:
    +19,870
    The exodus of Census workers will create a spike too. Companies just plain are not going to hire until they see a good reason to hire. Reduced inventories, reliance on temps, a drop in consumer confidence and a slow economic expansion all point to the same conclusion.

    July and August car sales are going to dip too. No cash for Clunkers this year. Be prepared.
     
  6. Douger
    Offline

    Douger BANNED

    Joined:
    Jun 25, 2009
    Messages:
    12,323
    Thanks Received:
    915
    Trophy Points:
    0
    Location:
    Not fucking there !
    Ratings:
    +915
    • 83 percent of all U.S. stocks are in the hands of 1 percent of the people.
    • 61 percent of Americans “always or usually” live paycheck to paycheck, which was up from 49 percent in 2008 and 43 percent in 2007.
    • 66 percent of the income growth between 2001 and 2007 went to the top 1% of all Americans.
    • 36 percent of Americans say that they don’t contribute anything to retirement savings.
    • A staggering 43 percent of Americans have less than $10,000 saved up for retirement.
    • 24 percent of American workers say that they have postponed their planned retirement age in the past year.
    • Over 1.4 million Americans filed for personal bankruptcy in 2009, which represented a 32 percent increase over 2008.
    • Only the top 5 percent of U.S. households have earned enough additional income to match the rise in housing costs since 1975.
    • For the first time in U.S. history, banks own a greater share of residential housing net worth in the United States than all individual Americans put together.
    • In 1950, the ratio of the average executive’s paycheck to the average worker’s paycheck was about 30 to 1. Since the year 2000, that ratio has exploded to between 300 to 500 to one.
    • As of 2007, the bottom 80 percent of American households held about 7% of the liquid financial assets.
    • The bottom 50 percent of income earners in the United States now collectively own less than 1 percent of the nation’s wealth.
    • Average Wall Street bonuses for 2009 were up 17 percent when compared with 2008.
    • In the United States, the average federal worker now earns 60% MORE than the average worker in the private sector.
    • The top 1 percent of U.S. households own nearly twice as much of America’s corporate wealth as they did just 15 years ago.
    • In America today, the average time needed to find a job has risen to a record 35.2 weeks.
    • More than 40 percent of Americans who actually are employed are now working in service jobs, which are often very low paying.
    • or the first time in U.S. history, more than 40 million Americans are on food stamps, and the U.S. Department of Agriculture projects that number will go up to 43 million Americans in 2011.
    • This is what American workers now must compete against: in China a garment worker makes approximately 86 cents an hour and in Cambodia a garment worker makes approximately 22 cents an hour.
    • Approximately 21 percent of all children in the United States are living below the poverty line in 2010 - the highest rate in 20 years.
    • Despite the financial crisis, the number of millionaires in the United States rose a whopping 16 percent to 7.8 million in 2009.
    • The top 10 percent of Americans now earn around 50 percent of our national income.

    22 Stats The Prove The Middle Class Is Being Wiped Out
     
  7. Gunny
    Offline

    Gunny Gold Member

    Joined:
    Dec 27, 2004
    Messages:
    44,689
    Thanks Received:
    6,753
    Trophy Points:
    198
    Location:
    The Republic of Texas
    Ratings:
    +6,770
    You are an idiot troll and you're on my radar now, mouth. Keep up your bullshit you sorry sack of shit. I've seen slugs that left less slime than you.
     
  8. R.C. Christian
    Offline

    R.C. Christian Gold Member

    Joined:
    Jun 30, 2010
    Messages:
    9,955
    Thanks Received:
    1,074
    Trophy Points:
    190
    Location:
    Ghetto
    Ratings:
    +1,195
    Is there anyway I can send positive rep to wonderboy Geitner? Cause if there is that filthy little elitist money changer sure deserves cudos for the crock of OBVIOUS bullshit he just wrote.
     
    • Thank You! Thank You! x 1
  9. R.C. Christian
    Offline

    R.C. Christian Gold Member

    Joined:
    Jun 30, 2010
    Messages:
    9,955
    Thanks Received:
    1,074
    Trophy Points:
    190
    Location:
    Ghetto
    Ratings:
    +1,195
    I take it you don't like troublesome statistics?
     
  10. DiveCon
    Offline

    DiveCon gone

    Joined:
    Aug 10, 2008
    Messages:
    48,025
    Thanks Received:
    3,387
    Trophy Points:
    48
    Ratings:
    +3,387
    i think its more a cumulative effect of dougers posts and not just that one
     

Share This Page