By Alden L. Benton
By now, the numbers are all too familiar. The official unemployment rate is still at 9 per cent. In fact, according to an article in Bloomberg.com, “The jobless rate has exceeded 8 percent since February 2009, the longest stretch of such levels of unemployment since monthly records began in 1948.”
According to a Bureau of Labor Statistics report, there are 13.9 million unemployed people as of November 4, 2011. This is the official, sanitized number. It does not count people looking for their first job.
Additionally, the official number does not count those who have given up looking or a job. The official number does not count those whose unemployment benefits have run out, nor does it count those who are “underemployed.”
If the government was honest about the true unemployment rate, heads would roll. In reality, the unemployment rate is 20 percent, or more, and it is likely at least 30 million Americans cannot find work. To put that number in perspective, it represents nearly 80 per cent of the population of California, the nation’s most populous state.
Let’s put some faces on these numbers. Follow these links to YouTube and view two reports aired by CBS on 60 Minutes. Hard Times Generation: Families Living in Cars and Hard Times Generation: Homeless Kids.
That there are any homeless families in the United States is an outrage.
Now, Bloomberg.com reports that the Federal Reserve secretly loaned ailing banks $1.2 trillion of taxpayer money at below market rates. The banks reaped approximately $13 billion in income from these transactions.
According to the Bloomberg article,
“The Fed didn’t tell anyone which banks were in trouble so deep they required a combined $1.2 trillion on Dec. 5, 2008, their single neediest day. Bankers didn’t mention that they took tens of billions of dollars in emergency loans at the same time they were assuring investors their firms were healthy. And no one calculated until now that banks reaped an estimated $13 billion of income by taking advantage of the Fed’s below-market rates, Bloomberg Markets magazine reports in its January issue.
“Saved by the bailout, bankers lobbied against government regulations, a job made easier by the Fed, which never disclosed the details of the rescue to lawmakers even as Congress doled out more money and debated new rules aimed at preventing the next collapse.”
While it is true that the current economic issues began four decades ago with the Carter administration, the current collapse of the economic system under the weight of the federal regulatory system is the creation of the Obama administration. The O-team has done nothing but exacerbate the problems we now face.
The next time someone tries to compare President Obama and his hope and change charade to Robin Hood, think about the children living in cars as the government gave away trillions of dollars to those who caused the problem in the first place.
That is the ultimate outrage.
It is time for a regime change in Washington. You keep the change.
©2011 Alden L Benton/Independence Creek Enterprises
If you want to reuse this material, please follow this link to obtain copyright permission: aldenbenton.icopyright.com