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"60 Mintues" - Unemployment actually 17%; 22% in California

Last night, Scott Pelley filed a devastating report entitled "99 Weeks: When Unemployment Benefits Run Out" that focused on educated, professional employees who have been without work for nearly two years and cannot find a job of any kind. Pelley concentrated his story on people living in California's Silicon Valley, an area in which he expected to find growth, but instead found economic stagnation, fear, and desperation:

Jim Wild has been applying for jobs two years. "I've gone through the tier one companies. I've gone through the tier two companies and now I'm down to Target. I just got a job offer from Target to work a part-time job at 9.50 or 9.25 an hour," he explained.

The Target job is floor sales; previously, Wild was a fiber optics engineering manager.

He's taking the job at Target and he's glad to get it.

These folks aren't that unusual: today, nearly 20 percent of the unemployed in America have college degrees.

Silicon Valley lost its jobs in construction, manufacturing and in high-tech engineering that went overseas. San Jose looks the same, but it shrank by 75,000 jobs. Many buildings there stand empty.

The national unemployment rate of about nine and a half percent sounds incredibly high and of course it is. But it doesn't nearly capture the depth of the trouble. It doesn't count the people who've seen their hours cut to part time. It doesn't count the people who have quit looking for work.

If you add all of that together, the unemployed and the underemployed, it's not nine and a half percent, it's 17 percent; and in California it's 22 percent.

And what makes it so much worse is that, nationwide, one third of the unemployed have been out of work more than a year. That hasn't happened since the Depression.

Here's the video:

Incredible. CBS News is plainly admitting that we are in the worst economic situation regarding employment since the Great Depression. This is truly remarkable, considering it is 1) coming from CBS News, and 2) broadcast roughly one week before the November midterm elections.

Make sure you read or watch the whole report at the "60 Minutes" website.

(h/t Gateway Pundit and Jammie Wearing Fool)


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Comments (29)

Looks like that bus is goin... (Below threshold)
JLawson:

Looks like that bus is going to get an entire network shoved under it.

Wonder how this is going to be spun by the administration? Are they just going to ignore it completely, or blame Bush for it?

Frankly, I'm thinking it'll be ignored... and a new initiative on raising taxes on big business will be pushed, since nothing creates jobs like tapping businesses for a couple of pints of blood...

"This is truly remarkable, ... (Below threshold)
alanstorm:

"This is truly remarkable, considering it is 1) coming from CBS News, and 2) broadcast roughly one week before the November midterm elections."

While the MSM does lean heavily to the left, occasionally they do remember that their job is to report the news rather than shape it.

JLawson - I'm sure they'll ... (Below threshold)

JLawson - I'm sure they'll blame Bush, then blame Republicans for not extending unemployment benefits again.

Probably, Michael - but it'... (Below threshold)
JLawson:

Probably, Michael - but it's getting just a bit old.

In fact, they're starting to remind me of the stereotypical villian on TV, who takes a hostage and holds a gun to the hostage's head, saying "Don't force me to kill her!", ignoring the fact that it's THEIR finger on the trigger. After all, the world (IE everyone else, and not their own bad choices) got them to that point, and thus everyone else is to blame...

Ah, that evil Bush - four years after the Dems took control of the House and Senate, two years after Obama was elected - and he's STILL controlling things... at leat, to listen to Obama.

It'd be funny if it weren't so pathetic.

Actually, the typo seems to... (Below threshold)

Actually, the typo seems to be more accurate than the real name. Given all the commercials and leftist spin, it is indeed more like "60 mintues" than "60 Minutes"

Welcome to the real world C... (Below threshold)
Matt:

Welcome to the real world CBS. My wife has been unemployed almost two years. Unemployment will run out soon. Both adult daughters are severeley under employed. The few jobs around are in the mental health or dental health arenas. In our local area when their is something new, employers are going paying entry level wages for jobs that require education and several years experience. The ones that don't will only hire spanish speakers.

60 minutes not doing its st... (Below threshold)
oldpuppymax:

60 minutes not doing its standard job of shilling, cheer leading and covering up for its leftist friends and colleagues??? Looks like Hussein will be able to take his ice skates when he dies!

Silicon Valley supported Ba... (Below threshold)
GarandFan:

Silicon Valley supported Barry. Looks like they're just going to have to learn to live with it.

...and Jerry Brown is leadi... (Below threshold)
Hank:

...and Jerry Brown is leading in the latest polls. The whole state needs an intervention.

Hmm, Funny to hear the peop... (Below threshold)
warchild:

Hmm, Funny to hear the people blaming Obama for an economy that was caused by the biggest banking crises since the great depression which started before he was elected, complain about Bush being blamed. It makes sense it really does.

Hmm, Funny to hear the p... (Below threshold)
Jay Guevara:

Hmm, Funny to hear the people blaming Obama for an economy that was caused by the biggest banking crises since the great depression which started before he was elected, complain about Bush being blamed.

Nice try, comrade, but this is Soetoro's albatross, coming and going.

Hmm.Is this Obama'... (Below threshold)

Hmm.

Is this Obama's "If I've lost 60 Minutes, I've lost the Left coast" rubicon?

Or is it simply these CBS agitprop twits publicly airing their long smoldering buyer's remorse toward the empty suit on Pennsylvania Ave?

It's a CYA so CBS cab later... (Below threshold)
Jeff Blogworthy:

It's a CYA so CBS cab later claim that they were "fair." I guess one true report is supposed to mitigate the hundreds of lies up till now.

You know, whenever I encoun... (Below threshold)
Jay Guevara:

You know, whenever I encounter the limp pathetic excuses such as that proffered by Comrade Warchild I wonder, "When, if ever, will Barry ever be on his own tab?"

Is that even possible? Will medicine extend our longevities enought that we will live to see the day when a leftist finally agrees that something is actually down to Barry Soetoro, and can't be laid off on some American?

That's hilarious coming fro... (Below threshold)
Bruce Henry:

That's hilarious coming from a Republican like yourself, Obersturmbannfuehrer Guevara, since Republicans spent 8 years blaming 9/11, and Islamic terrorism in general, on Carter and Clinton. And if I'm not mistaken, you yourself, or others of your persuasion, have posted comments here blaming the recession on Barney Frank's actions when he was ranking minority member of the House Banking Committee.

In your world, Herr Obersturmbannfuehrer, blaming a terorist attack on a president who left office 20 years, or 9 months, before it happened is fine, but blaming a recession on a president on whose watch the recession began is totally, like, unfair!

Could not happen to a more ... (Below threshold)
olsoljer:

Could not happen to a more deserving state. Yo! Keep voting D, and loving those illegals!

"The Target job is fl... (Below threshold)
John S:

"The Target job is floor sales; previously, Wild was a fiber optics engineering manager."

Wild is wise to take that job. Because he is over 50 years of age, he will never have another offer. CBS conveniently left out the part about Wild's engineering job going to India. People with Wild's expertise should be finding ways to hack and permanently kill those underseas fiber optics lines. Without those communications, offshoring is impossible. I keep hoping for a nuclear war between India and Pakistan. I have sent three good careers to India. I'd like them back.

Obersturmbannfuehrer Gue... (Below threshold)
Jay Guevara:

Obersturmbannfuehrer Guevara, since Republicans spent 8 years blaming 9/11, and Islamic terrorism in general, on Carter and Clinton

Rubbish.

If the policies implemented... (Below threshold)
JLawson:

If the policies implemented by the NEW President and his staff of people trying to 'fix' things continue the recession, Bruce, it's perfectly okay (in my opinion) to blame the current occupant of the White House.

Because if they were WORKING, we'd see unemployment dropping and job numbers going up. We've gone from a deficit of about $400 bil a year to $3 tril in two years - and we don't even have a budget for next year so how can we tell what the deficit's going to be? (Hey, it'll be $0! Obama fixed the deficit! Woo-hoo!)

It's also rather amusing to note that the recession didn't really get a good hold on the economy until there was a Democratic Congress - with the House and Senate doing the spending and proposing bills - and not doing one damn thing to rein in the spending.

Congratulations, Bruce. With Obama and a Democratic House and Senate the left got EVERYTHING their way. THEY had control. THEY could have stopped the spending. THEY could have dropped taxes to stimulate business and boost the economy (which has been proven for decades to work, while raising taxes doesn't...) - but to do that they'd have to drop the class warfare rhetoric they've depended on for decades.

And see what it's got them. And (by extension) you.

You might want to pick up a copy of Amity Shlaes' "The Forgotten Man" - the parallels between the political stupidities of the Great Depression and the current crop of clowns in the White House is... depressingly similar.

You've gotten everything you wanted, Bruce.

How does it taste?

What was conveniently left ... (Below threshold)
Dave Levine:

What was conveniently left out of this piece was any mention of the fact that Target, like so many stores in CA, employs thousands of illegal alien workers AND the fact that CA's 10 to 18 million illegals have not only destroyed American small businesses in CA but have driven down wages for many California citizen-workers besides taking American jobs.

The problem with what you k... (Below threshold)
Bruce Henry:

The problem with what you know about Bush's economy versus Obama's economy, Mr Lawson, is that much of what you know isn't so.

The budget deficit in Bush's last budget, Mr Lawson, was $1.416 trillion. Obama's first budget deficit was $1.29 trillion. Obama gas actually brought the deficit DOWN. You are factually incorrect when you say that Bush's deficits were running about $400 billion per year. You can look it up.

Another myth conservatives cling to is that Obama raised taxes. Obama has CUT taxes for 90-95% of Americans. 40% of the "stimulus" was tax cuts.

Another correction for conservatives: Bush is the one who bailed out the banks, not Obama, although both Obama and McCain were "for" the Bush bailout.

Yet another piece of dumb conservative CW is that the "stimulus didn't work." The so-called stimulus put a floor under the economy's freefall, and most economists, and the CBO, agree that it added between 1.4 and 3.3 million jobs that would not be there today were it not for the "failed" stimulus.

Something else you probably believe is that businesses will start hiring if given enough tax cuts. WRONG. Businesses will hire when demand rises. If there is no increase in demand, businesses will take the tax break and send it to the bottom line, which is fine for shareholders, but it doesn't add jobs.

These myths are important, because if enough people believe, for example, that Obama "tripled the deficit," and as a result put the idiots back in power who actually DID triple the deficit (GOP), this will have dire long term consequences.

Which brings me to another ... (Below threshold)
Bruce Henry:

Which brings me to another thought. What could possibly make you folks believe that the GOP class of 2010 will be ANY better stewards of the deficit than the classes of 94-06?

Funding two wars with "emergency" "contingency" "off-budget" spending? Passing a HUGE new entitlement program while doing so? Rolling around in lobbyist dollars and greasy pork money in their home districts? These are the people you think will suddenly become superduper deficit hawks? John Freaking Boehner? Mitch "The Chin" McConnell?

bhenry you are so full of s... (Below threshold)
olsoljer:

bhenry you are so full of shit. I ran my taxes on the new schedule the govt put out on computer. I make much less than 100k per year and my projected taxes will go up 1170$.

You should go to H&R Block,... (Below threshold)
Bruce Henry:

You should go to H&R Block, Olsoljer.

"There's class warfare, all... (Below threshold)

"There's class warfare, all right, Mr. (Warren) Buffett said, but it's my class, the rich class, that's making war, and we're winning."

Bruce - who, pray tell, act... (Below threshold)
JLawson:

Bruce - who, pray tell, actually wrote the budgets in 2007 and 2008?

Here's a hint.

The Budget of the United States Government is the President's proposal to the U.S. Congress which recommends funding levels for the next fiscal year, beginning October 1. Congressional decisions are governed by rules and legislation regarding the federal budget process. Budget committees set spending limits for the House and Senate committees and for Appropriations subcommittees, which then approve individual appropriations bills to allocate funding to various federal programs.

After Congress approves an appropriations bill, it is sent to the President, who may sign it into law, or may veto it. A vetoed bill is sent back to Congress, which can pass it into law with a two-thirds majority in each chamber. Congress may also combine all or some appropriations bills into an omnibus reconciliation bill. In addition, the president may request and the Congress may pass supplemental appropriations bills or emergency supplemental appropriations bills.

...

Budget resolutions and appropriations bills, which reflect spending priorities of Congress, will usually differ from funding levels in the president's budget. The president, however, retains substantial influence over the budget process through his veto power and through his congressional allies when his party has a majority in Congress. The Democratic Party, having won a net increase of seats in both the House and Senate in the November 2006 elections, has controlled both houses of Congress since January 2007.
Let's see - did Bush have a majority after the 2006 election? Why, I believe not... which would cause some real problems when trying to control anything. Because sure as hell the Dems weren't going to exercise any fiscal restraint at all.

Again - they've had control for close to 4 years. And a Democratic president for 2 years now - and things aren't getting better. You can only blame Bush for so long before you need to show results for what's been pushed through. And those results just plain aren't coming.

I'd say the Dem's turn at the wheel is just about up. For all the bitching about how Bush was running the economy into the ground, with a 5% unemployment rate - I'd rather see the Republicans back in office. They weren't QUITE so damn blatant about running up the debt, and they understood tax revenue actually comes from businesses - so the healthier the business climate, the more revenue you get.

By the way...

Current law (31 U.S.C. § 1105(a)) requires the president to submit a budget no earlier than the first Monday in January, and no later than the first Monday in February. Typically, presidents submit budgets on the first Monday in February. The budget submission has been delayed, however, in some new presidents' first year when previous president belonged to a different party.
Let's see... was there a budget passed LAST year in 2009 for the 2010 fiscal year? Yep. Is there a budget THIS year?

Nope. Congress has adjourned without considering even a draft of a budget. But the Democrats have control of the House and Senate and the Presidency - why NOT go ahead and do a budget?

Or is it just too easy to keep blaming Bush?

These people need to leave ... (Below threshold)
Jimi:

These people need to leave this state. Go to DC, Obama has lots of work for you.

I voted for Brown because he will bankrupt the state. Then the welfare, union and pension contracts will be cancelled.

We already chased out the wealthy and job producers, now it's time for the hands out poor to leave.

My goal is for 10~15 million to just leave the state. Don't let the door hit you on the way out!

How do you think that's gon... (Below threshold)
Bruce Henry:

How do you think that's gonna work out for ya, Jimi?

Mr Lawson, Bush SENT the bu... (Below threshold)
Bruce Henry:

Mr Lawson, Bush SENT the budget to Congress with a $1.41 trillion deficit in it. It wasn't jacked up by the Democrats.

Any rebuttal, besides a lame tutorial on the budget process, to my other points in comments # 21 and 3 22?




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