As 1.3 Million Americans Are About To Lose Their Jobless Benefits This Week, The Unemployment Rate Will Surge To 10.5%

Tyler Durden's picture

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QuantumCat's picture

Bring on the pain...

teaddy bearish's picture

wow we have a quantum lover here

TBT or not TBT's picture

Maybe you've been reading too many Inflation V Deflation debates.  You should try tuberculosis, BTW.

Popo's picture

It's impossible to know how much pain there is AND exactly who is feeling it.

 

cossack55's picture

For an exact figure, one must venture to the Oracle of Delphi's Topless Bar and Burger Joint and inquire of Billy The C.    

Everyman's picture

True and just like Schroedinger's cat if we "put them all in a box" and closed it off, do they exist?  Seems like that is exactly what the goobermint is doing, they just pretend they don't exist and everything is OK.  Even though there is so much pain in the UE ranks.

 

10.5%?  That is a massive increase from 9.7%.  There would be no denying it then.

 

 

goldfish1's picture

10.5%?  That is a massive increase from 9.7%.  There would be no denying it then.

My naive brethren.

Just claim that there was a fire in the statistics office and the number, best we can tell is about the same as it ever was.

Lux Fiat's picture

Don't forget the approx. 500k rolling off of the Census payrolls in the near future.  That would be a bit harder to explain, unless the economy suddenly adds 500k beach/marsh cleanup jobs - the kind where a W2 is issued.

TBT or not TBT's picture

That very impossibility to know can help us.   Our economy could quantum tunnel through the mountain of debt just because there is a probability of its existence on the other side.   Quantum uncertainty has a bright side!

PeterSchump's picture

We know for sure it is not the banksters, nor the govt.

pan-the-ist's picture

Quantum uncertainty is a limitation of observation, not an insight to the working of the Universe.  Just another myth I find myself pointing out again and again.  Though it is funny.  Hahaha. ha.

technovelist's picture

Quantum uncertainty is a limitation of observation, not an insight to the working of the Universe.  Just another myth I find myself pointing out again and again.  Though it is funny.  Hahaha. ha.

I don't believe that is correct. My understanding is that a particle really doesn't have both momentum and position at the same time. In fact, it doesn't have either until we decide to measure one of them.

7bit's picture

The particle might not even exist at all, at least not necesarily as a "particle".

pan-the-ist's picture

QM is a model to predict some behavior.  As 7bit says, particles might not exist at all... We can be confident that at some point in time QM will be replaced with a better model.

jimijon's picture

If you freeze time for an instant ... what is its momentum? You stop moving... you die. Because in essence you stopped time.

Bringin It's picture

Someone pointed out to me that - In the same way the Enlightenment grew out of a new understanding of existance, the societal transformation resulting from comprehension of the QM meme have barely begun.

 

Eternal Student's picture

I don't know if he's a quantum lover, but I would say that he looks like he's a Quantum Mechanic.

LeBalance's picture

I'm quite hestitant to make a determination and as a result limit my possibilities.

Bringin It's picture

And I thought I was first

until I observed

that QC arrived over 40 weeks ago.

quintago's picture

the unemployment rate is derived from the number of people collecting benefits. If they no longer collect benefits, then the unemployment rate goes down, so its all good baby, because the numbers don't lie!

jeff montanye's picture

if this is satire it is weak.  if "fact" imo it is wrong, as is the article above on this point in the opposite direction.  as posters below note, these people receiving benefits are in the labor force from a statistical standpoint.  lots of truth in a de facto statement like after benefits stop they really will be in the labor force seeking work.  but re: govt stats, i don't think so.  the economic/income effects seem important but could we get some editorial clarification on the unemployment statistics end of it?  thanks.

reading's picture

Your facts are off...the unemployment rate is derived by the number of those looking for work/in workforce

Lux Fiat's picture

Yes.  However, I wouldn't be surprised to see the folks coming off of extended unemployment assistance classified as "discouraged workers", in which case, they won't be included in the headline unemp rate. 

Local store I frequent used to have the typical "youthful", clueless, possibly GED educated, cashiers.  Of late, I'm seeing more middle-aged, well-groomed, seemingly college-educated or better folks behind the registers.  Does not give me the warm fuzzies regarding the economy.

fearsomepirate's picture

When teenagers are prohibited from accepting wages below $9 per hour, well, the grocery store is going to hire people who aren't quit the screw-ups that teenagers are.

quintago's picture

and how exactly do you measure who is looking for work? perhaps have them write in every other week that they are looking?

I need more asshats's picture

Pain... Oh who gives a shit!

I need a job! I need to be comforted, taken care of, loved, entertained, supported, fulfilled.

I need my mommy, the womb, the warmth, the insulation, the safety.

I need.

What a group of fagots. I mean what a group of Glenn Becks.

ozziindaus's picture

I believe we entered war the last time the unemployment rate hit 25%. 

http://www.shadowstats.com/alternate_data/unemployment-charts

Government scheme to get public hawkish since bullish didn't transpire. If this doesn't work, people will go apeshitish with pitchforkishes.

WeeWilly's picture

Shee-it Ozz, we're in two wars already. How many will it take to get us out of this mess?

MarketTruth's picture

One wonders, once this all 'hits the fan' will MSM be pushing those unemployed to join the armed forces? Will there be more commercials showing how 'cool' it is to kill people via their PS2/xBox remote controlling drones? As i recall, that is exactly what happened in the early stages of this war years ago. Brings new meaning to first person shooter 'games'. Then again many Americans are a bit, how shall i say this, not qualified for duty due to their physical fitness.

Miss Expectations's picture

I was shocked by the Army ads I saw when I took my son to see Shrek Forever After - The Final Chapter.

I recall 2 years ago, I had "the conversation" with my neighbor about my worries about the coming depression/economic crash and how it will end in War.  She said she wasn't concerned because her son had dyslexia, allergies, asthma and flat feet (he's fat, too).  No worries.  Yesterday she told me she was upset that the "stimulus" didn't pass because it means her library assistant job at the local elementary school will be cut.  It was 8:30 in the morning and she had a can of diet pepsi in her hand.  She's obese, has type 1 diabetes and wears an insulin pump.   Oh, and I've never seen her husband without a can of beer in his hand.  And, she's my best neighbor.  So, unfortunately, all of this get to know your neighbors...bla bla bla isn't the answer...at least for me.  Someone could do a reality tv series about the assholes on my block.  Want to hear about the retired police officer next door whose pension is OVER $100,000?  His single daughter and granddaughter who are collecting welfare and food stamps?  The registered sex offender? 

bernorange's picture

Sounds like you haven a lot of material to write a compelling Hollywood sitcom.

tmosley's picture

Sounds like you need to move.  I live next door to a family that is more prepared than I am, and that's saying something.  Between the two of us, we have the resources to supply the rest of the neighborhood if we have to, and that's without my farming contacts.  Some of our other neighbors have significant capabilities as well, even if half of them are on welfare or disability.

almost_have_a_name's picture

Dude,

Sounds like the making of a Chuck Palahniuk novel. What a rich/diversified culture !

I'm only happy to pay my taxes for their disfunction.

 

 

Vendetta's picture

How many wars? ... as many as it takes. Trade policies won't be touched as the money people try to control things with currency valuation schemes.

RockyRacoon's picture

The U. S. could do war on consignment -- sorta like those folks who sell stuff on eBay that is consigned.  We could subcontract some hellish weapons to folks like Xe and get some IPOs  going for new war companies.  Oooh, I can't wait.

jeff montanye's picture

oz, shadowstats didn't help me find out when that was.  their data went back only a decade or so.  may be my fault.  last time unemployment was over 20% in u.s. may have been '32, though it jumped up in '38 too.  war started in europe in '39, in u.s. in '41.  doesn't bode well, given the current two plus and counting.  ron paul has the right ideas on these endless wars.

Bringin It's picture

I think the idea is that at some point prior to shadowstats, the BLS numbers were reliable. 

RossInvestor's picture

The non-farm UE would need to be about 34% today to be equivalent to the UE of the 1930's.  Back then about 27% of the populace still lived on farms as compared to 2% today.

Also, note most of the USG statistical data for the 1930's was developed after the fact in the 1940's.  Record keeping during the GD 1.0 was poor or non-existant.-15

tmosley's picture

In the 1930's, the underemployed were counted as unemployed.  Make that change, and our unemployment is up to around 22%  In addition, back then, the women generally didn't work.  Since we have transitioned to a two-worker per household society, one member of a household losing thier job is likely to impoverish most families.  As such, the impact of our unemployment rate is similar to that of a 30% unemployment rate back in the 30's.  The main difference is that we have had a lot of industrial development in the meantime (not to mention the fact that Chinese policies keep the purchasing power of the dollar up), so food and other necessities are much cheaper.

Gully Foyle's picture

Is it a Depression yet?

No one seems worried about millions of people without money in the hot summer. It's like a subplot in a Spike Lee film.

ozziindaus's picture

I believe the rules are:

10% drop in GDP (from peak), 25% unemployment and I think the last indicator has something to do with the length of recession. Anyway, Michigan is already there. 

 

bob_dabolina's picture

I believe the rules are:

-If your neighbor is out of work than it is a recession.

-If you are out of work it is a depression.

-If you are Barney Frank than you are FAABBUULLOOUUUS!!!

Rebel's picture

If Barney Frank and Chriss Dodd are out of work, you have a Recovery.

LeBalance's picture

if BF and CD are out of work, hide the ten year olds.  With them in work its just 11 and up.