When the unemployment rate hits 10.5%, will you blame Obama?

[kentuck]

Or will you still blame Bush?

It's just a matter of time, you know. This President has inherited the biggest pile of crap in history - even bigger than the Great Depression. If the Republicans were in power, the country would have panicked months ago. As it is, we are still hanging on by a thread to keep from sliding into a depression.

However, the unemployment rate will keep on rising for some time, I would guess. Yes, it is only a guess but I cannot see the present pattern coming to an immediate stop and turning the opposite direction. I hope I am wrong.

But in four years, if the economy still sucks, whomever is in charge will get the blame. That's just the way it is. At the present time, we are still shoveling up the mess left by Bush and the Republicans. It will take some time to clean it up. Just how long, nobody knows.

[annabanana]

1. Nope. . It was the "regulation - bad" crowd who did this.. Greedy

Cravan thieves all of them..

[MannyGoldstein]

3. And What Regulations Has Obama Changed To Stop This in the Future? n/t

[MannyGoldstein]

2. It's Not Black and White

According to Paul Krugman, Obama could have done much more to stop the bleeding. If you believe that Krugman is right, than Obama bears some responsibility for the degree of damage.

But I don't think that anyone is arguing that Obama could have done a better job for the bankers. A+ on that one - record bonuses at Goldman!

[Zynx]

7. There's not a whole lot he can do about Goldman.

As far as trying to stop the bleeding, I think we need to remember that the other significant alternative was doing nothing. We got a great deal by that standard.

[WonderGrunion]

9. Have you read Krugman lately

His recent statements are very supportive of Obama overall.

[Oregone]

16. Its a good point

While the economy was a disaster before Obama, he failed his first test in mitigating some early damage. He spoke bold beautiful words about a need for a stimulus, and then stepped back and let a bipartisan congress hand him an anemic pile of shit loaded with ineffective tax cuts. I remember that period well. People were so excited about "stimulus" that they were asking less about how much and how it should stimulate, and doing more cheer leading.

All in all, its Obama's economy to fix. He hasn't fucked it up any more.

[JHB]

38. I might blame Obama for not doing more...

...but I don't see that translating into support for a Republican any time this century (and the century is still young).

It will, however, probably translate into support for congressional Dems who will push him back towards the real-world "center", and not the Washington and Wall Street establishment's idea of what's "centrist". And support for challengers of those who won't.

[varelse]

4. NO

I'll blame the failed free market darwinism that just will not stay in the grave it has dug for itself.

[Rosa Luxemburg]

5. As long as people are kept informed that this mess came from Bush

[eleny]

6. It'll be easier to blame anybody but ourselves

[NickB79]

8. I'd say blame goes 10% Obama/40% Bush/50% the past century of unbridled capitalism. nt

Though I might go lower than 10% after giving it some thought. Honestly, there is only so much Obama could do at this point to turn this Titanic around.

He inherited the mother of all shit sandwiches, that's for sure.

[laugle]

27. We need a real stimulus plan geared

toward middle-class working people. They will spend it. Seven dollars more on your paycheck doesn't stimulate anything.

Also,he can lean on the banks that received Tarp funds, and get that credit flowing to stimulate the RE market.

Also, get rid of those tax cuts to the wealthiest 1% and not wait for them to expire.

When the housing market gets going, recovery will follow..........

[NickB79]

29. Reinflating the housing bubble will NOT cure the underlying problems

If the housing market gets going again like it did in the past few years, expect a repeat of the economic crash all over again, only supersized.

"The definition of insanity is doing the same thing over and over and expecting different results. " -Benjamin Franklin

[DemocratSinceBirth]

40. Lord Keynes Said "In The Long Run We Will All Be Dead"

Thus the need to deal with the problems we have now.

When it comes to modern era economics Keynes>>>>>>>>Franklin....

[NickB79]

47. Who's talking long run? A reinflated housing bubble would only last a few years

Before popping again and devastating the economy.

One part of dealing with our current problems is making sure we don't repeat the same mistakes over, and over, and over again.

[laugle]

50. I said nothing about

re-inflating the bubble which was due to sub-prime mortgage loans, credit default swaps, derivatives, etc., it's complicated.

My reference is to credit worthy buyer's not being able to get loans, due to tight credit markets.

I'm in the RE industry and know the importance of a strong RE market to spur economic growth. Also, it is a barometer of our overall economy.

Study up dear........

[SammyWinstonJack]

49. Like he promised too do. Get rid of those tax cuts for the wealthiest 1% will help the economy

greatly. Letting them expire is insane.

[saltpoint]

10. No.

[Balbus]

11. Hell, yes!

10.5% is fucking ridiculous. No excuse for letting it get that high. He may have inherited a pile of shit, but any fresh, steaming turds on top is his.

[HughMoran]

13. So you clearly don't no a single thing about economics

How would you propose that he "stop" unemployment in it's tracks?

[Balbus]

53. And, clearly, you'd eat whatever is on the fucking spoon...

if the right person fed it to you.

[Ready4Change]

12. It crossed 10.5% during Bush's administration

People forget that one of the thing his administration did early on was to re-factor how the unemployment rate is calculated. Depending on who you talk to, the real pre-Bush-formula unemployment rate is 3-5% higher than reported.

[chicago legal pro]

23. Clinton re-factored the rate in 1996 to include the military in the workforce.

That made the unemployment rate go down. (the military is never unemployed) I don't remember any re-factoring since then.

[Ready4Change]

25. My understanding was...

That the Clinton administration started reporting the U3 unemployment figures, rather than the U6, thus reporting better sounding numbers. That ruling was scheduled to expire early in Bushes first term. The Bush admin claimed this was dirty pool (true) and ruled to not allow that practice to expire.

However, under the radar, the ruling they used actually increased the effect of the Clinton ruling. Under Bush, several more categories of the un/under employed were moved from the U3 to U6 figures, decreasing the U3 numbers even further. I recall newspaper stories (on actual paper, believe it or not) reporting on this dicotomy, of the Bush admin complaining on one hand, while pushing things even more extreme with the other.

Ever since, when I read unemployment figures, I've added about 5%.

[chicago legal pro]

28. I'm sure you're right

It seems everyone fudges the numbers -- but you can only do that for so long before the house of cards falls down.

[timeforpeace]

14. He's already said it will go over 10% so he may have some insulation from criticism

[nosmokes]

15. We're at 12.4% (official) in Oregon and It's only the usual suspects blaming

Obama, BUT!,that can easily change if the job market doesn't pick-up soon. We've spent billions on bankers and Wall Street CEOs, but the money that's gone to actual homeowners tricked into risky loans they didn't need or laid off long term jobs is no where to be seen. Where is the $$ for the green jobs, rebuilding the roads,schools and other infrastructure that was promised and much ballyhooed? It's getting dire here and the food bank runs out of food on a regular basis.

We turned over another 1/2 acre and planted it w/ squash and cabbage and other fast growing stuff just for the food bank. Our CSA has dedicated some extra shares for them too.But I have a feeling it's gonna be a lean winter for the less fortunate in Lane county at least.

Just for the record, well over half the clients of the food bank are now families with children.

[Oregone]

17. Oregon's unemployment is Oregon's fault primarily

You cannot forever fuel an economy by building houses for migrating Californians and Oregonians who cashed in on migrating Californians (as well as service jobs). The orchards were dozed, and homes are in their place now, but where are the rest of the jobs that will last in tough times too?


On the other hand, most of those men swinging hammers may of been working in the mills with decent jobs if uncontrollable circumstances weren't thrown their way decades ago. So you know, I guess it isn't all Oregon's fault. Construction was the most viable, high paying job for non-college laborers since the lumber industry took a dump on em all.

[nosmokes]

24. Well, not really, at least not in the O&C counties where prop tax revenue is very

low because of the huge Fed holdings (that used to belong to the O&CRR) for which we aren't getting the money we're supposed to be getting from the FED government but which Congress hasn't authorized.

[Forkboy]

18. No

[ddeclue]

19. I'll ALWAYS blame Bush.

:P

[dmr]

20. Nope. n/t

[elmaji]

21. No because it won't hit 10.5%

It's already slowing its rate of increase.

[NickB79]

30. The layoffs from GM's restructuring haven't hit yet. nt

[Jennicut]

22. No, sorry, the #'s were gonna hit bad at some point.

Remember in the early 80's the unemployment rate went up under Reagan and no one blamed him. Of course Reagan helped lead us to this current economic crapfest...

[DemocratSinceBirth]

41. The Republicants Lost Twenty Six House Seats And Several Senate Seats In The 82 Mid Term Elections

He was reelected because the economy started to turn around by 1984.

[Statistical]

26. Why 10.5%? I can see 10% (magic double digits) but 10.5%?

I will wait to blame Obama until it hits 10.666% now that is a bad number.

[KillCapitalism]

31. I don't blame any one person, not even Bush.

I would pin the blame on outsourcing, globalism, and predatory capitalism.

[PurityOfEssence]

32. Maybe after Reagan, Poppy Bush, Phil Gramm, Junior Bush, Greenspan,

Stockman, Laffer, Wendy Gramm, Lay, Skilling, Rubin, Clinton, Summers, Geithner and a few others, but Obama's just a latter-day enabler, not a real pioneer...

[960]

33. No. Obama starts getting a real share of the blame after it surpasses 12%

[Greyhound]

34. Partly, but Idiot Frat Boy, Bubba, 41, and Raygun get most of it.

I do blame him for letting this once-in-a-century opportunity slip away with his strategy of same old-same old.

[jeanpalmer]

35. No.

But as you say, the people will if things haven't improved in 4 years. He undoubtedly knows it too. It has to be exasperating for him, knowing there's not much he can do about it. His timing to be president was unfortunate from that standpoint.

[Badgerman]

36. If no stimulus money is used for jobs, as promised -then Obama gets the blame!

Until such time as the funds arrive for Highway, railroad, electrical grid, alternative energy production - which were PROMISED during the campaign and would provide millions of jobs...any further unemployment is squarely on Obama's shoulders. PERIOD! End of subject. At some point it is no longer who started the fight, it becomes who ended it.

[aaaaaa5a]

37. Here is where the fault lies

BUSH

TAX CUTS

DE-REGULATION

[DemocratSinceBirth]

39. It Peaked At 10.8% Under Reagan

I was in grad school so I was largely unaffected.

Now I own my own small business and an hanging on by a thread.

I'm past blame.

And if it's 10.8% in 2012 say hello to President Palin. (SIGH)

[JVS]

45. Yep. He didn't cause it, but if he wants to keep his job he'd better fix it.

[ellisonz]

42. I blame 45 years of severe political-economic mismanagement.

You can't have guns and butter...

[Orsino]

43. Bush was a symptom. The disease lingers...

...despite what I see as some honest effort to treat it.

The specific diagnosis, though, is still being talked around rather than being addressed--and Obama gets a share of the blame for this.

[stlsaxman]

44. No.

[Blaze Diem]

46. Absolutely. He can carry the torch because He has the power to change America

Every time I see Obama move away from his campaign promises & move toward 'compromise' in favor of ANYTHING that resembles Bush/GOP-Global-New World Order-Capitalism-Reward for Outsourcing Millions of American Jobs-While Allowing the Further Corruption of This Nation to Decline, well I certainly do begin to wonder, just how long he thinks the many unemployed can hang on.

Middle America is being gutted.
As I see it, NOTHING will move this Country forward again until this issue is dealt with. Just what does President Obama plan to do with this staggering problem?

It should be his #1 focus and any Mega Corporation who stands in his way should be FIRST to have their globally outsourced tax loopholes shut down.

If Obama does not quickly level the playing field between Corporations & the American worker, then absolutely YES, I will hold him accountable.

Obama owes NOTHING to the the corporations who without a considerate thought, decimated the American working class.

I'm just a little pissed.
Thanks
Blaze

[graywarrior]

48. The bigger the front, the bigger the back.

This backlash is huge. It started because of the previous administration and will continue to spread of quite a while.

[tom_paine]

51. Bush and his vile crony capitalists, of course.

Blame Obama? He just got in office and inherited this mess.

Blame Obama? That would be being stupid like a Freeper.

[Geek_Girl]

52. It's possible it may peak around 11% percent here in the next few months

But my guess shortly after it will start going down. So there will most likely be some blaming this administration for the high unemployment rate. I think the more relevant question is will those same critics credit him when the unemployment rate drops.