Originally Posted by
satchip
I hate to pee on your Wheaties, but I just don't see the economy doing as well as you ACL. They just admitted to 850,000 more jobs lost last year than reported. The tax increases for next year will suck out any additional capital any recovery will produce. Freddy and Fannie will require ginormous bailouts soon. Real unemployment is 16% We lost almost 10 million jobs last year.
The budget battle coming is the true test. If that passes as submitted it is nothing less than the destruction of the United States as a free capitalist nation. It will spend money we will never have. There is a parallel to our government and our company. Both are saddled with huge amounts of debt. One is prudently trying to pay it down, reducing spending, not shopping for new shiny things to buy, and doing everything to raise more revenue for the long term. One is doing just the opposite.
When RA leaves, I've got an idea what his next job should be...
I have to agree with Satch. Rick Santelli on CNBC this morning said there is a lot of manipulation with these numbers and that the rate should be around 10.6%, 18% if you count those who stopped looking and 92% if you combine the other two with the number of people who waste time on Facebook at work. Okay I added the 92% thanks to a joke from the Comedy Channel.
At best the 9.7% is an updated rosy picture of the current unemployment. At best. I think I'll put it with those GDP numbers that keep getting revised downwards after the initial headliner gets put out of GDP "RISE" or unemployment "DROPS!". I hope it is improving or at the least settling but I'm not holding my breath that the closed society in DC will get it right.
As John Adams said one useless man is a shame, two is a law firm, and three or more is a congress.