Jobs: 16.2% Real Unemployment

Disappointing jobs numbers for June were released. Despite reports yesterday that the private sector gained 157,000 jobs, it turns out when you factor in all the other jobs that were lost, mostly in the public sector across states and federally, employers only added 18,000 jobs total last month, which is much less than predicted. Alex Seitz-Wald with ThinkProgress.org weighs in.

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[jonny15dk]

Unemployment percentage is now about 22%

[popovar78]

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[Aegius]

@syzygy502 Mellon began being the Secreatry of Treasury under Harding, who requested advice over what to do about the economy. Mellon determined that if taxes were raised to high, revenue would plummet as ppl would seek to avoid taxes or/and to not engage in economic activity, b/c they would only be providing taxes and not making profits. You gave no reference to that and that was mentioned in the book.

On US vs Schechter Bros, okay, you want gov to directly micromanage business then.

[syzygy502]

@Aegius Also, I disagree with the decision of the radical Supreme Court during the Depression era. They slowed the process of the recovery. Schehter Bros. should have gone to jail for the rest of their lives.

[syzygy502]

@Aegius LMAO @Mellon. He was that Secretary of Treasury under Hoover who Roosevelt went after hard for not paying his taxes. I knew that before reading the book. However, the Schechter case I didn't know before reading the book.

[Aegius]

@syzygy502 What did the book say about FDR on civil rights? What did it say of the Schechter Bros case? What did it say of Andrew Mellon?

[syzygy502]

@Aegius As a matter of fact, I have read that book.

[Aegius]

Wilson brought us the roaring '20s? Uh, the Depression of 1920-1 began under Wilson and ended under Hearding.

I agree w/u that the panic and recession of the early 10's came from Republican policy, specifically Howard Taft, who was a self-described progressive as Hoover was. Again, Republican, yet Progressive.

If you can't handle facts, that's your problem, not mine. Here is a good book for you: "New Deal, Raw Deal" by Burton Folsom, Jr.

[Aegius]

@syzygy502 Under Wilson taxes were increased taxes in the REvenue Act of 1918 to 77%. That brought us the Depression of 1921 where unemployment reached to 11% and inflation to 20%. That was BECAUSE of Wilson's policies. Harding had taxes lowered and spending cut. Top bracket was reduced from 77% to 58% in 1921. Under Coolidge the top bracke was reduced to 24%. Hoover and FDR brought us the Great Depression as described. As for Howard Taft, he considerred himself a Progressive as Hoover did.

[syzygy502]

@Aegius Hoover did not for the economy. He lowered taxes for the rich, he took government completely out of the equation and FDR helped the economy tremendously.