WASHINGTON (AP) -- The Federal Reserve expects the U.S. economy this year will sink at a slower pace than it previously thought, but that unemployment will top 10 percent, according to a forecast released Wednesday.
The Fed now predicts the economy will shrink between 1 and 1.5 percent this year, an improvement from its old forecast issued in May. At that time, the Fed projected the economy would contract between 1.3 and 2 percent.
The upgrade comes from the expectation that the economy's downhill slide in the first half of 2009 wasn't as bad as previously thought. The Fed said the economy should start growing again in the second half of this year, although the pace is likely to be plodding.
Most Fed policymakers said it could take "five or six years" for the economy and the labor market to get back on a path of full health in the long term.
Against that backdrop, the Fed's forecast for unemployment this year worsened. The central bank predicted the jobless rate could rise as high as 10.1 percent, compared with the previous forecast of 9.6 percent.
The nation's unemployment rate climbed to 9.5 percent in June, a 26-year high.
If you include the 'Ones NOT receiving benefits'. It's closer to 18% NATIONALLY. 23% plus in Oregon, OVER 20% in California (12% of the population state). Conservatives ...You handed Obama a DEPRESSION not a prolonged recession
Morning in America??
they always give the U-3 unemployment rating, last May it was 9.1%, but the U-6 unemployment rate at the same time was 15.9%; TIEL is right, it's probably more like 18% now
Notice they have no problems keeping their homes , vacationing in the most expensive recourse there are. They have no problem with retirement and benefit packages , it so they create another criminal economical disaster and charge it on credit cards in American's name. They are doing fine they have just giving their CEO's and managers a health millions of dollar raise or bonus..
They achieved their goal of transferring money from the tax payers to the Global Empire without a shot being fired..
Americans are sucker and the government is helping this Global Empire to sap the entire life from Americans.
There is no other excuse or reason why our?? government would pass the legislation they have and are if not to grant this Global Empire monopoly every wish they desire..
Obama's administration is starting to turn into the Bush/Cheney's 3rd term...
After this total transfer of our economy and power to the Global Empire there will be no reason for a 4th Bush/Cheney term their objective will be complete...
where have you guys been? It's already over 10 percent, headed for 14-16 percent in some parts of the nation!
The Economy Is Even Worse Than You Think
JULY 14, 2009
The average length of unemployment is higher than it's been since government began tracking the data in 1948.
http://online.wsj.com/article/SB124753066246235811.html#mod=rss_opinion_main
Capture The Recession -- Photo Gallery (VOTE)
digg Huffpost - Capture The Recession -- Photo Gallery (VOTE) stumble reddit del.ico.us ShareThis
First Posted: 07-14-09 10:33 AM | Updated: 07-14-09 02:44 PM
http://www.huffingtonpost.com/2009/07/14/capture-the-recession_n_231488.html?slidenumber=0
Hundreds of Thousands of Workers Will Lose Unemployment Benefits Soon
By Marie Cocco, Washington Post Writers Group. Posted July 10, 2009.
http://www.opednews.com/populum/linkframe.php?linkid=93531
Joker Bashes Bush’s Bank Bailout in YouTube Mashup
By Lewis Wallace September 26, 2008 | 12:05 pm
Watch the Video
http://www.wired.com/underwire/2008/09/joker-bashes-bu/
The Joker heckles the government’s banking bailout plan in a new YouTube clip that mashes President Bush’s televised address with footage from The Dark Knight.
The clip, titled "The Dark Bailout," was posted Thursday and pipes video from Bush’s Wednesday speech into the Dark Knight scene that introduces Heath Ledger’s Joker to Gotham’s bad guys.
"And I thought my jokes were bad," Joker says, addressing Bush’s talking head. Sadly, there’s no disappearing pencil.
The mashup isn’t as funny as the Hitler remixes making the rounds, but the source material is definitely more entertaining. And you’ve got to give the video’s maker points for timeliness.
Now, as the YouTube description of the clip says: "If only we’d put Bruce Wayne in charge of the [Securities and Exchange Commission]."
Watch the Video
http://www.wired.com/underwire/2008/09/joker-bashes-bu/
The key is the FEDERAL RESERVE !!!!!!!!!!!!!!
Not the politicians.
campaignforliberty.com
OPEN THE FED'S BOOKS......AUDIT THE FEDERAL RESERVE!!!!!!!!!!
http://www.ronpaul.com
At this rate, we're going to have a crime wave to contend with. Official unemployment is pushing 15 to 18 percent in some areas.. Real unemployment is more like 20 to 25%.
You simply can't have 1 in every 4 or 5 people going hungry and expect no fallout.
It won't happen that way.
Just like Bushco, Obama doesn't include in its public unemployment figures people who have stopped looking for work and people who are underemployed. Like others have said, the real figure is close to 20%.
There saying 10 percent because they know full well that it will be above that before the end of the year. The reason they are capping it is that they are hopeing for a holiday rebound of holiday hiring from stores and such, it won't happen this year. I think this year is going to be a very very bad holiday season for everybody including the stores. We may start to see deals well before thanksgiving, just to get to the consumers last bit of money.
We all need to make our own futures. Waiting for a big corporation to hire you. Make your own.
Nationwide unemployment was at 9.4 percent in May, expected to be 9.9 in June, and I anticipate 10.4 by end of July.
Now project these estimates forward until the end of 2009
aug 10.9 percent
sept11.4 percent
oct 11.9 percent
nov 12.4 percent
dec 12.9 percent
At this rate, we could hit 13 percent unemployment nationally before 2010. What will the 30-40 million out of work do then to cover their expenses?
Yes, I am seriously worried. We cannot afford a 'jobless recovery' of this magnatude.
This is nothing less than playing with matches in a fireworks factory... Unemployment is bad, what is far worse is the mass vaporization of peoples savings, pensions, and credit. Many things will have to change before any hope of improvement can even be uttered.. First of all, how we as a people deal with and understand money must fundamentally change.. We need HONEST money, free of central manipulation, and anchored firmly in the market, only by letting the masses set the prices, can anything be truly priced and valued. We should allow people to exchange anything they wish, for anything they want.. Privately issued currency, trade and barter, whatever you are comfortable with is how you do your business. Two: The monopoly on violence MUST end, the systems current monopoly on force has only led to MORE violence amongst and against the people, look at all the rising street violence, look at the more cruel use of brutal police tactics against the population.. Nobody respects a grass snake, but nobody screws with a rattler'... you know this is the truth, and if you are denying it, you are either a doughnut scarfing pig, or a victim of stockholm syndrome. Third: the current public education system MUST be abandoned, don't worry, the sudden disappearance of the current schools will have little impact on our kids already pathetic educations.. We must bring back apprenticeship for 7th grade and higher, below 7th should be a local community affair, with curriculum centered around local needs. It should be up to the local community to fund and watch how their school funds are spent. Expectations MUST become realistic.. Not everybody gets to win. How many of you reading this are astronauts, rock-stars, multi-millionair business owners(still making a profit!), scientists, engineers(and getting paid like one!!)???? So most of you reading this know what B.S. we were all fed in school. Truth is, you would probably be arrested if you walked into a classroom during "parent career day" and told the kids the truth... OK!! you three, stand over by the trash can, you are now in prison. One of you will never get out, the other two will bounce in and out because after becoming convicts you will never get a decent job.. OK, 15 of you stand in the middle of the room, none of you will ever make more than $50,000 a year, you will never travel to a foreign country, you will live boring and empty lives, all while working your asses off making other people rich. In fact, five of you get between the trashcan and the others, you guys will do nothing but crap jobs and menial labor, and stand a good chance of ending up in prison before you die. Ok, you last two kids, stand by the chalkboard, alright, which ever one of you can convince the others here that the other guy next to you is a horrible person and therefore deserves to be sent near the trashcan will be rich and powerful, you can even use the other kids near the trashcan to intimidate the rest of the class... We MUST stop al the lying, ESPECIALLY the lies we are telling ourselves.. Only the truth can set us free.
How many of you will be OK when the stores go empty? How many of you are prepared to defend yourself when your hungry neighbors come looking for your food(if you have any.)? How long will you last without your medication? How well will you fare if your cities water is no longer safe to drink? What will you do if bank holidays are declared, and you have no access to your money? Try taking all your money out of the bank even today, you will find the bank personnel most hostile if you try to do it in cash, that's how it was for me when I pulled the last of my money out in april. My former bank was one of the largest banks, and told me they refuse to allow me to pull out more than 2000 of my own cash at any time. How will you hold up if you can't find any medical care? How will you fare in the chaos of food riots? The answer is simple: Most of you reading this won't last 2 months, much less the 15 to 20 YEARS this downturn is promising. Think what I've typed here is a bit much? Here's a challenge for ya': Go to your local sporting goods store, I dare you to find these caliber of ammunition: .308(the hardest to find), .223(about as hard to find as .308), 7.62 by 39mm, .45ACP, and 9mm. These bullets are almost impossible to find anywhere. They are also the most used bullets in COMBAT!!!!
Ammo is sold the minute any delivery trucks arrive to any store, several wal-marts around the central Texas area had a Thursday nightly ritual, the truck delivering sporting goods arrive around 2 in the morning, and all the ammo was sold before it even came out of the shipping boxes. Wal-mart has since instituted a 2 box maximum per customer, so now they show up with as many people as possible, and the ammo is still all gone within an hour. WAKE UP!!! YOU AND YOUR LOVED ONES ARE IN GREAT DANGER!!! Either you are gonna get your heads out of yer' behinds, or you ain't gonna make the next couple of years!!! You better get aware of what's going down out here pretty damned fast... Of you're gonna find out about how bad it really is in ways I refuse to type into a public format.
Does anyone recall the Reagan recession? I do. In fact it went on for nearly two years. And it was at one time thought to be as high as 20 million people out of work.
I remember how he tried to fudge the numbers by counting the military as part of the employed. And I remember how he cut social programs, head start and school lunches. When the teachers told him that to cut the only food some of the kids would get during the day, he claimed there was food. And he tried to say the condiment catsup was a vegetable on the school menu. Actually tomato is a citrus not a vegetable. This was the time Nancy Reagan was complaining about the tacky White House china at that time. She made such a fuss during this recession that the DNC took up a collection so she could have her china and close her mouth at the embarrassment she caused. Why is it Republicans have such short memories?
And in case you don't remember, we officially became a debtor nation under Reagan. For the first time in our history, we became a debtor country. I can even remember a newscaster on the radio telling us that very thing.
So we will have high unemployment. This is terrible. But it is not the first time we have been given the shaft by a Republican administration. This mess is theirs. And the stimulus package was set up by Bush last fall. He and Paulson worked it out. Including that tiny 300 or 600 dollar check that was sent to us by Bush, depending on how big your family was.
I don't like everything Obama might do. But let's not forget it took eight years of Republicanism to drag us down. It won't go away over night.
There will be fall out, Jhoffa. The answer is urging people to seek consolation in their faith, praying and asking God for peace and better things to come, and if that doesn't work, arming ourselves. I hope that more people turn to Christ before they turn to crime, but we may all have to hit the firing range to make sure we're ready when the criminals come after us for whatever hard earned dollars we may have, especially after the tax raises the Democrat Party in Congress is planning to pay for socialized medicine.
The plain and simple truth is a free market should control the economy. When will people wake up and realize there are somethings that we can not control in life, be it a market or the weather. When fools like these meddle all we get is another mess. Most of these guys, have worked at, or for Goldman Sachs, which has bought and paid for them including our latest President. Funny how those banks on the good side can declare great earnings, Goldman, Chase, and the rest of the country is in the trash bin. Face it the dollar is toilet paper thanks to these fools meddling with it for almost a 100 years. Fractional banking has, and always will lead to corruption. Don't even try to say there is no corruption here. AS for the Fed being accountable to congress, please, they sit down and give a white wash story to the oversight and the minute someone starts actually asking some questions that count they get nervous. It is time to get back to a sound money that is actaully backed by something, and put a tight leash on the banks lending habits. Cut off the magic money machine and there will be a whole lot less of this corruption. I love how some people still love pointing fingers at this party or that, PEOPLE, both parties are the same snake with two heads, its just how they go about in screwing you and me. Wake up!