New and Improved Funemployment numbers
Chart courtesy of Geoff at Innocent Bystanders blog. As you can see details the administrations forecasted unemployment rates with and without their super awesome stimulus. Naturally they were not even close.
Article on the new unemployment numbers and the 85K lost jobs in December.
Money quote: "The sharp drop in the work force -- 661,000 fewer people -- showed the more of the jobless are giving up on their search for work. Once people stop looking for jobs, they are no longer counted among the unemployed." "...the so-called "underemployment" rate in December rose to 17.3 percent, from 17.2 perfect in October."
"Federal Reserve officials, in a meeting last month, anticipated that unemployment will decline "only gradually," according to minutes of the meeting released earlier this week. The Fed and most private economists expect the unemployment rate will remain above 9 percent through the end of this year."
Call me a skeptic, but when I hear the Fed say "only gradually", I think that they have no clue and that the rate will continue to climb.
I also like the reference to "most private economists". Most?!? Really?!? Care to provide some names so, you know, we could check the accuracy of their past predictions? Those are probably the same economists that didn't see the crash coming and denied it was happening until Bear Stearns imploded.