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Latest Congressional Budget Outlook For 2012-2022 Released, Says Real Unemployment Rate Is 10%
What do the NAR, Consumer Confidence and CBO forecasts have in common? If you said, "they are all completely worthless" you are absolutely correct. Alas, the market needs to "trade" off numbers, which is why the just released CBO numbers apparently are important... And the fact that the CBO predicted negative $2.5 trillion in net debt by 2011 back in 2011 is largely ignored. Anyway, here are some of the highlights.
- 2012 Deficit: $1.1 trillion; 2013 Deficit: $0.6 - yes, we are cackling like mad too...
- Unemployment to remain above 8% in 2012 and 2013; will be around 7% by end of 2015; to drop to 5.25% by end of 2022.
- This forecast is utterly idiotic and is completely unattainable unless the US workforce drops to all time lows and the US economy generates 300,000 jobs a month for 10 years
- Needless to say, CBO assumes the best of all worlds in this meaningless forecast
- But here is the kicker: "Had that portion of the decline in the labor force participation rate since 2007 that is attributable to neither the aging of the baby boomers nor the downturn in the business cycle (on the basis of the experience in previous downturns) not occurred, the unemployment rate in the fourth quarter of 2011 would have been about 1¼ percentage points higher than the actual rate of 8.7 percent" translation: CBO just admitted that the BLS numbers are bogus and real unemployment is 10%. Thank you
Here is the CBO's alternative forecast which is a little closer to reality:
CBO has developed budget projections under an “alternative fiscal scenario,” assuming—instead of current law—that certain tax provisions that have recently expired or are set to expire (including most of the provisions in the 2010 tax act but excluding the Social Security payroll tax reduction) are instead extended, that the AMT is indexed for inflation after 2011 (starting from the 2011 exemption amount), that Medicare’s payment rates for physicians’ services are held constant, and that the automatic enforcement procedures of the Budget Control Act do not take effect. Under this scenario, deficits from 2013 through 2022 would average 5.4 percent of GDP, compared with the 1.5 percent in the baseline.
Some view on SSN and Medicare:
- At $1.6 trillion in 2012, federal outlays for Social Security, Medicare, Medicaid, and other health care programs will make up more than 70 percent of mandatory spending (or 10.4 percent of GDP). Spending for those programs will rise by $1.5 trillion from 2012 to 2022— accounting for nearly all of the growth in mandatory spending over that period. By 2022, spending for those programs will represent more than 80 percent of mandatory spending and 12.8 percent of GDP.
- CBO estimates that, under current law, outlays for Social Security will total $770 billion in 2012, or 5.0 percent of GDP. Over the next decade, spending for Social Security benefits will climb steadily (by an average of about 6 percent per year) as the nation’s elderly population grows and as average benefits rise. By 2022, CBO estimates, Social Security outlays will total $1.3 trillion, or about 5.5 percent of GDP.
- At $856 billion, gross outlays for Medicare, Medicaid, and other mandatory federal programs related to health care accounted for just under 40 percent of mandatory spending (not including offsetting receipts) in 2011.6 CBO estimates that outlays for those programs will dip to$847 billion in 2012, or 5.5 percent of GDP, reflecting a decline in Medicaid spending. In CBO’s baseline projections, spending for health programs more than doubles between 2012 and 2022, rising by an average of nearly 8 percent per year and reaching $1.8 trillion in 2022. That spending is expected to represent 7.3 percent of GDP in 2022, an increase of nearly 2 percentage points from its share this year.
And some thoughts from the excel goal seek geniuses in DC on the collapse of the US welfare state:
Because of the aging of the population and rising costs for health care, the set of budget policies that were in effect in the past cannot be maintained in the future. In CBO’s projections for 2022 under the alternative fiscal scenario, gross outlays for all federal programs apart from Social Security, the major health care programs, and net interest are projected to be 7.8 percent of GDP, lower than in any year during the past 40 years and well below the 11.4 percent of GDP that such outlays have averaged over that period. Yet the budget deficit in 2022 under that scenario is projected to be 6.1 percent of GDP. Therefore, to keep deficits and debt from causing substantial harm to the economy, policymakers will need to allow federal revenues to increase to a much higher percentage of GDP than the average over the past 40 years, make major changes to Social Security and federal health care programs, or pursue some combination of the two approaches.
So, if everything that is set to happen, happens, there will be "substantial harm" to the economy, and the CBO just happily assumes all these things will be fixed just in time? Brilliant.
But probably the most imporant part is the CBO's discussion on the labor force participation, and the general unemployment rate:
Participation in the Labor Force. The unemployment rate would be even higher than it is now had participation in the labor force not declined as much as it has over the past few years. The rate of participation in the labor force fell from 66 percent in 2007 to an average of 64 percent in the second half of 2011, an unusually large decline over so short a time. About a third of that decline reflects factors other than the downturn, such as the aging of the baby-boom generation. But even with those factors removed, the estimated decline in that rate during the past four years is larger than has been typical of past downturns, even after accounting for the greater severity of this downturn. Had that portion of the decline in the labor force participation rate since 2007 that is attributable to neither the aging of the baby boomers nor the downturn in the business cycle (on the basis of the experience in previous downturns) not occurred, the unemployment rate in the fourth quarter of 2011 would have been about 1¼ percentage points higher than the actual rate of 8.7 percent. By CBO’s estimates, the rate of labor force participation will fall to slightly above 63 percent by 2017. The dampening effects of the increase in tax rates in 2013 scheduled under current law and additional retirements by baby boomers are projected to more than offset the strengthening effects of growing demand for labor as the economy recovers further.
Don't waste time reading this: none of what is predicted will actually happen. But at 165 pages it makes a good paperweight.
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Thanks for wasting my time and money.
"Tomorrow, tomorrow, I luv ya, tomorrow, your only a day away!"
http://www.youtube.com/watch?v=Yop62wQH498
I trust that informed US citizens are analysing this data and making their own judgements right now, so that they can make informed and intelligent voting decisions in the coming elections. It is up to ALL Americans to make sure they monitor government spending and evaluate the statistical effectiveness of each spending program (discounted by opportunity cost) so that we can make objective voting decisions. This is how democracy should work.
Yes. When the PTB need fiscal spending up, they use data points to justify it (10% unemployment). When they are politicking and campaigning, they use data points to justify it (8%). I will likely vote for no one, maybe I will write in Ron Paul. At least that way DIEBOLD won't rape my vote.
Government decisions are trustworthy because they are monitored by a well informed public. The public are informed enough to monitor and evaluate all government decisions, however they are they are simply not informed enough to make the decisions themselves. It’s just common sense.
Robot. MillionDollarBonus is a robot. Terminate. Terminate....
The CBO is just doing a projection assuming that this downturn is cyclical and there is another economic BOOM coming like has happened in the past 30 or 40 years.
The madness continues. This cycle we are in is the one on the washer that says "full spin." The one at the end of the mini cycles that is finally necessary to spin the debt out of the system. We'll all be extremely dizzy at the end of that ride.
Also, what is astonishing is that The Romney and Newt puppets are being floated as an alternative to Obama. Sadly the media maintains this joke and the dumber percentage of the voters continues to fall for the nonsense. They don't realize they are being played for fools yet again. Soon to be poor fools.
Hint: The candidate the media hates the most is probably the one we need.
that's the last stage before then "end of the cycle" at least my washing machine doesn't cycle continously but in the world of fiat...who knows.
+ 1
Indeed the madness continues. I explore this at my blog. "How Long (Can This Keep This Going On)?" is the new article there. I also write about gold, review Barron's, and other material I hope will entertain my readers. Would you like a look? Gmail me at my name and assure me you will behave. I make people jump through this hoop to keep out spammers & bots.
True, unfortunately we are probably alot higher than 10% http://www.dailyjobcuts.com
This downturn that its called, is nothing like we seen before. Other times there was less debt, and actually some industry/ invention that pulled us out. This time, there really isn't anything.
The green movement, well you see how that is going.
Com'on everyone, Milliondallarbonus is pulling everyone's leg with his comments.
Tyler we need a "this is a joke" and scarcasm buttons really bad!!!
Ah Mr. H, you gotta love MDB. He (or she) has elevated sarcasm to high art, with the (usually) perfect tone to mimic the legion of sycophant politicians; asshat blowhard economic media talking (and writing) heads; and ivory-towered academic hacks that write grade and high school Civics textbooks.
ZH *needs* MDB to remind us of why ZH is an important part of our real news day. I personally think MDB is a Tyler, he's too fucking good not to be.
NFP
You know what else is common sense? Rewarding savers and ending capital mis-allocation and mal-investment by allowing deflation and companies to fail. Let the market pick the winners and loser, not the government.
Mis-allocation is a subjective term. You are simply assuming that all preferences are equally valuable in the market place. However I would argue that Nobel Prize winning economists have more valuable preferences than redneck Nascar fans. Yes, you heard me - I want resources to be allocated by PROFESSIONALS ONLY.
The real unemployment rate, compared to the 1990s, is 11.2% by my calculations and 11.4% by Tyler's calculations.
http://usa-wethepeople.com/2012/01/real-%E2%80%9Cjuly-1999%E2%80%9D-unemployment-rate-11-2/
your not counting the 900 and something dead folks who voted in the South Carolina Primary in the caculation are you?
Tyler...where is the scarcasm button?
MDB, Central planning always fails. It can never suceed because markets are way more complex than any one person or government.
shouldn't ten percent of congress go upaid to gain insight on the problem?
LOL thanks for that.
You are brilliant! and that is why so few get you.
Please Never Stop and Thank You!
God Bless You and Yours!
signed, Christian Constitutionalist
CBO - Congressional Bullshit Office
I believe you are struggling with this one M$B. As I sense you are on the edge of an epiphany, let me help you out with the wording on this one....staying, of course, as close as possible to your original intent!
Government monitors the public because they are simply not trustworthy, and evaluates their decisions by being well informed of this monitored public's sense of just how badly it's decisions are perceived to be denuding them of their basic dignities and financial integrity, so as to keep the pace of their expropriation of the common man's wealth below the level that would provoke a sensible reaction on the part of it's victims.
Hey, don't mention it...It's just what any libertarian would do for another bud!
My judgement right now: Most American Ignorati are too busy trying to keep putting food on the table to monitor the insane spending of the Govt. Cranial-Rectal inversion has numerous cures, I suggest you investigate them!
I will call CBO's "real" unemployment rate of 10% and raise it to 15%.
That's pure unemployment (no underemployment in that SWAG).
Throw in underemployment, with this groups ranks swelled tremendously by those formerly working for a company, but now considered "self-employed,"which would include people who want to work full time, but who are now only working 15 or 20ish hours a week, and I'd be surprised if U6 was NOT an honest 21%.
I'm not using any other methodology except for what I've read, seen and heard, melted into an amalgam, and then adding a 50% government 'confidence fairy' bullshit factor.
John Williams has better estimates (and higher estimates for the unemployment/underemployment rate) based on the use of a better sampling methodology based on the use of actual facts and arithmetic than mine.
#Green shoots. Summers/Winters of Recovery. Turning the corner. Save and/or creating trillions of jobs. Winning the future.
You keep this scary stuff up and the kids are going to start wineing.
The only way THIS administration is going to get to these hopium unemployment numbers is if all the Irish, Itatilian, German, English, Spanish, Asian, French and Swedish immigrants that came here over the last 100 years all self-deport ( the new word for our consideration thanks to Kris Kobach the author of anti immigration legislation).
ETF
Ypu forgot "New Normal"
I think we can all agree. The unemployment rate is most certainly not what the government is telling us. We can see that with our own eyes!
http://silverliberationarmy.blogspot.com/
They're not useless....if youre constantly long the market.
Rest assured that the "real" unemployment rate is much higher than 10%. The calculus employed today is statistical jabberwocky: the true rate lies upwards of 15%.
About 11.3%.
http://www.shadowstats.com/
show them this when they are looking for numbers..
source and site your facts.. give them no where to go but to the truth.. dont make it about your ego make it about educating them.. so that we have more people on our side when the time comes.
Well said JW in FL. The adversity for many Americans will come through one's own family. Careful not to get too 'aggggg--iiah--taaaaded' eh eh. The word I am mocking is 'agitated'.
If your stuffed into one of those places to force you to become 'un-aggggg-iah-taaaaaded' because your family is worried about you (your probably the provider of the family and losing your income is a thought too much for them to bear) then I have advice in advance. I went first into hades for you, I am a bit macabre like that in experiments. I am talking about medical facility. New wings of agitated people they can bill you for being agitated.
1) Be a gent to the ladies having to play a male role for too long. They will bend over backwards for you and such need guidance and are really lost in the maze of why or why not.
2) Such places are a treasure trove of people needing real guidance and love. Participate in every group and speak right up to lead them as the Spirit leads.
3) Get over it fast when your done, it was a $7k scam played on me. If this is the worst we see in America then it is recoverable. The facts are the facts and we can still go and demand them from ideaological countrymen now lost in the maze.
As an aside the research gave me insights for Pharmaceutical sector consulting I wouldn't have had otherwise. So the cost of the experiment is recoverable and what I will do with the Pharma's should reduce over-prescribing. Perhaps win-win-win. Stop being so chicken shit and squeamish about a couple weeks out of your life to help your countrymen.
You got some link love from Drudge ... you on the map now son...
Holy crinkey. I was so confused when I clicked on that and was sent here. This is real bad for those that are behind like me. Time to get that 0% cc and buy all the Au and Ag I can. Hey, drudge people, don't worry. Everything is bone! Buy AAPL and FCBK! Forget coins so silly.
Sure mom and dad Im gettin straight "F's" right now and Im expelled from school, but next report card I'll surely be on the Honor Roll! Now hand me more allowance!
Signed, The Clowngress.
This is AMERICA! EVERY KID IS ON THE HONOR ROLL REGARDLESS OF GRADES! lol
Next everyone will get trophies, too.
I knew a guy who wrote reports like this and he said he didn't know where half of the information really came from.
Instead of tea bags sent to congress, we should send a roll of toilet paper and tell them to wipe their mouth after talking.
True Story:
At my old high school, the administration actually did away with the honor roll because parents of kids who weren't on the honor roll complained that it was elitist, discriminatory and excluded kids who weren't as academically inclined.
That story sucks and I hate what it represents.
You know, in my day and even now, if someone told me I was crap, it made me try harder.
yes, but you bear the scars of that trauma, you poort thing. We have counselors standing by that can help you. Visa, MC or PPO/HMO accepted.
From movie, The Incredibles (2004)
www.eslnotes.com/movies/pdf/the-incredibles.pdf
http://www.imdb.com/title/tt0317705/quotes
Helen: I can't believe you don't want to go to your own son's graduation.
Bob: It's not a graduation. He is moving from the 4th grade to the 5th grade.
Helen: It's a ceremony!
Bob: It's psychotic! They keep creating new ways to celebrate mediocrity, but if someone is genuinely exceptional...
Ahhhhh.... Infinite growth all layed out with numbers and stuff... Shame most people still don't understand exponential growth that has and is going on...
This is how Ben Bernanke forcasts the inflation.
Baseline scenerio otherwise known as "mark to unicorn and rainbow scenerio".
Looking to call a book in the FY2013 scenerio. Whereby the full year deficit is ONLY $585B (assumes bush tax cuts expire).
Over/Under for $1m. I will take the over.....looking for a speculator (cough dumb(est)money) to take the under. Anyone. Anyone at all?
Tuesday morning humor...
That... was kinda expected, no?
I really think the Harry Potter series has gone off the deep end.
Projections, exclusions, and assumptions...wish I could run my finances that way.
most people use binoculars or a telescope to see far ahead, the cbo uses a kaleidoscope..................
I think they use a Bohemian Grove brand Ouija Board.
+1
(An empty cardboard, toilette-paper roll with a kool-aid package taped on the end is more like it. This is the age of U.S. austerity, doncha know.)
Sunshine, Roses. and Puppy-dog Smiles! And they all lived happily ever after....
All data released by .gov will be sprinkled with fairy dust for ( re ) Election '12
Producing doorstops like this keeps these useless, over-paid bureaucrats busy.
Your Government in action.
This is so stupid that it is insulting.
Their baseline says that revenue will increase by 55% between 2011 and 2015 while spending will increase by 6.5%. I can only imagine the 100s of millions of dollars spent on this report to get these predictions.
Thank you for your application, but we are only hiring believers at the moment. Please feel free to re-apply at a later date.
Since its all B.S. anyway, why not just forecast budget surpluses in the trillions starting 2013. If your going to lie, make it a doozy.
And since they are usually off the mark by at least 50%, trade accordingly.
And 5.5 trillion in revenues in 2022??? Won't happen unless there's massive hyperinflation.
Unemployment to remain above 8% in 2012 and 2013; will be around 7% by end of 2015; to drop to 5.25% by end of 2022.
Possible. If they cook the books enough. And you know if there's one thing they are good at, it's cooking the books.
When your own approval rating is in single digits and protesters are filling the streets, just proclaim 'Shut up, you peasants have never had it better!'
Peak debt + Peak oil = Peak Civilization. It's all related. The squeeze is on for the middle class. Health costs rising... the amount that your company is willing to pay falls. Any increase in pay that is connected with cost of living won't take into account food and energy costs... how crazy is that? The value of the things you own decreases, the cost of the things you need increases... wages stagnate (if you can stay employed). New normal. Every organization, including the gov't, has been built on an expectation of infinite growth. Oh well... reality sets in and our institutions will oscillate wildly and then fail.
http://www.youtube.com/watch?v=gXLJElH_OR4
Sshhh!
You're going to piss of the unicorn sellers!
The Smiths? Really? Take this!
http://www.youtube.com/watch?v=R-fTbd8juzQ
A guilty pleasure from a different time.
I think that's a little dramatic... it's at least the peak of this round, but I'm humble enough to say that I'm not omniscient and I strongly suspect civilization will have another rebirth... like so many others. (aside from the fact that "peak" is incredibly vague and could be measured in any number of ways).
The neat thing is that the whole system breaks under your scenario... there is only so long that producers want to eat losses before they throw their hands in the air. I know I always harp on this, but biflation is a temporary phenomenon... and I realize getting assraped by a syphilitic donkey is also a temporary phenomenon, but we're talking about incredibly long term trends here.
Yes... civilization will have a rebirth. It's anyone's guess as to the time between now and then. I don't expect a smooth transition. We need to reset the monetary system and find a new source of energy.
http://www.youtube.com/watch?v=R9cS7LaEAYY
I was going to raise your Smiths with some Morrisey.. but thats just wrong.
enjoy!
But if I were to be truthful.. http://www.youtube.com/watch?v=m3cpsfii5qE it would be more like that, I think.. I hope and Pray to be wrong.. but I cant find fault with my math or logic.. and no one has offered any real counter balance.. and as time goes on the whiplash to be suffered by all is just that much greater.
we are all fucked.. to an extreme that is un-precedented.
we are crossing over too or on the path of.. a New Extreme.. un-imaginable before and even after.
menawhile people run around laughing and giggling while Rome not only burns.. but the Laws that Built Rome..
The Constitution has been shredded to protect the way of life of John McSame.. not for the benefit of "We the People".
and the idiots sit and watch it all happen.. like its a dream.. like it is not really happening.. like there will be a happy ending.
DOOMED!
no. I am just kidding.. unicorns shitting a rainbow of fruit flavor will come and save us!
10 years from now????...... WTF?? Did they price in that our public reported debt would grow 5 trillion just in 2010 from 2009?? I bet they missd that one. They squabble over 1.2 trillion in cuts over 10 years in some illegal "supercommittee" but yet our reality is our debt grows 5 trillion in one year? Was that priced in?? You can't possibly know what will happen in 5 years or 10 in this new bizzaro expenonetial debt curve world. A six year old can tell you that.
Maybe not a 6 year old, but a 16 year old can, when presented the right information. I told this story here... over Christmas I went "home". One evening conversation turned towards our debt based monetary system. 20 adults not grasping what I was saying... my closest friend's step son... a 16 year-old thinker, not yet totally corrupted by the system says, "so debt must grow exponentially, by definition. So we're basically focked".
Zen mind, beginners mind. An open mind is worth all the gold in the world.
The thing that to me is remarkable... it's not even a tough concept to grasp. You almost have to want to not think. There is supporting evidence everywhere if you were so inclined to want to challenge the premise, but people don't even get that far.
How do I get a job for this CBO clown show? Must be fun to sit around all day making up numbers and having Congressmen pat you on the back for a job well done.
They are so full of shit, they think that interest on the debt will stay at all time lows till at least 2015.
It's easy to keep the interest rates low when you have a printing press it's the cost of everything else that comes into question.
Well that's bullish, I thought it was closer to 15%
The can is becoming an immovable object. I pitty the dumbass that tries to kick it when the Baby Boomers really begin retiring in mass.
Then the ponzi ends.
I don't see any budget item for our upcoming wars in Syria and Iran. Must be an oversight or an off balance sheet expense.
I think we can all agree that the biggest BS numbers in there are the revenues numbers.
They basically say that revenues will go up by 50% by 2013. Mwahahahahahhaaha
Idiocracy
Shut UP! 'Batin'!
2012 Deficit: $1.1 trillion; 2013 Deficit: $0.6
CBO predicts Obama will lose the election.
Romney has no job, makes $57,000 a day...and pays 15% in taxes. Regardless to Obama's record - I guarantee Mitt has an uphill battle beyond the GOP base.
It our culture people vote for who the envy; who they want to be. There are millions of Americans that look at Mittens and think, 'He's like me! Only richer....but maybe one day I will live like him if I elect him as my POTUS.' This is how it worked for Obama. People thought if they elected him, he in turn would make everyone a cool cat, like him. Same with movie stars and rock stars. Most people leave the theatre thinking, 'I like Pitt. He's sorta like me.' Then they adopt his manuerisms, lingo, etc.
This is why Paul has a following, but also can not connect to everyone. As much as he makes sense, some people don't want to think there are problems. Elect Paul, and we are saying there are problems.
'There are no problems, except that I had to move my tee time back half an hour!'
'Yuck, yuck!'
NO ONE LIKES THE TRUTH! SO!! shhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh.
NO ONE LIKES THE TRUTH! SO!! shhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh.
I'm not saying they're right, just saying a new POTUS is the only way to get to 0.6 trillion deficit in 2013.
Ron Paul is your only hope for that mate.
I think you're confused.
U6 is 15.2 but the media never mentions U6. Nor does it seem to care when the Fed changes how it calculates inflation. When you mention these things - you're marked as nut looking for conspiracies.
“If you tell a lie big enough and keep repeating it, people will eventually come to believe it. The lie can be maintained only for such time as the State can shield the people from the political, economic and/or military consequences of the lie. It thus becomes vitally important for the State to use all of its powers to repress dissent, for the truth is the mortal enemy of the lie, and thus by extension, the truth is the greatest enemy of the State.” - Joseph Goebbels
We quite clearly live in some version of the Matrix.
Any dictator would admire the uniformity and obedience of the U.S. media.
Noam Chomsky
We've known BLS statistics aren't exactly accurate for years. Well. they're accurate if you omit the proper data.
And we all know if you used to be able to afford porterhouse steak, but have to switch to hamburger because of the price increases to porterhouse steak, there is no inflation.
" translation: CBO just admitted that the BLS numbers are bogus and real unemployment is 10%. Thank you"
paging Johm Williams at ShadowStats please....
"The budget deficit will narrow to $1.08T in FY 2012 from $1.3T last year, while unemployment will average 8.9% in calendar year 2012, the CBO predicts in its outlook for FY 2012-2022. The office also forecasts GDP growth of 2% this calendar year. [U.S"
This is how Seeking Alpha presents it....sounds good......its only statistics....
yo can any fellow ZHer help me with this. some weeks ago i read an article on this website abt the debt ceiling and how last yrs drama could be recreated before this election.
i told all my housemates this and they really dont think it can happen. now im not so sure what i read and i cant find that old article.
can some1 out there provide me some info on how the debt ceiling could be reached this autumn or whenever u think suitable
Just search "Debt Ceiling zerohedge" or "debt ceiling + before election zerohedge" in google and you should find a whole slew of articles.
http://lmgtfy.com/?q=debt+ceiling+%2B+before+election+zerohedge
I think, just think mind you - the last deal gave Obama two or three raises that can not be opposed. I'm sure someone here can give you a better answer.
"10%" OH GOD!!! THE HORROR!!!
Let's try against everyone without one of those... fuck... what are they called again... you either have one or you don't... and that means your unemployed... oh yeah -- A JOB. If you don't have A JOB then you are UNEMPLOYED. "10%" is enough propaganda for one day, seriously. It's more like 23%, bitchez.
http://www.shadowstats.com/imgs/sgs-emp.gif?hl=ad&t=1325867449
Unemployment is 3%, Steel production is up 50%, wheat production is up 70%. Comrade Obamas 5 year plans are working perfectly and Americans have never been happier. Counterrevolutionary grumps have been put in labour camps.
Shouldn't they change their name to the Continuing Resolutions Office?
10%: that's very funny. Now why would anyone put 10% and "real unemployment rate" in the same zip code, never mind sentance... Are they that stupid, or that "go along to get along"? Probably both.
Either way, they help disseminate lies and enable ongoing fraud. This is just more fiction from Team Tyranny. Overlapping fields of fire to reinforce a mountain of lies.
This report is just from a different group of full-time liars and crime enablers than those at the Bureau of Bullshit Labor Statistics, and it too is worthless bullshit. CBO? Oh please.
nah uhhh... that would mean obama lied and the economy died to borrow a national socialist term used towards the last admin of liars and jokers. obama a liar? i gotta check msnbc to see if hell is ...
I would hazzard to guess the real number is 16 - 21% IMHO. It could actually be higher but that's my best WAG.
I don't see these quotes in the actual document linked. Am I missing something?
CNBC Headline: "Gold back in Vogue"
- when will journalism be?
22% is more like it.
http://www.dailyfinance.com/2010/07/16/what-is-the-real-unemployment-rate/
ZH, Limbaugh is talking you up right now
There goes the neighborhood ;-) - Ned
Hey Tyler, I think you've got a slight typo. The sentence that reads "And the fact that the CBO predicted negative $2.5 trillion in net debt by 2011 back in 2011 is largely ignored." should read 'back in 2001' not 'back in 2011.'
Congrats ZH, linked from DrudgeReport, now just to get on the Homeland Security watch list.
Immigration whether refugee resettlement or the various visas, legal immigration, family reunification, lottery, etc, not counting illegal, are going to make job finding VERY tough for those who are not Bilingual and Bicultural as the private and government hiring types tell me.
One young man in Miami after repeatedly being turned down for jobs because he was not DOUBLE BI committed suicide. Well he was just a white guy so it doesn't really matter.
A Young Refugee Searches for a Place in Idaho’s Reshaped Economy
January 27, 2012
Whew! Good thing we didn't hire that whiney Quitter.
We're spending our way into prosperity.
DEBT LIMIT - A GUIDE TO AMERICAN FEDERAL DEBT MADE EASY
Nice....
"And some thoughts from the excel goal seek geniuses in DC on the collapse of the US welfare state:"
Only ZH is capable of this. 'Plus' a lot!
JJM
Brilliant
clearly we need more QE (LOL), so that reduced labor force will b forced to work for slave wages and then won't count as unemployed
If it was not mentioned in the article or if no one in the comments mentioned it, if you take the workforce number when Obama became President and you use that for figuring out the lower U Unemployment number, unemployment would be above 11%.
By the way, has anyone confirmed that stealth QE has started yet?
Ooops, I skipped that last part. They did mention it but they lied on the additive percentage. When I did the math, it came out to above 11% unemployment. An additive 2 1/2% not the 1 1/2 they gave.
By the way, welcome to ZeroHedge Drudgeees.
Now just think, if the progressive agenda of genocide was not installed 5 decades back, the Federal government would have had an additional 50 million people to enslave to the debt. Of course everything being the same, 47% of those would be living off the other 53%.
Oh the futile hope of changing the direction of this leviathon, back to stacking by the way.
Got Gold? Got Food? Got Lead? Got TEA?