Unemployment
The economy took a dive in late 2007, and the administrations of Presidents George W. Bush and Barack Obama have struggled to reverse the loss of jobs. Since Obama took office in 2009, various government programs and bailouts have been instituted to stimulate the economy, including Cash for Clunkers and a tax credit for home buyers. In February 2009, Congress passed the American Recovery and Reinvestment Act, a stimulus package infusing $787 billion into the economy. But unemployment still soared. The average unemployment rate for 2008 was 5.8 percent. In 2009 the average annual rate shot up to 9.3, topping out at 10.1 percent in October. In 2010, the unemployment rate has hovered around 9.7 percent, dropping to 9.5 percent in June and July. Obama and others have touted the stimulus as preventing a depression. Republicans, however, characterize it as wasteful, inefficient, and ineffective government spending at a time when the national debt continues to soar.
Democrats have continued to introduce smaller stimulus packages and unemployment benefits extensions, with limited success. Crossover votes from moderate Republican Sens. Susan Collins and Olympia Snowe have allowed some legislation to pass. In August 2010, the two were the only Republicans to vote with Democrats on a bill to give $10 billion to prevent layoffs of teachers, firefighters, police officers, and others. In 2011, Bush-era tax cuts are set to expire, sparking a debate over whether they should be extended. Republicans want to keep all the tax cuts in place, but Democrats prefer to let the cuts for people in the top tax brackets expire. Republicans argue that these taxes also catch many small businesses, which create jobs.
The latest news on Unemployment
Housing weighs heavy on labor markets in Florida and the Southwest.
Under Barack Obama, unemployment has declined due to a drop in labor participation, not more jobs.
A forthcoming video game dramatizes the quest of job-seeking.
How to remedy a hole in your work history.
One indicator suggests broad healing from the Great Recession.
George Bush writing a book on economic growth is like Rush Limbaugh teaching a gender sensitivity class.
Dean Baker and Kevin Hassett have shown that political differences need not stand in the way of crafting a real solution to a real problem.
Economists are deadlocked over the root of unemployment, and it may be costing the country billions.
Friday's average of $3.734 is down almost 7 cents from a week ago, and 18 cents from a month ago.
Research your options before signing off on a severance package.
