Fed mulls tweaks to economic revival programs
WASHINGTON – With signs the economy is improving but still fragile, Federal Reserve policymakers are considering whether some programs intended to drive down rates on mortgages and other consumer debt should be slowed down. (Is the Administration reversing course here or are they just running out of money …)
The nation’s unemployment rate — now at 9.4 percent — is expected to keep climbing into 2010. Acknowledging that the jobless rate is going to climb over 10 percent, President Barack Obama said Tuesday he’s not satisfied with the progress his administration has made on the economy.
Some analysts say the rate could rise as high as 11 percent by the next summer (2010) before it starts to decline. The highest rate since World War II was 10.8 percent at the end of 1982.
An index measuring chief executives‘ business expectations showed an improved outlook from last quarter’s record low, but many still expect declines in sales, jobs and capital spending.
“We don’t see continued free fall,” Ivan G. Seidenberg, chairman of the Business Roundtable and CEO of Verizon Communications, said Tuesday. “But nobody’s ready to suggest they’re going to begin hiring.”
The following is not intended to be a defense of President George W. Bush’s economic policies – it is not. President George W. Bush’s failure to keep the Democratic Congress’s spending in check and his inability to get that Congress to curb their reckless mortgage programs between 2006 and 2008, led to our current economic woes. That said, the following are facts:
During the 8 years of the George W. Bush Presidency the lowest annual unemployment rate was 4.61% in 2007, the highest annual unemployment rate was 5.76% in 2008. During Bush’s 8 years as President the average unemployment rate was 5.27%, roughly 1/2 half of what the unemployment rate is today.
Before you post an unsubtantiated response, I invite you to check the math for yourself. http://www.miseryindex.us/urbyyear.asp
During the George W. Bush presidency the average number of people “unemployed” at any time was 8.25 million. At the end of May 2009, a total of 14.9 million people were unemployed (9.4% unemployment rate). http://www.bls.gov/news.release/empsit.nr0.htm
When unemployment hits 11% in 2010, over 17 Million will be unemployed, well over twice the average number of unemployed during the George W. Bush Presidency.
It is unfortunate that the “experts” now predict that the unemployment rate will not drop below 6% before 2016, at the earliest.
Who would have thought that after 6 months of Obama we’d be referring to the “good old Bush days”?
Filed under: Barack Obama, Economic Crisis, Economic Recovery, Economy, Employment, Financial Crisis, Unemployment | Tagged: Economic Crisis, Economy, Unemployment, Unemployment Under Pres. George W. Bush | Leave a Comment »