Friday, November 6, 2009

The Pain Goes On

The national unemployment rate is now at 10.2%--highest since 1983. If the Obama regime believes that it is going to reflate the economy out of this recession without any consequences, they are going to have a rude awakening.

In other news, the state of California has started, on November 1st, withholding 10% more in taxes from workers to shore up the state's deficit. No debate amongst the public and little news about this in local papers. Another perfect example of how government looks out for itself and how it will always try to expand its power at all costs. So much for representative government.

4 comments:

Harrison said...

Gee I'm sure all that "stimulus" had nothing to do with it.

Jeff Perren said...

According to my local news station, generally reliable so far as I can tell, if the number of those who are out of work but have given up looking are included, the national number 17%.

That means in some spots it's even higher. Welcome to Depression 2.0

askcherlock said...

We need to somehow get the manufacturing industry running again in this country. I'm afraid that until that happens, unemployment will look dire.

Buro said...

@ cherlock,

Maybe if we can crash the dollar hard enough that will make our exports real cheap, thus stimulating manufacturing. Maybe we can also pass cap and trade legislation which can then wipe away any savings brought on by our devalued currency.

If you ask me, we need another asset class bubble.