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  #1  
Old 11-05-2009, 12:04 PM
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Jeanfromfillmore Jeanfromfillmore is offline
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Default Obama Faces Political Concern on Jobs After Election Setbacks

http://www.bloomberg.com/apps/news?p...kJcrIjb0&pos=9
Obama Faces Political Concern on Jobs After Election Setbacks
By Nicholas Johnston and Heidi Przybyla
Nov. 5 (Bloomberg) -- Voters delivered the unmistakable message two days ago that they are worried about the U.S. economy, and tomorrow they could have even more reason to fret.
The unemployment rate for October is expected to notch up to 9.9 percent on its way to punching through the 10 percent mark early next year, according to the median forecast of economists in a Bloomberg survey.
A 10 percent jobless rate would be the highest in 26 years, ensuring that the economy remains a top issue in the midterm Congressional elections next November, and a political headache for President Barack Obama.
“The number one goal every day, the president walks in every meeting and it’s all about the economy and jobs,” said Chief of Staff Rahm Emanuel said in a telephone interview.
Exit polls from the Nov. 3 elections showed the economy was the primary concern for the vast majority of voters as they turned out Democratic candidates for statewide office, with 89 percent of voters in New Jersey and 85 percent in Virginia saying they were worried about the direction of the nation’s economy. The elections “said the economy was a top priority,” Emanuel agreed.
The Democratically controlled Congress could hand the president a well-timed legislative gift as early as today by approving a $45 billion plan to extend jobless benefits for millions of unemployed through the winter holiday season, expand a tax credit for homebuyers and provide tax refunds to money- losing companies.
The president’s advisers are casting about for additional ideas to spur job creation without increasing the deficit. Obama convened a public meeting about the economy on Nov. 2 and pledged “bold, innovative action.”
Infrastructure Bonds
Under consideration is creation of a government-backed bond program to encourage infrastructure projects, government support for weatherizing and retrofitting buildings, and trade policies that would encourage manufacturing. The White House already announced plans to open up credit for small businesses.
Obama and his economic advisers in February pushed for approval of a $787 billion economic stimulus package, which they said would hold the unemployment rate below 8 percent. The rate reached 9.8 percent in September, bringing total job losses since the recession began in December 2007 to 7.2 million.
The administration, not wanting to look like it’s downplaying joblessness, has been predicting for months that unemployment will worsen. Obama said in a June interview with Bloomberg News that it could hit 10 percent by yearend.
‘Overriding Focus’
“This is my administration’s overriding focus,” Obama said at the Nov. 2 meeting. “Having brought the economy back from the brink, the question is how are we going to make sure that people are getting back to work and able to support their families.”
The day after Obama spoke, Republicans swept governors’ races in New Jersey and Virginia as Democrats were rejected by voters concerned with high unemployment.
In last year’s presidential elections, Obama carried both states, New Jersey by 15 points and Virginia by five -- the first Democrat to do so since 1964.
Unless the jobless rate begins to come down by next November, when the entire House of Representatives, 34 Senators and 37 governors will be elected, Democrats may face political fallout, said Peter Hart, a Democratic pollster.
“While the Obama administration has a thousand different things on their radar, unless they get jobs under control, they’re going to end up paying a price in 2010,” Hart said. “If you want to know how the 2010 election will turn out, all you have to do is look at the unemployment numbers. If it’s over 10 percent, it’s going to be a huge loss.”
Default Notices
The Tuesday elections came as 937,840 U.S. homeowners received a default or auction notice or were repossessed by banks in the third quarter, a 23 percent increase from a year earlier, RealtyTrac Inc. said Oct. 15. The U.S. dollar has dropped 10 percent in the last year against a basket of six major currencies, even as stocks in the Standard & Poor’s 500 Index have rallied 55 percent from a 12-year low in March.
The political landscape for next year’s elections has already shifted, according to the non-partisan Cook Political Report, which handicaps congressional races. It says Democrats are now less likely to hold onto three Senate seats, those of Arlen Specter in Pennsylvania, Michael Bennet in Colorado and Blanche Lincoln in Arkansas.
Even some Democrats agree that this week’s results could make it harder for Obama to win passage of parts of his agenda, with Congress already showing signs of concern.
“The recession has made it more difficult to move ahead,” said Senator Jeff Bingaman, a New Mexico Democrat. “The recession has turned out to be a deeper, more protracted recession than anyone predicted.”
Deficit Concerns
Democrat Ben Nelson, a Senator from Nebraska, said the slumping economy and rising joblessness will be factors as Congress considers climate change and health care legislation. They are also driving concerns about the budget deficit, which widened to a record $1.42 trillion in the fiscal year that ended on Sept. 30, he said.
“When the economy’s not strong there’s a lot of interest in controlling spending,” Nelson said.
At his economic meeting on Nov. 2, Obama said the U.S. must “get serious” about reducing the deficit. The next day, White House budget director Peter Orszag called the deficit “unsustainable” and projected $9 trillion in accumulated deficits over the next 10 years.
Those concerns will temper any attempts to tackle unemployment by spending more taxpayer money, no matter how worried Democrats are about their own job prospects next year.
To contact the reporters on this story: Nicholas Johnston in Washington at njohnston3@bloomberg.net; Heidi Przybyla in Washington at hprzybyla@bloomberg.net.
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Old 11-11-2009, 04:06 PM
Kathy63 Kathy63 is offline
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Having brought the economy back from the brink! That's enough to gag a maggot with a chain saw! The recession would have been over long ago if he hadn't tinkered with taking over entire industries and raising taxes through the roof.

The government makes no money. It can't. The government can only spend money. It cannot create any jobs unless it hires government workers. Only the private sector can create jobs. obamadinejad believes that if the government runs the industries then it will create the jobs. Too bad he can't take advice from China or Russia who already did that and failed.

You want to take the country back from the brink. You want to create jobs and put people back to work. Cut taxes, it's the only way
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Old 11-11-2009, 05:57 PM
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Cruisingfool Cruisingfool is offline
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I'm afraid we are headed for disaster!
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Old 11-11-2009, 07:32 PM
Eagle1 Eagle1 is offline
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Quote:
Originally Posted by Kathy63 View Post
Having brought the economy back from the brink! That's enough to gag a maggot with a chain saw! The recession would have been over long ago if he hadn't tinkered with taking over entire industries and raising taxes through the roof.

The government makes no money. It can't. The government can only spend money. It cannot create any jobs unless it hires government workers. Only the private sector can create jobs. obamadinejad believes that if the government runs the industries then it will create the jobs. Too bad he can't take advice from China or Russia who already did that and failed.

You want to take the country back from the brink. You want to create jobs and put people back to work. Cut taxes, it's the only way
Kathy girl you have it right! If the raising taxes and making life miserable for Americans doesn't stop soon our jackass of a President and his people are going to have trouble on their doorstep delivered by most Americans.
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Old 11-11-2009, 07:34 PM
Eagle1 Eagle1 is offline
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Originally Posted by Cruisingfool View Post
I'm afraid we are headed for disaster!
Amen to that brother!!! It is all a disaster already. I see American Government falling apart soon. It happened in the Soviet Union..it can happen here too.
I believe we are on the brink!
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  #6  
Old 11-13-2009, 11:42 PM
rs232c rs232c is offline
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I want a T-Shirt:

WHERE'S THE JOBS??!!
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  #7  
Old 11-14-2009, 12:09 AM
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Jeanfromfillmore Jeanfromfillmore is offline
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Quote:
Originally Posted by rs232c View Post
I want a T-Shirt:

WHERE'S THE JOBS??!!
Well there ya go, you can start a new job making them.
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