High Unemployment Rate "New Normal" For U.S., Says Joseph Stiglitz

Nobel Laureate Stiglitz explains that we should get used to the high unemployment rate, as it is the new normal.

Why? Its simple really, he explains it. Wall Street took the taxpayers money, and got bailed out.

So while Wall Street has seen a comback... main street has not experienced the comeback as their Wall Street counterparts, and the jobless rate has remained at record-high levels.

The recession "officially" ended in June 2009, as the U. S. National Bureau of Economic Research announced last month.

The Few, the Cowardly, the Elite.

Even if U.S. economy manages to grow, it will be too slow to provide enough jobs needed and high unemployment rate will be a new normal for Americans, said Nobel laureate Joseph Stiglitz on Wednesday.

Speaking at the 7th World Business Forum, an annual symposium regarded as the world's most influential management forum, in New York, Stiglitz warned that the U.S. economy is "still not out of the woods yet" and even risks slipping into a Japanese-style malaise.

Asked how he sees conditions one year from now, Stiglitz said that the economy probably is not going to be a disaster, and there may be positive growth. But, he continued, the growth will be too slow compared with demand for jobs, and the unemployment rate will possibly stay above nine percent, or even ten percent.

english.people.com.cn...#

Government is not going to create jobs you have to reboot private enterprise for that with tax breaks,depreciation allowances,capital gains reductions etc,this is not the Obama way so dont expect any improvement anytime soon.

reply to post by burntheships


S&F,

I guess I'm more angry at the hedge fund managers and naked short sellers than wall street itself. Things would pick up if Obama consentrated on the job market. He doesnt have a clue about economics. The economy is in a false comeback like 1930. They paint a pretty picture but I dont buy it. Nothing has got better. We are only in the eye of the storm. For one thing no one learns. The DOW is rising too fast like october 2007. Gravity always wins.

So we're to accept 10% unemployment?

2010 census said there are 350 million people in the country. ten percent of 350 million is 35,000,000 people.. (35 million people).

That in of itself, is unacceptable.

Tho I believe they are lying about the % of unemployed.

reply to post by Cygnis


10% is a lie, there are many variables when considering unemployment and most arent counted anymore. If we go state by state the numbers jump.

1. Nevada 14.3%
2. Michigan 13.1%
3. California 12.3%
4. Rhode Island 11.9%
5. Florida 11.5%

These numbers are a lot higher when you add in the variables.

I want to work.

I am smart and computer saveyl

Yet, at 57 no one will hire me.

My job of 16.5 years was outsouced to India.

All of my reviews were "above expectations" .....................go figure.

Americans are being screwed royaly and so stupid as to not see it.

Wecome to the New World Order.

Now you think my post is crazy out there...........okay, copy this very post and look back upon it in another five years.

Haha, I saw the train coming, screamed for everyone to get off the tracks and most everyone stood like deers looking at the headlights, dumb and in tranced.

reply to post by wonderworld


There are some really strange things going on with the market. I read today that whatever recession we were out of, we are back in it.

And the insider trading has been extremly high as of late.

reply to post by burntheships


Yes, this doesnt quite fit the V recovery the W recovery. I'm thinking it's worse than a double dip recession. What better time to act when people arent suspecting, just like September 15th 2007. I know a bit about the market to know something is about to happen too. I doubt it will reach 14,000 again. Your forecloser post is a prime example of the blinde being led by the blinde.

This is not a typical business cycle and I think many of us know that. We are only seeing 2% growth. That is horrific for the markets. Even if we create 100,000 that isnt close to solving the problem. It would take about 300,000 jobs a month for 4 years straight to get us back to normal. I just dont see it happening.

Like the poster before me she was out sourced to freaking India.Something is seriously wrong with this.

reply to post by anglodemonicmatrix


Sorry, but why is this Obama's fault. I am not necessarily a fan, but let's put the blame where it belongs. The ignorant, the voters. My countrymen who allowed voting machines to become corrupted while sipping on their JD + Coke. Who allowed Monopolistic (read Fascist) Domestic and Foreign-owned corporations to gain power by believing that their conservative politicians actually cared about the social policy they spouted for votes. Who listen to boychild rapists like Rush and diseased crybaby-pussies like Beck and believe without thinking.

Liberals and Conservatives need to join to save our country rather than let the powermongers divide us. The poor and the barely-not-poor cannot allow them to divide us over petty differences. This is my constitution we are talking about, your flag, our country. One of the few punishments detailed in my constitution is for treason. CEO's who intentionally bankrupt are country. . .well, you decide if they qualify.

reply to post by Cygnis


Yes, I agree. The real unemployment numbers are nearer to upwards of 17%
Most unacceptable, and I believe it is by design.

reply to post by ofhumandescent


No your post is not crazy out there. Sorry for your situation, hope things look up soon.

I know of many people who are in the same situation. It is a tragic state of the nation.
To think that is is someones ultimate plan for The U.S. is so sick, it is like Orwells 1984, only much much worse.

People voted for change.
That's about all I feel these days when I reach into my pockets IS Change and my leg.
Well let's just keep reading about how American Big Business is doing so well manufacturing products abroad and how cheap those products are at Wal-Mart.

AND THE BAND PLAYS ON!

reply to post by SLAYER69


Change, well they can keep the change. Speaking of change, ...how bout this?

President Obama calls town hall meeting, advertises with a "casting call"

Obama “Town Hall Meeting” Casting Call

PRESIDENT OBAMA TOWN HALL, DC MTV, BET, and CMT (prods.) are casting the audience for a town hall meeting with President Obama. Shooting Oct. 14 at 4 p.m. in Washington, DC. Seeking—Audience Members: males and females, 18+. To apply, email [email protected] and put “Town Hall” in the subject line. To ensure that the audience represents diverse interests and political views, include your name, phone number, hometown, school attending, your job and what issues, if any,

cryptogon.com...

It makes me sick to see all these talented and experienced individuals placed on the scrap heap, then be insulted as trash and scum if they draw unemployment benifits!

Its the same in the UK. The banks have recovered whilst there are still millions drawing dole and being villified for it in MSM. Truth is there are many wasters who take the piss out of the system but they are not the norm as MsM would make out.. The country has been flooded by foriegners who work for peanuts thus leaving the indigenous people out of work.. This is bs and needs to be stopped, greedy employers need to have their collars felt by the government and be fined heavily for this behaviour.

But there is a way for talented individuals to take on big corperations and banks. Form co-operatives. From personal banking to work, co-ops have the power to take on big corps because all of the workers have a stake in the business and recieve dividends when the business does well. Also the same with co op banking or building societies... Show them whose boss.. And that integrity pays.

reply to post by Yissachar1


Co-ops are great. Here in the U.S, all forms of barter and trade are taxed.
The IRS keeps them few, and scared.

reply to post by burntheships


People power can change that.

A co op is a business with share holders. Just set up as a public limited company. I dont know how it works in the USA but thats how I would do it.

reply to post by SLAYER69


Hmm.. No one in the Media seems to be talking about the Loss of NON UNION Blue Collar Jobs in this Country as of late . You know , the Painters, Carpenters, Construction Laborers, Landscapers, Tilers, Concrete Workers, Handymen, Matainance Techs, Ditch Diggers, Truckers, and their like . Most of these Jobs Depend on those with Money to Invest and Build in Local Communities to ensure the Adverage Working Man can Support their Families . When the U.S. Goverment Over Regulates Business to the Point of Obsurdity , is it no Wonder that those people who work in these Professions will Suffer the Most ? The Answer to the Loss of these kind of Jobs in this Country is quite Obvious to me . Unfriendly Goverment Rules and Regulations designed to make it Harder than ever for Investors and Businessman to make a Buck Nowadays . This must change Now on a National Level or the Job Losses will continue to Rise along with the Peoples Temper who see this as just Plain WRONG .

Just think like an elite/ruling class member...

We used to be looked at as sheep to be herded...

Now, with the advancements of AI/Tech, we're looked at as a dog with rabies needing to be put down...

This is the beginning of depopulation, and it's reasons are a multitude...

More to come over the decade...

As another poster put it: They're killing us with kindness...

reply to post by Zanti Misfit


Painters, Carpenters, Construction Labourers, Landscapers, Tillers, Concrete Workers, Handymen, Maintenance Techs, Ditch Diggers, Truckers, and their like must be kept in work by demand. Government can not pay to keep people in work. That delays the inevitable pain.

When people work they must be productive and fulfilling a requirement. The word requirement is very important here. If there is no demand then they must not work in that arena and work in an area where there is demand. Sounds harsh but that is the system we live in. If the government chooses to fight the system by bailing-out companies and paying to keep people in work then they will produce things that are not required and the prices of the products will fall. Building homes and other buildings at a time where property prices are falling is also a bad idea.

We must work and produce things that are required by us to live. This is not happening. The whole system is screwed. I can not see a solution without a complete fall.

reply to post by Pentothal


Ah , your whole Post does Not make sense . There Will ALWAYS be a Demand for Housing,. The Jobs I mentioned Are ALWAYS in Demand . It is the Federal Goverment and their Insane Policies that Are NOT in Demand Right Now . Get it ?