President Obama, signed a $26 billion jobs bill today designed to save the jobs of millions of teachers, and other government workers.
According to the Washington Post,
"With economic growth faltering and unemployment stuck at 9.5 percent, some economists are urging additional action. But senior Democrats and administration officials said the package of state aid approved Tuesday is likely to be the last significant effort at economic stimulus at least until after the November congressional elections"
The Senate had already approved the bill; the House passed it with a vote of 274 to 161, with most Republicans voting against it.
"This is a bailout. This is another bailout. . . . Let's not do this!" yelled Rep. Steve Buyer (R-Ind.). "We're facing almost a $1.5 trillion budget deficit. America, please, please, wake up. And remember in November."
So, without any additional action on unemployment expected until after the November elections, where does this leave the long-term unemployed?
Hanging out to dry.
The Feds are also concerned about deflation -
According to the Boston Globe:
"A string of developments, including a weak jobs report on Friday, have altered the sentiment at the central bank, leading policy makers to stop worrying for the moment about the increasingly remote prospect of inflation. Instead, they are more focused on the potential for the economy to slip into a deflationary spiral of declining demand, prices, and wages.
Not since 2003 has the prospect of deflation been taken so seriously at the Fed, and not since the 2008 financial crisis have the markets been looking so closely to it for guidance. With Congress unwilling to embark on new stimulus spending, the Fed has the only tools likely to be employed anytime soon in response to the economic warning signs."
Ok, so we've got the information - here's a rundown:
1. There's a new job bill that will save the jobs of teachers and other government workers.
2. We shouldn't expect any action on additional unemployment bills, including a Tier 5 until after the
3. The U. S. Government is concerned about deflation - wages, demand, and prices.
Gee whiz, I don't know about you, but this all sounds pretty dire to me. The unemployment holds steady at 9.5%, there's no hope for another tier of unemployment assistance for the 99ers, and deflation could be on it's way.
What do you think?
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