McCain's Chances Grow Dimmer - Unemployment Skyrockets

Discussion in 'Politics' started by KenH, Sep 5, 2008.

  1. KenH

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    Unemployment climbs to 5-year high of 6.1 percent
    Friday September 5, 6:04 pm ET
    By Jeannine Aversa, AP Economics Writer

    Unemployment climbs past 6 percent for 1st time in 5 years, raising odds of economic tailspin


    WASHINGTON (AP) -- The nation's unemployment rate bolted above the psychologically important 6 percent level last month for the first time in five years -- and it's likely to go even higher in the months ahead, possibly throwing the economy into a tailspin as Americans pick a new president.

    A blizzard of pink slips propelled the jobless rate from 5.7 percent in July to 6.1 percent in August, the Labor Department reported Friday. Such a sharp increase is usually a strong recession warning, and it dashed investors' hopes for a late-year recovery.

    Worried about the economy and their own business prospects, employers cut payrolls by 84,000 in August, marking the eighth straight month of losses.

    So far this year, a staggering 605,000 jobs have vanished -- slightly less than the population of Alaska. The economy needs to generate more than 100,000 new jobs a month for employment to remain stable.

    - http://biz.yahoo.com/ap/080905/economy.html
     
  2. LeBuick

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    Obama didn't capitalize on this news and link it to Bush and McCain. All he said was economy wasn't group up in the convention. Is he loosing his spunk? He should have hit McCain in the gut by asking if they want 4 more years of these numbers then told us how he would fix the problem in two sentences.
     
  3. donnA

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    I've always wanted to know, and this seems to be the perfect time to ask since there seems to be people who know. But, just how much is 'sky rocket' what number is that, where does it start and where does it end, number wise that is. What are the numbers for 'sky rocket'? Anyone know?
     
  4. LeBuick

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    In this case it's 605K which won't mean anything to you since you are not included in this number of jobless people. If you were, you'd be mad that the government paid corporations to ship your job overseas. I wonder why Obama doesn't drive this point home in his slam-a-mercials...

     
  5. NaasPreacher (C4K)

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    I find it interesting that the article used the words 'climbs' and even 'bolts' but Ken sensationalised it to 'skyrockets.'

    Desperation on Ken's part?


    There is no doubt that unemployment is growing, but we all know it is part of a world-wide economic downturn that Pres Bush, and much less Sen McCain has had much power over.

    'McCain's chances grow dimmer?' Why?
     
  6. Crabtownboy

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    Lax oversight by the Bush admin. bringing on the banking crisis and deficit spending by starting an unjust war has brought on much of the economic downturn. It is to a great extent the Bush's admin. fault.

    Yesterday there was an article on the growing number of households with mortgates that are in trouble. It is up to almost 10% of all these households.

    Deregulation, that I thought would be a good thing, has turned out to bring on disaster after disaster. All this and the huge deficit in the federal budget is making the future for our children and grandchildren not a bright one economically.
     
  7. Revmitchell

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    We need less government oversight not more. The war in Iraq is clearly just as it is a result of Saddam's attempt to invade another country.

    We need to return to our constititional roots and let states regulate themselves. Having moved away from this is the only reason for our indebtedness.
     
  8. Pastor Larry

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    Let me see if I got this right ... Bush is responsible for people buying more house than they could afford in an inflated market? What should he have done? Step in and micromanage people's finances? The president's job is not to be a nanny to greedy people who don't know how to manage their money.

    And you certainly can't lay the blame for this at the feet of Senators. If this is McCain's fault, then it is Obama's as well because they both hold the same job in the government.

    This is just another example of bad thinking, combined with a bad understanding of economics. Presidents have very little to do with the economy. The economy is cyclical, and it will recover. Presidents get too much credit when it is good and too much blame when it is bad.
     
  9. Revmitchell

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    Except in the mind of socialist/communists



    Like a number of other issues the economy has become a political tool to gain power.
     
  10. dh1948

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    We have been hearing and reading about the mortgage crisis in America and how that thousands are losing their homes. It is a shame that Bush has led our nation to the place where we cannot afford our mortgage payments. It doesn't make sense to me how the president of this great land can stand around and watch Americans who have overextended themselves with mortgage payments sink themselves deeper and deeper into debt. Yes, I know it is an individual responsibility, but what's our government for? Isn't it supposed to protect us? Isn't our greatest enemy sometimes ourselves? Why did Bush allow us to get ourselves into this fix? Why didn't he provide some government paid monitors to watch over us and advise us when we were searching for our dream home? That's a valid question.

    Yes, say what you will, but Bush is the culprit. That's why I am voting for Obama. He will protect you and me from such critical errors in judgment, especially when it comes to issues like how much house we can afford to buy. He's got the contacts, baby. So take it from me, a vote for Obama is a vote to protect yourself from the bad decisions you make in your life. No longer will you have to bear alone the results of those decisions! Vote Democrat. Vote often!! Praise Jesus!!!
     
  11. targus

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    Actually, as I recall it was the Democrats in Congress that relaxed the mortgage guidelines that led to the mortgage crisis so that they could get special low mortgage rates from Country Wide.

    I'm curious as to why there was no investigation into that. They cost the country untold millions (billions?) so they could save a few hundred bucks a month on their own mortgages.
     
  12. donnA

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    Why don't you just tell me, how in your mind, this answers my question about what a number is and means.
    Oh, and by the way, I don't have a job.
     
  13. donnA

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    That makes the title false information, and misleading.
     
  14. donnA

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    Not to mention the greed of excessive credit card use to make so much debt they can't get out. No one is responsible for either of these but the people themselves. If they lived with the money they have and not want more then they can afford they wouldn't be in the mess they are.
     
  15. Josiah

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    This one is hard to respond to in Christian love, other than to say.....WHAT???The only statement in this post that makes any sense is "Praise Jesus!!!"
     
  16. LadyEagle

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    Yes, I see in the Constitution where the government is responsible to protect the citizens from GREED and keeping up with the Jones' when we buy houses we can't afford. :laugh:
     
  17. targus

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    What would unemployment be if there no illegal alliens?
     
  18. Pastor Larry

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    I think irony is the proper term for it ...
     
  19. targus

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    The total number of illegal aliens in the U.S. is estimated at 37,000,000

    The total number of unemployed is estimated at 9,400,000

    The total number of illegal aliens entering the U.S. each month is estimated at 312,500

    The total number of newly unemployed in the last month is estimated at 85,000

    Draw your own conclusions.
     
  20. Crabtownboy

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    I used to believe that also when it came to banking and finances. However looking at where the lack of regulation has led us and looking back on history forced me to change my mind.

    Remember:

    In the 1880's-90's ... no oversight .... Robber baron era leading to regulation. Things calmed down and the middle class grew.

    1910's to 1929 ... relaxed oversight and we ended up with the Great Depression. Calvin College, a Republican, got most of the blame, but other Republicians before him set up the situation.

    Regulation was re-established after the Great Deparssion.

    1980's to now ... gradual relaxation of regulations and see the mess we are in.

    Need to re-regulate.
     

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