What happens when the 'US unemployed' can't claim unemployment benefit?

[Black Swan]

The figures yesterday spooked the markets, odd given that only the previous day various mainstream 'commentators' (got at/paid up shills) were once again suggesting the bottom of the recession had been reached, but we'll hear this continually until all the oxygen has been sucked out of the economy.

Average working week has now shrunk to 33 hours and the stats. are the worst for 26 years. The US is a harsh place to live when things 'go wrong'; up to six months benefits then you're on your own. I really fear for welfare of the medium-longer term unemployed. Are these depression statistics?

The number of unemployed persons (14.7 million) and the unemployment rate (9.5 percent) were little changed in June. Since the start of the recession in December 2007, the number of unemployed persons has increased by 7.2 million, and the unemployment rate has risen by 4.6 percentage points.

The number of long-term unemployed (those jobless for 27 weeks or more) increased by 433,000 over the month to 4.4 million. In June, 3 in 10 unemployed persons were jobless for 27 weeks or more.

I think the US could be a very ugly place to live for the average guy (and his family) over the next 5-10 years....or longer.. Shorter term those new to unemployment and the degradation that comes with it will have every right to feel very bitter as to the extreme and in some cases deliberate mismanagement of the economy for the benefit of the few.

Just as well there's the diversion of a push into the Afghan hills and Pakistan whilst its citizens form queues in local sports stadia for medicare and food stamps... Obama? No change there, see Clinton and Bush for recent facsimiles on diversionary tactics.

However, the US establishment allowing the appointment of a black guy as president may prove to be the ultimate master stroke. If the US are to avoid a descent into rioting, primarily by those forced out onto the edges of society, what better example could you have available than a successful black man "heh, you have no excuse to riot, here's a black man in the top job..."

U.S. Unemployment Rate Hits 9.5%, Jobs Contract 18th Straight Month :: The Market Oracle :: Financial Markets Analysis & Forecasting Free Website

 

[N Rothschild]

no it wont be much fun living in america, but lets face it, it will still be alot nicer than the majority of the worlds population live!

 

[Pat494]

There will be a huge struggle in the USA between left and right imho.

Although the left/right competition may seem important to the people in a comfort zone near the top, the issue of survival is what's much more important to many near the bottom.

In a culture that makes words like fair, equal opportunity, liberal etc seem like dirty words, it could get nasty.

 

[Black Swan]

There will be a huge struggle in the USA between left and right imho.

Although the left/right competition may seem important to the people in a comfort zone near the top, the issue of survival is what's much more important to many near the bottom.

In a culture that makes words like fair, equal opportunity, liberal etc seem like dirty words, it could get nasty.

There is no left or right in the US, two conservative parties fighting over the same brainwashed ideology does not politics make. Their election was not 'fought' on policy, there was no election, the decision had been made months before; the choice was made by the greater and good that a black man was preferable to a white dynasty building woman, the rest was window dressing for a gullible electorate.

Laughable that the US media and policy makers, pumped up by the former power brokers in the White House (now busily engaged in dirty ops), berated Iran for the rigged election (without proof) and yet the past three US elections have been tampered with, or deliberately rigged.

There still exists in the US a huge swell of highly educated activated folk so there is hope, but in the shorter term IMHO it's gonna get very ugly for the US domestically and given that their international policy is now in tatters the empire is finally crumbling. However, the adminstration and establishment 'protectors' will not let go withoot a fight to the death, or several...

 

[Black Swan]

shameless bump of own thread

Interesting article from AEP from the Telegraph on the same subject;

The unemployment timebomb is quietly ticking

One dog has yet to bark in this long winding crisis. Beyond riots in Athens and a Baltic bust-up, we have not seen evidence of bitter political protest as the slump eats away at the legitimacy of governing elites in North America, Europe, and Japan. It may just be a matter of time.


One of my odd experiences covering the US in the early 1990s was visiting militia groups that sprang up in Texas, Idaho, and Ohio in the aftermath of recession. These were mostly blue-collar workers, – early victims of global "labour arbitrage" – angry enough with Washington to spend weekends in fatigues with M16 rifles. Most backed protest candidate Ross Perot, who won 19pc of the presidential vote in 1992 with talk of shutting trade with Mexico.

The inchoate protest dissipated once recovery fed through to jobs, although one fringe group blew up the Oklahoma City Federal Building in 1995. Unfortunately, there will be no such jobs this time. Capacity use has fallen to record-low levels (68pc in the US, 71 in the eurozone). A deep purge of labour is yet to come.


The shocker last week was not just that the US lost 467,000 jobs in May, but also that time worked fell 6.9pc from a year earlier, dropping to 33 hours a week. "At no time in the 1990 or 2001 recessions did we ever come close to seeing such a detonating jobs figure," said David Rosenberg from Glukin Sheff. "We have lost a record nine million full-time jobs this cycle."

The unemployment timebomb is quietly ticking - Telegraph

 

[nile_croc]

Here's the deal: Unemployment will not run out. Unemployment, Pensions, and Social Security will never run out in America. Politicians know it will be political suicide to let that happen. Politicians would rather hyperinflate the currency then not make their obligations. People will get paid, only the money won't be worth anything, then we'll have serious problems!

 

[nile_croc]

BTW: Great article by AEP in the Telegraph. Good post Black Swan.

 

[Pat494]

The top politicians are finding it hard to come to terms with the reality of the trade situation. They have been wallowing in taxpayers money for decades and therefore spending liberally on their pet projects.

The sad reality is that the trade deficit will have to be closed, top execs get paid less and poor old workers wages fall to equate with far eastern rates before the real situation can be improved. Just fudging the exchange rates won't work.

The old Christian ethics will have to give way to the harsh realities. Can the politicos handle it ? Well no imho, unless they are forced to and events will do just that. California isn't really bust yet, it's just pure mismanagement by both parties there and they have their just deserts coming !!

 

[nile_croc]

People will have to realize that politicians are owned by corporate interests and that is detrimental to them as individuals. Somehow people have allowed politicians to put them to sleep with their rhetoric that they spew every 2 to 4 years about gay marriage, abortion, gun control, etc, when the real issue is that the politicians have played an enormous role in gutting our economy. Politicians paved the way, by relaxing laws and encouraging irresponsible financial behavior (i.e. encouraging people to buy houses who can't afford it, etc., etc.) of this colossal pump and dump scheme that the hedge funds, central banks, investment banks perpetrated. In the meantime, unemployment is rising, and probably here to stay, most of the jobs that create any kind of value have been shipped overseas, and we're left with millions of Americans standing around with their hands in their pockets.

Despite all the CRAP that you hear on CNBC, Fox Business, and all the other propaganda machines, there are no "green shoots" (that's right, there is no Santa Claus, Easter Bunny, or Tooth Fairy) and this will only get worse. We have only our politicians to thank for all this. The problem is not a wall street problem, it is a WASHINGTON problem. These problems will never change until we stop allowing politicians to work for corporations.

 

[0007]

People will have to realize that politicians are owned by corporate interests and that is detrimental to them as individuals. Somehow people have allowed politicians to put them to sleep with their rhetoric that they spew every 2 to 4 years about gay marriage, abortion, gun control, etc, when the real issue is that the politicians have played an enormous role in gutting our economy. Politicians paved the way, by relaxing laws and encouraging irresponsible financial behavior (i.e. encouraging people to buy houses who can't afford it, etc., etc.) of this colossal pump and dump scheme that the hedge funds, central banks, investment banks perpetrated. In the meantime, unemployment is rising, and probably here to stay, most of the jobs that create any kind of value have been shipped overseas, and we're left with millions of Americans standing around with their hands in their pockets.

Despite all the CRAP that you hear on CNBC, Fox Business, and all the other propaganda machines, there are no "green shoots" (that's right, there is no Santa Claus, Easter Bunny, or Tooth Fairy) and this will only get worse. We have only our politicians to thank for all this. The problem is not a wall street problem, it is a WASHINGTON problem. These problems will never change until we stop allowing politicians to work for corporations.

It's the same in UK. The problem is not a City problem, it is a DOWNING STREET problem

 

[Pat494]

I was amazed to hear on "today's politics" that the CEOs of the top 20 quangoes average pay is £650,000 !! I dare say there are loads of perks too. What a disgrace those greedy overpaid people are.

There are over 1,200 quangoes !! Tony and Gordon's bum boys I suppose, milking the system ??

The present system stinks !!

 

[Black Swan]

People will have to realize that politicians are owned by corporate interests and that is detrimental to them as individuals. Somehow people have allowed politicians to put them to sleep with their rhetoric that they spew every 2 to 4 years about gay marriage, abortion, gun control, etc, when the real issue is that the politicians have played an enormous role in gutting our economy. Politicians paved the way, by relaxing laws and encouraging irresponsible financial behavior (i.e. encouraging people to buy houses who can't afford it, etc., etc.) of this colossal pump and dump scheme that the hedge funds, central banks, investment banks perpetrated. In the meantime, unemployment is rising, and probably here to stay, most of the jobs that create any kind of value have been shipped overseas, and we're left with millions of Americans standing around with their hands in their pockets.

Despite all the CRAP that you hear on CNBC, Fox Business, and all the other propaganda machines, there are no "green shoots" (that's right, there is no Santa Claus, Easter Bunny, or Tooth Fairy) and this will only get worse. We have only our politicians to thank for all this. The problem is not a wall street problem, it is a WASHINGTON problem. These problems will never change until we stop allowing politicians to work for corporations.

Good post bud, with ref. to the point you made earlier do you think the US will have to pass new unemployment laws to pay for the long term unemployed? Does it not finish when you're six months out of work and then you're in the gutter? That huge swell of newly unemployed is where it'll get nasty IMHO.

Also is the true depth/scale of the slump covered on your news networks? I can't believe the amount of; repos (foreclosures) still happening, medicare in stadium car parks, food stamps, charities not being able to cope with demand, fooking soup kitchens and yet we still get the grinning "yes we can..." "hope springs eternal" BS from the nauseous Obama team..

Have folk in the US woken up and realised yet that they were hypnotised by neuro linguistic programming last Novemer?

 

[nile_croc]

Good post bud, with ref. to the point you made earlier do you think the US will have to pass new unemployment laws to pay for the long term unemployed? Does it not finish when you're six months out of work and then you're in the gutter? That huge swell of newly unemployed is where it'll get nasty IMHO.

Also is the true depth/scale of the slump covered on your news networks? I can't believe the amount of; repos (foreclosures) still happening, medicare in stadium car parks, food stamps, charities not being able to cope with demand, fooking soup kitchens and yet we still get the grinning "yes we can..." "hope springs eternal" BS from the nauseous Obama team..

Have folk in the US woken up and realised yet that they were hypnotised by neuro linguistic programming last Novemer?

Our news networks move from one extreme to another: "Rah rah rah, go market" to doom and gloom the next moment, it's all about sensationalism and promoting the careers of the talking heads that populate their programs. You might as well just be watching professional wrestling. I can go on about this all day.

As far as unemployment is concerned, the politicians will definitely change laws, amend constitutions, whatever it takes to make sure that their electorates stay complacent. They will definitely relax unemployment compensation laws, and they will vote for money to shore up pensions, they would rather hyperinflate the currency than lose votes.

As far as last November, I think we'd have gotten the same results if we put the other guy in, they're all the same. Democrat, Republican, it's all the same. It's like buying a milkshake at McDonald's: whether you get Strawberry, Vanilla, or Chocolate, it's all nothing but flavors of the same milkshake, and of course, one machine produces all three flavors.

 

[squall321]

if they stop giving out benefits there will be riots

this is the time when revolutions happen
when you have a group of people that "have nothing to lose but their chains"

 

[Technically Fundamental]

This whole system needs to be purged. CEOs, bad debts, politicians... take your pick. Problem is how well/inter connected these elite classes are. They've intertwined the desires of the public (which they create lol) to their trough.

 

[Pat494]

A big dose of American Dream and letting the brakes off just enough to avoid revolution imho