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Politics : Formerly About Advanced Micro Devices
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To: Brumar89 who wrote (486372)6/8/2009 10:55:27 PM
From: tejek  Read Replies (1) of 1573216
 
Watching Fox News Sunday, I caught a panel on which Obama economic advisor Austin Goolsbee conceded that the administration had previously predicted unemployment would top out at around 8%, that it was now up to 9.4%, and that double-digit unemployment was a distinct possibility in the near future. Goolsbee didn't resort to the administrations's blather about "saving or creating jobs," but he did repeat its fustian about how last month's loss of 345,000 jobs (resulting in a half percentage point jump in the jobless rate) is somehow good news because it beat predictions (I don't recall him saying whose) of even more dire loss numbers. It made me wonder why, if those predictions either existed or were serious, the Obama administration would have previously predicted that unemployment would top out at 8%?

What's pathetic is this analysis. Since this recession started, its been well-known that unemployment could well go over 10%........much higher if we went into a depression. As for unemployment predictions.....each month research firms estimate how many jobs will be lost. Then they watch to see what ADP and the Dept of Commerce [I think its Commerce that reports job losses] report. Yahoo lists the estimates on its economic calendar......here is this week's economic indicators that will be reported: biz.yahoo.com.

Having said all that, I owe you all an apology. I thought your pundits were lying when they say the things they do. Now I realize they are as uninformed as the rest of the wingers. No wonder you all are so confused.
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