Diary

Barack's Katrina. Real US unemployment rate at 16 pct: Fed official says.

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Where did all the jobs go…?

Change.

Katrina only cost the govt. 81 billion dollars.
A bargain when compared to the money that Obama has spent and wants to spend.
Obama spent 80 billion just on two car companies.
At least a lot of that Katrina money actually went for reconstruction and jobs people could see.
The stimulus package…eh..not so much.
They must have guessed wrong or something.

The real US unemployment rate is 16 percent if persons who have dropped out of the labor pool and those working less than they would like are counted, a Federal Reserve official said Wednesday.

“If one considers the people who would like a job but have stopped looking — so-called discouraged workers — and those who are working fewer hours than they want, the unemployment rate would move from the official 9.4 percent to 16 percent, said Atlanta Fed chief Dennis Lockhart.

He underscored that he was expressing his own views, which did “do not necessarily reflect those of my colleagues on the Federal Open Market Committee,” the policy-setting body of the central bank.

Teabaggin’ right-wing kook.
How long before this guy gets the Inspector General Walpin treatment or suddenly needs more time to spend with his family….?

Lockhart noted that construction and manufacturing had been particularly hard hit in the recession that began in December 2007 and predicted some jobs were gone for good.

Prior to the recession, he said, construction and manufacturing combined accounted for slightly more than 15 percent of employment. But during the recession, their job losses made up more than 40 percent of all US job losses.

“In my view, it is unlikely that we will see a return of jobs lost in certain sectors, such as manufacturing,” he said.

“In a similar vein, the recession has been so deep in construction that a reallocation of workers is likely to happen — even if not permanent.”

Payroll employment has fallen by 6.7 million since the recession began.

The difference here is that many more people are stranded by job losses and more people will lose their homes than did during Hurricane Katrina. These people won’t need to be rescued from their roof tops. They will need to be rescued from their cardboard box homes.
I hope that some of those FEMA trailers are still around.