Geithner says unemployment likely to remain unacceptably high for a long time

what do you want them to do. we have a major consumer bubble that collasped, with americans having a negative saving rate. people are changing their lifestyles, and the resulting decrease in consumer spending will result in the permanent loss of some of the jobs

 

But the banks were saved. Bonuses have been resumed.

So it's OK. Wall Street trumps Main Street.

 

They are doing more, aren't they?

Off the top of my head, they recently adjusted the foreclosure prevention plan, they just passed a small jobs bill and they are working on another larger one.

 

Give us free...

 

This Atlantic article goes into the challenges a new generation will face. The current recession has been hitting male and urban populations hard. It's social effects will be something unseen from the last 25 years.

How a New Jobless Era Will Transform America
The Great Recession may be over, but this era of high joblessness is probably just beginning. Before it ends, it will likely change the life course and character of a generation of young adults. It will leave an indelible imprint on many blue-collar men. It could cripple marriage as an institution in many communities. It may already be plunging many inner cities into a despair not seen for decades. Ultimately, it is likely to warp our politics, our culture, and the character of our society for years to come.

 

This is what I love about our country, we want everything fixed but we don't like anything that fixes it and refuse to offer any other alternatives.

Apparently anything Obama does means he is spending Trillions of dollars and destroying all of our kids futures.

Obama has tried to tackle this from every direction tax cuts for businesses, for consumers, more unemployment and COBRA coverage, Cash for Clunkers, tax breaks for buying a house, tax breaks for hiring employees, increase in pell grants, increase in tax breaks for going back to school. etc.

Cutting taxes raises the deficit, creating grants or direct government spending raises the deficit, maybe we should just kick back and allow the infallible free market and invisible hand do it's magic.

Heck we should have done that from the beginning. Everyone's hates these bailouts anyway we should have let Bank of America, GM, Citi, AIG, and all of the rest fail then unemployment would be worse than the Great Depression.

And then it would be Obama's fault for doing nothing.

 

Its because at there core, the jobs that the president "creates" are not sustainable and do not pay for themselves. You can pay a wage until the bailout money set aside to do so runs out. And then you find out you have been trying to fill the jug while the water leaks out the bottom.

The free hand is pushing us down the wrong path, and everything is too large and probably not stoppable.

 

Though it will take some time, I like the idea of drilling for more oil off our coast. The more money that can be spent locally instead of sent to the Middle East the better. Come on Nuclear energy and off shore drilling!

 

I appreciate the candor. It's a refreshing change from the prior administration.

 

Kill the terrorists!

 

Small business need to see some relief on the payroll tax and capital gains tax.

 

The stock market is lovin' it.

 

But isn't that what all the green/energy technology of the future type stuff is for?

It seems to me that they're doing a little of both. Temporary incentives and actual jobs to boost employment now and get the economy rolling again (or prevent it from getting worse), plus investment in technologies of the future to build industries that are sustainable and that do create permanent new jobs.

The sustainable jobs will take years if not decades to take hold, but for now, we still need to put people to work.

 

did you not see invisible fan post the same article a few posts above you?

anyway, it is a great socialogical study on the affects of unemployment. I can say with experience, being a man unemployed for more than a year is a strain on a relationship and a humbling experience. lucklily I have kept a job through this recession, I wake up feeling blessed everyday having been unemployed for an extended period of time.

the other thing about this article that i find very interesting and true is that the generation born after 1980 are getting a hard dose of reality after being raised on the values they have been taught. since 1980 I feel kids have been taught very unrealistic messages about self worth and importance, about how the world is their oyster. its kind of hard to explain, because the american dream has been taught to many generations, but not with the same myopic nature that recent generations have been taught in my humble opinion.