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Millions of Americas and potential voters in the November 2012 elections are pondering when exactly will our nations’ unemployment rate improve.
Up to 5 million 99ers (comprising of jobless individuals exhausted from all forms of federal unemployment extensions) who’s questions were completely ignored in President Obama’s recently labeled “Twitter Town Hall” event, are wondering if Obama will ever “get it”.
For those who are newly without a job they have missed for now, any opportunity to receive a unemployment compensation federal extension for between 56-99 weeks, as the Federal Extension program ends Sunday for any new claimants. They will now have to rely on state funded benefits, which have been cut to as little as 20 weeks in some states with drug testing required to receive any jobless benefits in others.
A bill drafted by Representatives Barbara Lee (D-CA) and Bobby Scott (D-VA) back in February 2011 on behalf of the 99ers- HR589, have been dismissed by a complete non-mention, by President Obama’s administration. Another bill in 2010 to promote tax cuts for business that hired jobless 99ers S-3706, drafted by Senator Debbie Stabenow (D-MI) died of a slow death in a committee.
Private sector job growth was just dismal in June 2011, with just 18,000 jobs were added to a economy, while there are up to 15 million individual either jobless or underemployed. The so-called job gains were far fewer than what’s needed to accommodate monthly population growth, thus the unemployment rate ticked up to 9.2%, from 9.1% in May.
In December 2011, President Obama extended what then was known as “Bush Era Tax Cuts” for the nations’ top 15% wage earners, to the tune of $857 Trillion dollars. Then, for Obama’s version of compromise, the President believed that private corporations and wealthy business owners would use their “tax savings” to promote job creation.
Obama then noted that this type of “compromise” was necessary to have the Republican House and Senate minority, at the time, agree to extend federal unemployment compensation benefits filing dates until January 2012. Facts that President Obama forgot to method are that then 6 million unemployed 99ers were completely left out of the ‘deal’ and, new jobless claimants would have only six months to lose their job, or the opportunity to receive federally involved jobless extension would cease.
Overview of the historical charts form the Bureau of Labor Statistics of the nations’ unemployment rate over the past year, does not offer much comfort to what may be to come in the next six months, on job creation.
In March 2011 the unemployment rate initially dropped 8.8%. Since this point, it has risen, with June’s 9.2% being the highest this year, so far. Sadly, June is also the first month in 2011 jobless Americans seeking work as rose back up above 14 million.
Again, May and June just look awful, as both months added 43,000 jobs in total respectively, in a nation were up to 15 million people are unemployed. For unemployment rate just to remain level, the U.S. economy would need to add between 125,000 and 175,000 jobs per month.
Another point in the BLS report, up to a quarter million Americans left the workforce in June. These factor in the declines in the workforce can be lead either by laid-off, retirement, job elimination or termination.
At the rate jobs are growing at the current time, a fair question is if President Obama “Tweeter Town Hall” ignore of 99ers questions, are equaling growing perceived lack of ability to deal with the true root causes of continued joblessness in the United States.