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#1385680 - 02/01/13 06:24 PM Another Dismal unemployment report
cwjga Offline
Senior Member

Registered: 11/06/08
Posts: 6137
Loc: NY

BREAKING: January Jobs Report Released Day After Obama Shuts Down Jobs Council
Bert Atkinson Jr. February 1, 2013 9:30 am


“My administration will not rest until every American who is able, and ready and willing to work can find a job. And a job that pays a decent wage and has decent benefits to support a family.” – President Obama, 2010

January saw an addition of 157,000 jobs while the unemployment edged higher to 7.9 percent (from 7.8 percent last month). As CNBC put it, this news is “unlikely to alter the Federal Reserve’s monetary policy or instill confidence that the recovery is gaining steam.”
Total unemployed – 12.3 million (12.2 million last month)
Black unemployment – 13.8 percent (14.0 last month)
Adult Female unemployment – 7.3 percent (unchanged)
Adult Male unemployment – 7.3 percent (7.2 last month)
Civilian labor force participation rate – 63.6 percent (unchanged)


“I will not rest until businesses are investing again and businesses are hiring again and people have work again.” – President Obama, 2009

The U-6 unemployment rate, a much more encompassing figure than the U-3 rate (7.9 percent), that accounts for underemployed persons and discouraged workers remained unchanged at 14.4 percent. Just as a reminder, the U-6 rate stood at 14.2 percent as of January 2009, when the president took office.

[Click HERE to read about how Obama has put his Jobs Council (that he hasn’t met since January of 2012) to rest for good]

This is good news in many ways; we added 157,000 jobs. But this is barely enough to keep up with population growth. Reuters points out that our economy needs to see growth of about 250,000 jobs a month over a sustained period of time – much more than the average 181,000 jobs added per month we saw in 2012.
_________________________
By an almost 10-point margin, voters would now vote for Mitt Romney rather than Barack Obama. CNN

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#1385686 - 02/01/13 07:12 PM Re: Another Dismal unemployment report [Re: cwjga]
sands Offline
Senior Member

Registered: 09/05/05
Posts: 7417
Loc: NY
Originally Posted By: cwjga
The U-6 unemployment rate . . .remained unchanged at 14.4 percent. Just as a reminder, the U-6 rate stood at 14.2 percent as of January 2009, when the president took office.


The Obama recovery. 02/01/2013 'Laserlike Focus' on jobs Day 1473 \:D \:D \:D

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#1385695 - 02/01/13 09:32 PM Re: Another Dismal unemployment report [Re: sands]
kyle585 Offline
Silver Member

Registered: 02/18/09
Posts: 11201
Loc: Somewhere out there
http://www.nbcnews.com/business/dow-closes-above-14-000-first-time-2007-1B8216322

An encouraging U.S. jobs report propelled blue-chip stocks to their highest level since October 2007 on Friday, closing above the closely watched 14,000 bulwark as investors momentarily sidelined their concerns about the recovery.
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DON'T GO NEAR CAYUGA NATION! IT'S TOO DANGEROUS!


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#1385696 - 02/01/13 09:49 PM Re: Another Dismal unemployment report [Re: kyle585]
Ghosts Offline
Senior Member

Registered: 06/02/00
Posts: 3510
Loc: Seneca Falls
I may be in the minority here, but I don't believe that the stock market has much to do with the real economy that most of us live in.
_________________________
I'M CONFUSED . . .wait, maybe I'm not.

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#1385698 - 02/01/13 10:07 PM Re: Another Dismal unemployment report [Re: Ghosts]
kyle585 Offline
Silver Member

Registered: 02/18/09
Posts: 11201
Loc: Somewhere out there
Originally Posted By: Ghosts
I may be in the minority here, but I don't believe that the stock market has much to do with the real economy that most of us live in.
Fewer and fewer Americans have defined pension plans any more and most have money invested in the stock marker at least indirectly through 401K and IRA plans. A strong stock market is their only key to a decent level of retirement income.
_________________________
DON'T GO NEAR CAYUGA NATION! IT'S TOO DANGEROUS!


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#1385701 - 02/01/13 10:45 PM Re: Another Dismal unemployment report [Re: kyle585]
Ghosts Offline
Senior Member

Registered: 06/02/00
Posts: 3510
Loc: Seneca Falls
I'm not saying this guy is right or wrong, after all; he is just a blogger, but it did make me go . . . hummmm:

Ponzi World (Over 3 Billion NOT Served)

The globalized economy is a colossal Ponzi Scheme, in which a fortunate few reap the vast majority of the rewards while those further down the pyramid eat the bread crumbs falling off the table. This Ponzi is fueled by unprecedented greed, gluttony, and debt. We have now reached a point of inescapable collapse that will lead to extreme geopolitical turmoil. The 2008 wake up call was ignored, squandering the fiscal/monetary safety net on Extend and Pretend - We are ALL IN.

Wednesday, January 30, 2013
Stocks Up, Economy Down

You can't make this s**t up anymore. It used to be that Wall Street spent all of their time lying to us. Now they spend all of their time lying to themselves...

Even though the U.S. stock market is at the highest level in four years, we just found out today that fourth quarter GDP was actually negative ! The GDP number missed expectations by over a percent. Economists of course shrugged it off, as due to "one time factors". Same thing in Europe, the UK economy shrank by .3% in the fourth quarter, but the FTSE is at a four year high. German GDP shrank .5%, DAX at five year high...

On a similar note, last night Amazon, the world's largest online retailer missed on the top and bottom line. However, in response, the stock was up 8% (in after hours) on the news, hitting a new all time high. Let's see, Walmart and Dollar Store can't meet expectations anymore and neither can Amazon. Nothing to see here, move along...

Like I've said before. The party is over, and we are all just standing around waiting for Wall Street to realize the lights are on...

And notice how the entire media are only focused solely on what's happening on Wall Street and totally oblivious to the real economy. They are taking their cue from Wall Street to ignore the ever-widening disconnect between reality and fantasy.

This will go down as the first time in history that the economy led the stock market down versus the market leading the economy down. First time - EVER.

http://ponziworld.blogspot.com/2013/01/stocks-up-economy-down.html?m=1
_________________________
I'M CONFUSED . . .wait, maybe I'm not.

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#1385708 - 02/01/13 11:38 PM Re: Another Dismal unemployment report [Re: kyle585]
sands Offline
Senior Member

Registered: 09/05/05
Posts: 7417
Loc: NY
So "most" people put money from their paycheck into the stock market every week through 401K and IRA plans and stocks go up. I wonder what happens when those 12.3 million people (so far) who lost their jobs want to take money out

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#1385714 - 02/01/13 11:57 PM Re: Another Dismal unemployment report [Re: Ghosts]
Lucinda Knotts Offline
Senior Member

Registered: 01/11/11
Posts: 2040
Loc: USA
Like I said, in response to VM, shutting the door on the bunker now since we're all DOOMED.

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#1385715 - 02/01/13 11:57 PM Re: Another Dismal unemployment report [Re: Ghosts]
Lucinda Knotts Offline
Senior Member

Registered: 01/11/11
Posts: 2040
Loc: USA
Like I said, in response to VM, shutting the door on the bunker now since we're all DOOMED.

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#1385719 - 02/02/13 12:43 AM Re: Another Dismal unemployment report [Re: kyle585]
howbouthat Offline
Member

Registered: 12/12/12
Posts: 351
Loc: Ontario
Yet those same blue-chippers are the ones being blamed for the economic woes in the health field. Interesting double standard you have.

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#1385743 - 02/02/13 09:37 AM Re: Another Dismal unemployment report [Re: kyle585]
cwjga Offline
Senior Member

Registered: 11/06/08
Posts: 6137
Loc: NY
150,000 jobs created, but 170,000 are no longer looking, driving the Unemployment number up to 7.9. But wall street says thats ok keep giving us money. Koolaid anyone. If you keep drinking it you may not see the bubble burst.
_________________________
By an almost 10-point margin, voters would now vote for Mitt Romney rather than Barack Obama. CNN

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#1385811 - 02/02/13 05:16 PM Re: Another Dismal unemployment report [Re: cwjga]
sands Offline
Senior Member

Registered: 09/05/05
Posts: 7417
Loc: NY
Originally Posted By: cwjga
150,000 jobs created, but 170,000 are no longer looking, driving the Unemployment number up to 7.9. But wall street says thats ok keep giving us money. Koolaid anyone. If you keep drinking it you may not see the bubble burst.


You would think with all these people not driving to work there would be plenty of cheap gas. Nope, gas is more than double what it was when Obama took office.

Enjoy the ride.

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#1385812 - 02/02/13 05:28 PM Re: Another Dismal unemployment report [Re: sands]
SilverRose Offline
Senior Member

Registered: 07/13/05
Posts: 1998
Loc: Heart of the Lakes
Originally Posted By: sands
So "most" people put money from their paycheck into the stock market every week through 401K and IRA plans and stocks go up. I wonder what happens when those 12.3 million people (so far) who lost their jobs want to take money out


Isn't there a hardship document that can be filed? I have a friend that lost her job a few years ago and she was able to draw down from her retirement due to hardship. I don't know what penalties, if any, were involved. It's not like she was going to use the funds for a cruise or vacation - she had legitimate expenses to meet until she got back on her feet.
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The aim of an argument or discussion should not be victory, but progress. - Joseph Joubert

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#1385814 - 02/02/13 05:36 PM Re: Another Dismal unemployment report [Re: SilverRose]
kyle585 Offline
Silver Member

Registered: 02/18/09
Posts: 11201
Loc: Somewhere out there
http://www.bankrate.com/finance/retirement/penalty-free-401-k-ira-withdrawals-1.aspx

Now that you're properly chastised, if you do need to take a withdrawal, some hardship situations qualify for a penalty exemption from an IRA or a 401(k) plan.

Note that penalty-free does not mean tax-free. All traditional IRA and 401(k) withdrawals require that you pay taxes at ordinary income rates. Contributions to a Roth IRA can be taken out at any time, and its earnings may be withdrawn penalty and tax-free after five years. The same rules apply to a Roth 401(k), but only if the employer plan permits.

In certain situations, a traditional IRA offers penalty-free withdrawals even when an employer-sponsored plan does not. We explain those situations below. Also, be aware that employer plans don't have to provide for hardship withdrawals at all. Many do, but they may permit hardship withdrawals only in certain situations -- for instance, for medical or funeral expenses, but not for housing or education purposes.
_________________________
DON'T GO NEAR CAYUGA NATION! IT'S TOO DANGEROUS!


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#1385817 - 02/02/13 06:08 PM Re: Another Dismal unemployment report [Re: kyle585]
sands Offline
Senior Member

Registered: 09/05/05
Posts: 7417
Loc: NY
The Obama Recovery - even his Jobs Council is unemployed! \:D \:D \:D


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#1385819 - 02/02/13 06:19 PM Re: Another Dismal unemployment report [Re: sands]
I did it! Offline
Senior Member

Registered: 06/26/12
Posts: 1960
Loc: West Coast 29 Palms
could work if the rich stop sending jobs out of country.
Worry more about jobless,homeless people than gun control.
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“The manner in which it is given is worth more than the gift”.

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#1385821 - 02/02/13 06:33 PM Re: Another Dismal unemployment report [Re: kyle585]
SilverRose Offline
Senior Member

Registered: 07/13/05
Posts: 1998
Loc: Heart of the Lakes
Originally Posted By: kyle585
http://www.bankrate.com/finance/retirement/penalty-free-401-k-ira-withdrawals-1.aspx

Now that you're properly chastised, if you do need to take a withdrawal, some hardship situations qualify for a penalty exemption from an IRA or a 401(k) plan.

Note that penalty-free does not mean tax-free. All traditional IRA and 401(k) withdrawals require that you pay taxes at ordinary income rates. Contributions to a Roth IRA can be taken out at any time, and its earnings may be withdrawn penalty and tax-free after five years. The same rules apply to a Roth 401(k), but only if the employer plan permits.

In certain situations, a traditional IRA offers penalty-free withdrawals even when an employer-sponsored plan does not. We explain those situations below. Also, be aware that employer plans don't have to provide for hardship withdrawals at all. Many do, but they may permit hardship withdrawals only in certain situations -- for instance, for medical or funeral expenses, but not for housing or education purposes.



A person gets chastised for asking a question and sharing a friend's experience? Nice.

.


_________________________
The aim of an argument or discussion should not be victory, but progress. - Joseph Joubert

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#1385825 - 02/02/13 07:37 PM Re: Another Dismal unemployment report [Re: sands]
Ohithere Offline
Senior Member

Registered: 09/27/12
Posts: 1246
Originally Posted By: sands
Originally Posted By: cwjga
150,000 jobs created, but 170,000 are no longer looking, driving the Unemployment number up to 7.9. But wall street says thats ok keep giving us money. Koolaid anyone. If you keep drinking it you may not see the bubble burst.


You would think with all these people not driving to work there would be plenty of cheap gas. Nope, gas is more than double what it was when Obama took office.

Enjoy the ride.



I do everyday,now if history serve me correctly, Obama wants to go after giant oil companies, especially when they are "bragging" about record profits and lets not mention the subsidies to oil companies that Democrats are fighting. Gas prices just went up 20 cents in some places and for what reason other than corporate greed...way to go in supporting the big boys once again ;\)
When Obama took office in 2009, the price of gasoline was $1.80, Why is that? the economy was on the verge of collapse and we were about to go through the worst recession since the Great Depression.

http://money.cnn.com/2013/02/01/news/companies/exxon-mobil-profit/index.html?iid=HP_LN&hpt=hp_bn1



Edited by Ohithere (02/02/13 09:12 PM)

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#1385836 - 02/02/13 10:45 PM Re: Another Dismal unemployment report [Re: Ohithere]
sands Offline
Senior Member

Registered: 09/05/05
Posts: 7417
Loc: NY
Originally Posted By: Ohithere
Originally Posted By: sands
You would think with all these people not driving to work there would be plenty of cheap gas. Nope, gas is more than double what it was when Obama took office. Enjoy the ride.
Obama wants to go after giant oil companies, especially when they are "bragging" about record profits and lets not mention the subsidies to oil companies that Democrats are fighting. Gas prices just went up 20 cents in some places and for what reason other than corporate greed.


The average price of gas in New York today is $3.845/gallon. Over $0.87/gallon of that is state and federal tax. How much do the oil companies make per gallon?

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#1385837 - 02/02/13 10:47 PM Re: Another Dismal unemployment report [Re: Ohithere]
sands Offline
Senior Member

Registered: 09/05/05
Posts: 7417
Loc: NY
Originally Posted By: Ohithere
When Obama took office in 2009, the price of gasoline was $1.80, Why is that? the economy was on the verge of collapse and we were about to go through the worst recession since the Great Depression.


Things are worse now. More people unemployed. Shrinking GDP. Larger national debt. Why isn't gas cheaper than it was then

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