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  • richmondinvestor richmondinvestor Oct 23, 2009 6:01 PM Flag

    High Unemployment the New Normal?

    Jason, I just ask you to think about long term ramifications of the Obama policies and programs. You seem to think short term and make a lot of assumptions, e.g. recession to be over in 6 - 9 months? Look at the other complicating policies being proposed. None of these have ever been done before in previous recessions. Again, I just ask you to think long term.

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    • As unemployment worsens, the upcoming elections look better and better for conservatives.

      There is not a new normal and we will get back to the days of 5% unemployment (dare I say - the number enjoyed as a Bush average for his 8 years!).

    • Technically, the recession could very well be over now. That question has to primarily due with GDP improvement; not employment improvement. If the recession isn't over now, it likely will be in that time frame. As far as assumptions go, I am following the speculation regarding the GDP numbers. If that is an unacceptable assumption for you, then I guess your right. IYO, I make lot of assumptions.

      As far as long term ramifications go, health care percentage cost increases must be reduced in order for my generation (and future generations) and the country to remain solvent. The sad fact is that if nothing is done; the country will settle back and not even make an attempt at solving the problem. So, yes. I do look long term and I do realize that this change is going to be expensive and it may even cost more over the next 5-10 years. But, I am more interested in farther down the road.

      And, in point of fact, the last major recession we had was essentially caused by Volcker and the federal reserve rate increases he imposed to break the back of inflation.

      Beyond that, massive changes were done during the Great Depression. According to many posts that I have read on this board, this recession qualifies for that.

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