Friday
Apr032009
Unemployment high in March, Officials say
By Michael Ruhl, University of New Mexico – Talk Radio News Service
A day after President Barack Obama's budget was passed by a Congress boiling with partisanship, the Bureau of Labor Statistics released a report showing unemployment at its highest since 1983. There are now 13.2 million Americans out of work.
The pouring rain in Washington mirrored the sobered mood in the room, as the Joint Economic Committee heard the testimony of Keith Hall, the Commissioner of the Bureau of Labor Statistics.
March was one of the worst Months on record for unemployment, and when asked outright, Hall told the committee that there were no "bright spots" in the report.
National unemployment climbed to 8.5 percent in March, rising from the level of 8.1 percent in February and 7.6 percent in January.
Hall said that two-thirds of the job loss has happened in the past 5 months. Every state is in recession for the first time in 30 years, according to Carolyn Maloney (D-NY).
Official unemployment numbers do not encompass underemployed Americans or those who have officially left the workforce. It is reported that 16 percent of the country is out of work or underemployed. One in four of those unemployed have been out of work for more than six months, and of those, half have been looking for work for over a year, Hall said.
Maloney highlighted that last month, 8,000 jobs were lost in the news publishing industry. Those losses total 70,000 job cuts since Dec. 2007, Hall said, adding that most job losses have been see in the manufacturing, construction, and temporary services industries. The only area to see any growth in March was the Healthcare industry, Hall said.
Ranking Committee member Senator Sam Brownback (R-KA) noted that the impact of the ongoing recession was not severe for almost a year after it began in December 2007. Brownback attributed recent dramatic jumps in job losses over the past five months to the lockup in the credit markets and the government bailouts that followed.
The Federal Reserve believes that unemployment will peak at 8.8 percent this year, but Ranking House Committee Member Kevin Brady (R-TX) said that the unemployment rate is already higher than what the administration anticipated for 2009. Brady said that the Obama Administration's "optimistic assumptions" would not get the country out of its current mess.
President Obama’s Economic Stimulus package was passed by Congress earlier this year, and saw an unprecedented amount of money placed into public works meant to put people back to work. Obama has pledged the legislation will save or create three to four million jobs over the next two years.
Read the report here: Bureau of Labor Statistics Report
A day after President Barack Obama's budget was passed by a Congress boiling with partisanship, the Bureau of Labor Statistics released a report showing unemployment at its highest since 1983. There are now 13.2 million Americans out of work.
The pouring rain in Washington mirrored the sobered mood in the room, as the Joint Economic Committee heard the testimony of Keith Hall, the Commissioner of the Bureau of Labor Statistics.
March was one of the worst Months on record for unemployment, and when asked outright, Hall told the committee that there were no "bright spots" in the report.
National unemployment climbed to 8.5 percent in March, rising from the level of 8.1 percent in February and 7.6 percent in January.
Hall said that two-thirds of the job loss has happened in the past 5 months. Every state is in recession for the first time in 30 years, according to Carolyn Maloney (D-NY).
Official unemployment numbers do not encompass underemployed Americans or those who have officially left the workforce. It is reported that 16 percent of the country is out of work or underemployed. One in four of those unemployed have been out of work for more than six months, and of those, half have been looking for work for over a year, Hall said.
Maloney highlighted that last month, 8,000 jobs were lost in the news publishing industry. Those losses total 70,000 job cuts since Dec. 2007, Hall said, adding that most job losses have been see in the manufacturing, construction, and temporary services industries. The only area to see any growth in March was the Healthcare industry, Hall said.
Ranking Committee member Senator Sam Brownback (R-KA) noted that the impact of the ongoing recession was not severe for almost a year after it began in December 2007. Brownback attributed recent dramatic jumps in job losses over the past five months to the lockup in the credit markets and the government bailouts that followed.
The Federal Reserve believes that unemployment will peak at 8.8 percent this year, but Ranking House Committee Member Kevin Brady (R-TX) said that the unemployment rate is already higher than what the administration anticipated for 2009. Brady said that the Obama Administration's "optimistic assumptions" would not get the country out of its current mess.
President Obama’s Economic Stimulus package was passed by Congress earlier this year, and saw an unprecedented amount of money placed into public works meant to put people back to work. Obama has pledged the legislation will save or create three to four million jobs over the next two years.
Read the report here: Bureau of Labor Statistics Report
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Barack Obama, California, Carolyn Maloney, Congress, Florida, Illinois, Joint Economic Committee, Kansas, Keith Hall, March, Michael Ruhl, New York, New York Times, President Obama, Ruhl, arizona, budget, bureau of labor statistics, construction, democrat, economic crisis, economy, healthcare, job, jobless, manufacturing, michael, michael t ruhl, michaeltruhl, michigan, north carolina, ohio, partisan, partisanship, recession, recovery package, republican, sam brownback, stimulus package, unemployment, union in Congress, Frontpage 3, News/Commentary
“The Most Dangerous Credit Card in the History of the World”
House Minority Leader John Boehner (R-Ohio)
Photo by Michael Ruhl
Boehner said that Democrat’s “record on spending and debt is staggering, but our economy is growing weaker, and it’s not going to get any better by growing the size of the government here in Washington.”
Boehner believes that the Democratically controlled Congress has enabled and contributed to the recklessness, and thinks it is up to the Republicans to put a stop to it. Republicans must be “the party of better solutions” if they are going to stand up to the Democrats in Congress, Boehner said, adding that he hopes Democrats will be committed to a bipartisan policy approach..
Citing the elections of 2008, Boehner said “out brand has been tarnished”, but to help the party serve the American people, Republicans must stand up to the Obama Administration when disagreements arise, and to offer alternative solutions.
Leader Boehner applauded President Obama on his strategy towards Afghanistan and Iraq, but showed concern at Obama’s greater national security policy.
“The big question continues to be: what is the Administration’s overarching plan to fight terrorism? Judging from their recent decision to release 30 terrorist detainees with no plan on where to put them, it continues to beg the question,” referring to Obama’s closure of the Guantanamo Bay detention center without knowing where the detainees will be sent.