Word: joblessness
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Dates: during 2000-2009
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...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...
Over the near term, however, the Administration knows it must contend with unpleasant realities, thanks to that unsettling double-digit jobless rate: "We're in for a pretty dark period," says the Treasury official. But, anticipating that, the Administration's strategy has intentionally avoided overpromising. "Obama's numbers hold up because he doesn't oversell," the official says. "We need to be steady and say, We know this will work but it's going to take time. Ultimately we're pretty confident that we did the right things and that it will help...