Word: joblessly
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Continually easing the pain of jobless Americans, it turns out, can contribute to high jobless rates by warping incentives to look for work. "The consensus estimates show that unemployment benefits do prolong unemployment spells by quite a bit," says University of Chicago economist Bruce Meyer, who has produced academic studies on the issue dating back to the recession of the early 1980s. (See 10 ways your job will change...
...That's not just a concern for the Sunshine State, which now has one of the nation's highest jobless and home-foreclosure rates. Earlier this year, the Associated Press found that across the U.S., the stimulus plan was "set to spend 50% more per person in areas with the lowest unemployment than it will in communities with the highest." In Illinois, President Obama's home state, a Chicago Public Radio investigation this fall found that less than 10% of the Department of Transportation's stimulus contracts had gone to "disadvantaged business enterprises," or DBEs, even though the state says...
...small businesses train or hire employees, that's going to impact the jobless rate," concurs White...
...Federal Reserve is also talking the talk, although it is difficult to see how it can actually walk the walk. After a year of contraction, U.S. GDP grew 3.5% in the third quarter of this year, but the jobless rate has surged to 10.2%, the highest since 1983. Raising interest rates runs the risk of worsening unemployment. For the same reason, the U.S. cannot withdraw stimulus spending either, even though the U.S. budget deficit has topped a record $1.7 trillion. Last week, mortgage lender Fannie Mae reported $18.9 billion in third-quarter losses and said it needs another $15 billion...
...Still, they aren't blind to polls that show that voters see all of Washington's work running together: auto and bank bailouts, massive budgets, record deficits, stimulus, climate change and now a $1.1 trillion health care bill. Worse yet, the odds of a jobless economic recovery are looking increasingly likely. But Dems don't feel they have much of a choice, having concluded that doing something is better than supporting the status quo. "It is the third anniversary of Democrats winning the House and Senate for the American people - Nov. 7, 2006," Pelosi told reporters on Saturday morning...