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10% jobless is Obama's new world

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"A year after his election Obama finds it increasingly difficult to blame the sour economy on his predecessor George W Bush or offer reassurances that jobless Americans will soon find work."

It's not at all hard to blame it on his predecessor; they are not the result of Obama being elected to top office. Now, if they want to blame Obama for lacking in solution over time, that's fine, but the start of the current woes are undeniably pre-Obama.

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It's likely to go higher still, and unlikely to return to pre-Obama levels for years. And it's all Bush and Cheney's fault.

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Do they really think the damage that Bush made in 8 years can really be undone in 10 months - madness!

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This is just the beginning.

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Remember "Economics,stupid", now under Obama's policy; it is "Deficits, idiots". Stimulus to nowhere, oh yes, greater debts for future generation. May be Obama should ask China to mail out the checks directly to all recipients in his spending programs. It saves the spending processing fees and reducing the deficit, right? If the economists embrace the "job saved" concept, we wouldn't have the world economy today. The bottom line is to spread the wealth a little! Let's move money through taxing system from one group to their supporters. How to we call this economic policy? I smell the globalization of collective consciousness nonsense at work here. Watch out folks....

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US economic woes started with a Democrat Party plan which flew in the face of centuries of commonly understood economic wisdom. It sought to provide housing to millions of people who were not creditworthy, but whose "investment" would be backed by the government. It was really not much different than the aim of the disastrous Great Society programs. Personal responsibility was removed from the equation. Da Guvmint will be Your Daddy. There was no sudden "failure of capitalism" in Sept of 2008. But there were the cyclical and inevitable catastrophic adjustments to interventionist chaos, something which the ignorant and the overly ambitious from both parties just can't resist creating. And once the Reid - Pelosi majority took control in 06 the slide began. Watch out world! You ain't seen nuthin' yet from this bunch.

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It's a well known fact the US economy was a virtual one. One running on hot air, a huge hot air balloon filled with greed. It could not last for ever, but those who controlled it, the vultures on Wall Street, the speculators, the dumb politicians, the utterly dumb administrations took what they could before the balloon exploded. Leaving economic chaos worldwide. Unemployment was the natural result. This mess cannot be fixed in a short time by even a president who is eager and willing, which is something that cannot be said about his predecessor who seemed to have done HIS best to ruin his country in 8 years time. I remember higher unemployment rates in the 1970s in Europe. People found out they could overcome it by going back to working hard and not taking things for granted. America will overcome too, but not by complaining or flip-flopping between political parties or inter party nastiness. The American dream is not about the mistaken notion of taking what you can get, but more about giving what you can give, a concept that seems to have been lost.

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Victimcrat - the bubble was created and then festered during the Bush years. there's nothing wrong with measures that help the poor. What's wrong is when the adminstration of the day fails to properly monitor, regulate and manage the affairs of government. ("You've gone a heck of a job, Brownie!")

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What is 90 percent employed and taxes ,doing to help

Economic improvements in China,India and elsewhere also means more opportunity for USA companies.

Recent Walt disney deal in China and many other Global Nasdaq/Dow companies deals,is an example of this.

Many more chances for business today, in many developing nations outside USA.

Why not have more branches of Disney and other Nasdaq/Dow companies, in India,Africa,Asia and elsewhere too.

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Economies are like oil supertankers; you turn the rudder and then wait for the ship to respond. It does so slowly and the time it takes to complete the turn depends upon not only the turn of the rudder but factors such as local currents, winds and the like. The Obama administration has been in office for 10 months, trying to counter a global momentum built up from years of mismanagement and outright neglect prior, including unchecked profiteering by Wall Street, the draining cost of an unjust war and uneven global trade practices. While I do not agree with several of the administration's policies nor follow-up on those policies, it is too soon to judge the administration's results. The writer of this article is merely catering to public angst rather than engaging in responsible journalism.

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"3.5 milllon lost their jobs while Obama was ( has been ) president"

This is all the Bush administration's fault right, JeffLee?

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I think the Libs want a 20%+ unemployment rate -so there is some room for them togo for their Socialist agenda goals to be met. =The Fed has contracted the money supply so harshly that it is even hard to get a job at McJob's --> Do you want fries with that?

Of course the Fed is also buying up every asset they can also. +All the investment houses are using the low interest rates to buy up foreign assets (but of course the money is not available to the common person who wants/needs a loan)

=Progressive, Socialism, Communism, Lib ---> Whatever you want to call it.

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President Obama stated that the economy was the worst since the Great Depression. In response, he pased his nearly $1 trillion stimulus that he said would prevent the unemployment rate from going above 8%. So now unemployment is 10.2% and Obama wants people to believe that he knows what he is doing now? Obama has engaged America in a downward sprial of higher dificits which hinders the economy and requires ever more 'stimulus' creating ever more debt. The only way out is to stop growing government and encourage economic growth. As a socialist, he cannot help himself from growing government and he cannot bring himself to implement policies that favor business and spur economic expansion. Socialism does not create jobs, it destroys them and prevents new ones from being created

Those that argued that annual deficits in the hundreds of billions is manageable were wrong but at least could make a reasonable argument for it. Annual deficits in the trillions is insane and no rational person can explain how to manage such a crushing burden. Instead of facing the ecnomic and debt situation that Americans want him to solve, he is instead pushing a trillion dollar health care spending program! It's just crazy and he will leave an awful legacy that future generations will have a very difficult time dealing with.

President Obama got his economic agenda implemented and the economy has responded by shedding millions of jobs. Man up and take responsibility for your mistakes Obama and reverse course before it's too late.

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"This is just the beginning"

Oh, nooooooooo...

Ya'll gotta remember... any bad economic news is Bush's fault because "it's going to take years to fix the damage done by Bush." Never mind that for most of the Bush years, despite the 9/11 attacks, the U.S. economy performed remarkably well.

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Never mind that for most of the Bush years, despite the 9/11 attacks, the U.S. economy performed remarkably well.

Amazing, yet true. Then the Dems took control of the House. And amazing how fast the economy went down. Sure, the collapse had its roots in the housing for the poor, government backed loans, sponsored by Barney Frank, and it predated that.

The response to this is simply wrong, and is part of the reason why we now have over 10% unemployment. Its real simple. Deficit spending does not equal jobs. Especially not over the long term. Tax cuts, less government intervention, which was what caused the problem in the first place, that creates jobs. This was not a failure of the free market, or capitalism, but rather a failure of interventionist government policy.

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[It's not at all hard to blame it on his predecessor; they are not the result of Obama being elected to top office. Now, if they want to blame Obama for lacking in solution over time, that's fine, but the start of the current woes are undeniably pre-Obama.]

Not in your mind anyway it's not hard. One day Richard you'll see past your Republican hating and everything will come clear.

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for most of the Bush years...the U.S. economy performed remarkably well.

Apart from the worst economic crisis since the Great Depression.

Bernie Madoff's fund also "performed remarkably well" for most of its existence, too.

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November 2010-Democrats suffer a devastating defeat in the mid-term elections.

November 2012-President Obama loses his re-election bid.

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JeffLee - you need to shake your head and clean out the cobwebs. Obama took what was a mild recession caused first by the housing market crash (which goes way back to the Democrat-created Community Reinvestment Act) and turned it into a recession ON PURPOSE. This joke of a president has it as his goal to inflict economic pain on as many Americans as possible so he can then come in and rescue them with goodies and handouts. His goal is creating DEPENDENCE on government because that is the democrats' modus operandi.

On a separate note - did anyone notice the forked tongue of this "president"? One on hand, when the black professor Gates gets in trouble with a white Cambridge cop, Obama says "I don't have all the facts but I can tell you that the police acted stupidly", clearly showing he is always going to side with the black man. Then shows his true Muslim colors after the Fort Hood shooting when, during a press conference he says "Now, let's not jump to any conclusions"! Jump to any conclusions?!?!? Such as the guy has a Muslim sounding name, he shouted "Allah Akbar" before he opened fire and he had been trying to convert soldiers to Islam?!?! We are not supposed to conclude that Islam played some kind of role in this attack?!?!?! What on earth has this country come to?

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Does anyone remember Mr. Clinton or Mr. Carter...and what the economy was during their administration....

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@koneko22: Good under Clinton, Crap under Carter.

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My View : Fundamental Changes Can Ride Out Of This Great Recession Not That Easy

Unsustainable oil price & health care premium, disastrous swine flu pandemic, heartbreaking war waste, tight credit for small businesses and slow implementation of stimulus package ( roughly $155bn out of $787bn ) are straining labor market.

Health care reform & sustainable energy act in conjunction with stimulus package are all about economic recovery and work creation.
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The US economy and to a large degree, the global economy is in such bad shape because it was constructed on the faulty logic of Reaganomics. Trickle-down, small-government, deregulation and lack of sound oversight just does not create long term, stable market economies.

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yokohamarider you have been sipping the FAUX News tea a bit too much.

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"the faulty logic of Reaganomics"

Fact: The U.S. economy was in far better shape during the Reagan administration ( and the Bush administration ) than it is now under the Obama administration.

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Sarge, I don't know what your metrics are, but during the Reagon years, I recall double-dip recession, record unemployment, "Black Monday," massive deficits, and moreover, the emergance of "the rust belt." U.S. manufacturing started its slow death from the Reagon years, and U.S compettivess hit new lows.

It wasn't until the mid-90s that things started to recover somewhat, with the IT revolution and the emergance of players like Apple, etc. Apart from the top 3 percentage of the rich, the Reagon years were America's dark ages.

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10% unemployment: The Clinton/Obama legacy.

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JeffLee, here's my metrics: Prior to the Reagan era, the U.S. suffered through stagnation and inflation, or stagflation. After the '82 recession, GDP growth rebounded and produced 5 straight quarters of growth averaging 8.4%. During the final Reagan years GDP growth averaged 3.4%. Inflation significantly decreased and there was a net increase of 16 million jobs.

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Hephatsheput - "10% unemployment: The Clinton/Obama legacy."

Actually it's more an Al Gore legacy. He pushed NAFTA the most. And Obama promised to end NAFTA, but lied, yes, LIED. Obama is a liar. NAFTA started the destruction of the U.S. And then Goldman Sachs (bank), the (non)Federal Reserve with Geithner etc gutted the rest of the U.S.

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The Democrats, led by Obama, are making a mess of America. Obama`s friend is the liar Gore - that says it all.

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No,no, no, this is all Bush and Cheney's fault. It's going to take President Obama and the Democrats at least 8 years to fix it, dontcha see?

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