Georgia jobless rate hits highest level in 6 months
Georgia’s unemployment rate hit its highest level in six months, rising to 10.2 percent in August from 10.1 percent in July, the state labor department said Thursday.
There has been no improvement from a year ago, when the state’s jobless rate was also 10.2 percent.
August marked the 49th consecutive month Georgia has exceeded the national unemployment rate, which is currently 9.1 percent, the labor department said.
The August unemployment rate increased because 5,500 new job seekers — as well as more of those already unemployed — were unable to find work.
The number of long-term unemployed — those jobless for at least 27 weeks — increased by 3,000 to 254,100. There were 15.5 percent more long-term unemployed than in August of last year. The long-term unemployed account for 52.7 percent of Georgia’s 482,321 jobless workers.
On the positive side, the number of jobs in Georgia increased 0.2 percent to 3,801,000 in August, the labor department said. Most of the gain came from seasonal workers in the public school systems who returned to work after being laid-off for the summer. Also, some job increases occurred in professional and business services, education, health care and construction.
While Georgia had a net increase in jobs, there was a decrease in jobs in the leisure and hospitality industry, especially in accommodations and food services, as well as in wholesale and retail trade, the labor department said.
First-time claims for unemployment insurance benefits in August decreased 8.3 percent from July to 56,476. Most of the first-time claims were filed in manufacturing, administrative and support services, trade, and construction. There was a 19.6 percent decline in initial claims from August of last year.
– Henry Unger, The Biz Beat
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97 comments Add your comment
Obama LeClown
September 15th, 2011
6:04 am
Unemployment will remain high because of the Commie in the white House has created uncertainty…pending higher taxes, too many regualtions, Obamacare..he scares people and until he is gone- jobs will be scarce.
Give me a break
September 15th, 2011
6:16 am
Why is it that Georgia’s unemployment rate is higher than other states? This is not a national issue but a state issue. The Republicans keep Georgia unemployment rate high so they can elect another George Bush for president. Even though money has been granted road construction on Hwy 20 in Cherokee County has stopped four months ago. Republicans rather see high unemployment rates than to put Georgians back to work completing funded road construction projects.
Jerry Wheeler
September 15th, 2011
6:22 am
LeClown, you are an idiot.
Steven
September 15th, 2011
6:47 am
Uh, if we had a communist in the WH then everyone would be working… just not able to pick where or for who. Unemployment would be very low though! Time to hold up the mirror and say Georgia’s unemployment is a Georgia problem so Georgia needs to fix it. Stop complaining and get to it Republicans!
Jimbo
September 15th, 2011
7:01 am
The unemployment rate will stay high. This seems to me a perfect example of Georgia’s chickens coming home to roost. We have lived for years with the news constantly reporting how poorly we were faring in education (graduation rates, standardized testing, SAT, etc.). I’d wager that most of us can look at our own families, friends and neighbors and see plenty of folks who aren’t particularly well-educated, skilled or trained in anything marketable. So here we are in a new economic reality where the number of jobs available to the unskilled worker continues to go down, while the number of unskilled workers continues to go up. Or the jobs available to the unskilled become so unpalatable that no one wants to do them except the immigrants (think the agricultural worker shortage earlier this year in south Georgia).
We can do another round of “stimulus” and maybe build a bridge or pave a couple of roads, but at some point the government will have to stop spending all that money, and then what happens to those folks who will likely still be unskilled? The economy isn’t going to go back to a time when just being a warm body who can do repetitive tasks is enough to get a job. The government can pour more money into job training (with questionable outcomes…http://online.wsj.com/article/SB10001424053111904332804576538361788872004.html), but many people will have to first realize that they are unemployable and then take responsibility for their own situation and leverage all resources available to better it. And the education system needs to be taken to task–not neccesarily just the teachers, but the whole system from the top down. We spend more and more every year, and I’m not sure sometimes what we’re getting for our money.
Loyal Democrat
September 15th, 2011
7:04 am
It’s the President’s fault. Wait, what? Bush isn’t president anymore? Oh, well it’s the Republican’s fault. Let’s see, yeah, the Republican’s in Georgia. Wait, other states with high unemployment have Democratic leadership? Say it ain’t so! We all know it’s always the Republicans fault. No matter the problem, no matter the issue, no matter the reason.
Republicans are always to blame. It says so right here in Rahm Emanuel’s handbook.
Mark in ATL
September 15th, 2011
7:05 am
Ohdumbo days are coming to an end….
John C.
September 15th, 2011
7:28 am
Yup. Can’t blame Bush anymore…And is this the “change that we can believe in”?
Road Scholar
September 15th, 2011
7:33 am
Alright all you geniuses out there, you don’t like President Obama’s job program? Where is the Repubs plan?Where is your plan? What does it contain? More business tax cuts? THAT HAS NOT WORKED IF YOU CARE TO NOTICE! Where is your education plan?
Crickets chirping….
Georgia’s unemployment rate up in August — Peach Pundit
September 15th, 2011
7:41 am
[...] is at a six-month high: Georgia’s unemployment rate hit its highest level in six months, rising to 10.2 percent in [...]
Road Scholar
September 15th, 2011
7:46 am
Welcome back Henry!
Politics is local.....
September 15th, 2011
7:52 am
Hmmmm, interesting how no one is blaming the GOVERNOR of Georgia……..this Obama bashing is getting old.
Jeff in GA
September 15th, 2011
8:03 am
We need to take ahard look at ourselves before we start blaming others. American workers have priced themselves out of jobs. Big companies exist for one reason, to make money. Since labor is the majority of a companies expenses the cheaper the labor the more money the company makes. This is why companies have moved to China and other country’s where labor is a fraction of what the US worker demands. Some of this is the labor unions faults, but not all. Think about it. Why should we pay a worker $35 a hour (just a arbitrary amount) to bolt a door on a car (whcich requires very little education and training) when a worker in Mexico or China will do it for 50 cents an hour. We have people in this country who drop out of high school, and then wnat a job paying that high wage. It is not going to happen. If they finished high school, got at least some college education, then they could expect to get a little better job.
Yes, the job market is tight right now, but there are jobs out there. We just have to get off our lazy butts and go do a job that may not be what we want to do. I know. I am one of those who got tired of school and took the “easy” way out. I ended up working three part time jobs and went back to college to make a better life for myself. Other people can do it also.
Basically, we want to get blue collar jobs back in this country we need to accept that these jobs pay blue collar wages. Quit griping about immigrants coming here and taking our jobs. They are taking jobs that us “Americans” feel are beneath our selves to do. If there were no jobs they would not be coming here.
Other countries used to idolize the American way of life and admire the American worker. Not any more. We are scorned. Our factories lie in rust and the workers sit on their butts collecting welfare and whining they cannot find a job when it is their own fault. Accept a little responsibility for being part of the problem, get up and become part of the solution. The crooked “lawmakers” in Washington do not have your best interests at heart. They will only do what it takes to get re-elected. They are all in the pockets of the lobbyists.
Cdog
September 15th, 2011
8:04 am
I blame it on the rap music.
Politics is local.....
September 15th, 2011
8:06 am
@ “Jeff in Georgia”………zzzzzzzzzzzzzzz
Let's Be Reasonable
September 15th, 2011
8:09 am
Georgia ranked fourth nationally in foreclosure rates during August, according to the tracking firm RealtyTrac
That’s the problem, and there is no quick fix nor easy solution regardless the POTUS or party in power. We know where the blame lies, but the POTUS is an easy target to bash because we somehow think he can just dictate our troubles away. The money changers got us into this mess. They got bailed out and continue to reap mind boggling profits. We aint seen nothing yet. The kettle’s boiling in Europe. Remember when our troubles began bubbling to the surface in 08 and Phil Graham said we were whiners? Roughly 50% of us want to return to the philosophy of unleash Wall St. and get government out of the way. Why?
No Scholar
September 15th, 2011
8:11 am
LeCown gave you the main reasons companies are not hiring; pending higher taxes, too many regualtions, Obamacare. Our company is small with 14 employees, but very stable and could probably use another person. However, because of the reasons listed….we are anxious and cautious about adding anyone else because we are waiting to see what happens. This “waiting” is happening across the country.
The Republican plan of lower taxes, less regualtion and no Obamacare would ease the burden or potential burden on businesses and we’d all proceed with trying to grow.
Art Thomas
September 15th, 2011
8:12 am
1 Massive infusion into state of illegal aliens 450m at last count number 6 in nation
2.Homebuilding industry collapsed 300,000 jobs gone in last 3 years
3.Education ranked in bottom 3 or 4 states in America (see articles about the disgrace of Atlanta
Public Education
4.Home values down 30- 60% in most counties. Many counties governments still holding by raise
taxes on slashed property values. People walking away from whole neighborhoods statewide will
continue to escalate.
5.Corporations cutting Coca Cola/ Home Depot/ Delta but hiring in China .See recent AJC Article of
Poctor and Gambe. Merck , Caterpillar ,Walt Disney and Coca Cola: 105,000 jobs created in New Master Land CHINA in last 18 months but In USA 3,000. Quote of Coca Cola Executive “We make 80% of our $ in other countires , We just happen to be Headquarterd and located in Atlanta”
6. Ga ranked as 6th poorest state in nation with 1 in 5 living in poverty as defined by US govt.
All trends above continue to the negative side
7. Atlanta needs new image. Suggest Bring our men and Women back from Afghanistan and Iraq.
Help them settle in Ga with the high military skills they learned and then provide work centers and training to develop usage of military skill into productive and educated peaceful operations such as new technologies for food industry ,green building, solar power.
The US government has failed our country miserably with trillions in unpayable debt and incompentent leadership in both parties. Action now will help heal wounds of prolific and unsustainable spending that had devasted so many.
Buzz G
September 15th, 2011
8:12 am
Obama is trying to stop Boeing from opening a new plant in South Carolina. While doing this he is touting a “jobs” bill that allows employers to stop contributing to Social Security when Social Security is already stressed out. He couldn’t screw up worse if he tried. Wait. Maybe he is trying.
Butch Cassidy
September 15th, 2011
8:12 am
Jeff in GA – ” Since labor is the majority of a companies expenses the cheaper the labor the more money the company makes.”
Forget it Jeff, most of the minions in this state still believe that reducing the tax rate that companies don’t even pay will bring jobs back en masse. Apparently no one is hiring because the mythical tax margins are so unreasonable. I’m sure that as soon as the taxes are lowered, companies will gladly stop paying Chin Lee $1.00 a day for making products just so they can run back to the U.S. and pay John Doe $12.00 an hour for the same job.
Road Scholar
September 15th, 2011
8:14 am
Jeff : Good post! Exactly!
Politics: So genius, what is your jobs plan? The job of criticizing others doesn’t pay a wage, esp at your level.
Let’s: I agree, but let’s move forward…how to WE succeed? At least Georgia is good at something other than bank failures! And having low SAT scores.
Butch Cassidy
September 15th, 2011
8:15 am
No Scholar – ” pending higher taxes, too many regualtions, Obamacare. Our company is small with 14 employees,”
Feel free to hire the, since the conditions of ObamaCare would require you to have 50 employees before the mandates kick in. Oh, and the taxes your so afraid of, don’t hit until AFTER you make $250,000. So stop being so afraid, there’s risk in everything, or don’t they teach that in the MBA programs anymore?
Alphare
September 15th, 2011
8:16 am
Unemployment will remain high because this great state has been totally hijacked by Repubs for too long, that’s why other states are way better than Georgia?
Road Scholar
September 15th, 2011
8:18 am
No Scholar: “… could probably use another person.”
Do you have the demand and the need to hire that person? Isn’t business a risk? Based on net sales and market share? Oh the uncertainty! Oh the excuses!
Butch Cassidy
September 15th, 2011
8:21 am
Road Scholar – “Oh the uncertainty! Oh the excuses!”
Well said! I’m not a fan of Obama, but it astounds me how so many people can be so obtuse.
Trevor
September 15th, 2011
8:23 am
During the last Presidential election I worked in the Auburn Street area in Atlanta. I would ask people why they were voting for Obama. The overwhemling response was “With Obama we won’t have to work. He will take care of us.” Looks like that is what is happening.
Butch Cassidy
September 15th, 2011
8:25 am
Trevor – “During the last Presidential election I worked in the Auburn Street area in Atlanta. I would ask people why they were voting for Obama. The overwhemling response was “With Obama we won’t have to work. He will take care of us.” Looks like that is what is happening.”
Trevor fails to mention that the majority of the people in the Auburn Street area are already jobless and homeless. So basically nothing changed when Obama took office.
T
September 15th, 2011
8:28 am
Georgia would always be at the bottom in unemployment because we elect a bunch of morons who run banks in the ground by borrowing more money than they could afford to pay back, and then we elect them as chairman’s of banking committees. So yes Georgia needs to elect politicians that can fix our problems. Politics is local
Homer
September 15th, 2011
8:32 am
If 10% of people are unemployed then 90% are employed. The problem is that we are a consumer based economy, and the 90% that are employed are paying down debt, saving, spending more of their disposable income on gas and groceries, and helping out relatives that are unemployed. They aren’t buying loads of cheap crap at the rate they used to, and they sure aren’t buying homes. There is no jobs plan that is going to change that dynamic. We are in a long cycle of stagnant growth and anyone that thinks that a change in Washington is going to break the cycle is delusional.
The only way I can see the cycle ending is to bring manufacturing jobs back to the US. American companies claim that they are investing in Asia because that is where their consumers are located. They created a consumer class when they initially moved manufacturing to Asia. The engine is fueling itself. Change the tax code so that all corporations pay at the same rate and eliminate the loopholes. That might help.
Hootinanny Yum Yum
September 15th, 2011
8:40 am
“On the positive side,…” Spin it any way you like.
You can put lipstick on a pig, but it’s still a pig.
And, someone’s idea that Georgia unemployment is high due to Republican’s desire to put another “Bush” in office, is ludicrous. So, I as a Conservative, am willingly unemployed for the last two years to help the GOP attain a political goal is pure BS.
Since 9/11, our economy has been limping along, at best. Factor in globalization, corporate and governmental leadership’s inability to respond effectively to it and the regulatory uncertainty associated with this administration (NLRB, Justice Department, unions, etc); and you have the making of a perfect storm.
And, don’t hand me any of that two unnecessary wars garbage. While Afghanistan and Iraq could have been handled differently, we were involved in Vietnam officially from ‘65 to ‘75. Unofficially since ‘54. That 21 year period spanned four administrations, both Democrat and Republican; and our economy kept chugging along.
The issue here is the United States inability to respond effectively to globalization, compounded by the distraction of dealing with terror threats of a magnitude heretofore only imagined in works of fiction. The current administration (buoyed by Congress) came in with a highly charged Left-Wing, liberal social agenda, when it should have been focused elsewhere.
Nick
September 15th, 2011
8:44 am
@ Jimbo you hit it on the nail man! So true!!
Butch Cassidy
September 15th, 2011
8:49 am
H Yum Yum – “The issue here is the United States inability to respond effectively to globalization,”
Exactly. The emerging markets where companies have relocated the jobs is akin to the U.S. 60 years ago. Basically the products are made at a labor cost in line with the cost of living in those countries, so there is a huge demand. In the 50’s and 60’s you had single earner households, and $30,000 a year was like making $200,000 in todays dollars due to the low cost of goods and products. As our standard of living went up, so did the demand for higher wages and so forth to the point that we need to have two income earners just to keep up. Companies get the best of both worlds now. They have a cheap, expendable labor force to make the products that both the U.S. and the emerging markets will buy. Unless you tackle the cost of labor, all the reduction in taxes and regulations aren’t going to make a difference. An American worker cannot live in this country on the same wages that are paid to the workers overseas. When I.T in India can be had for 15k a year and manufacturing labor in the Phillipines can be had for a dollar a day, there is no incentive at all to move any of those jobs back to the U.S.
Real Person
September 15th, 2011
8:53 am
I owned a technology company with 22 employees with sales over 4.5 million in 2000, made $100,000.00 for several years but was never to draw unemployment because I owned a company, and next week – get this – in order to support my family….. I am taking a minimum wage job in a grocery store stocking shelves because there is no one hiring anywhere!!!…
Yes, I am blaming the current political environment for many issues and the closing of my business. Banks would not loan because of “regulations and qualifications” even though we had paid ever bill on time for over 15 year – again without fail – therefore we could not do support installations or buy inventory for the sales we produced. 22 people lost their jobs and that folks is the root of the issues.
Now, this is reality!
Bob Decker
September 15th, 2011
8:58 am
Answer to Unemployment is simple!!!!!! As long as gas remains over 3.00 a gallon unemployment will be near 10% forever. Companies laid off 10% of their work force to accommodate the increase in their companies expenses that included fuel charges for everything from shipping to delivering. END OF STORY.
Homer
September 15th, 2011
9:01 am
Butch, I think that you make a valid point with respect to the cost of labor. I do take exception to your statement concerning incentives to moving jobs back to the US. There are trade offs in doing business in Asia. There are time zone differences, cultural differences, language barriers, political instability, unreliable infrastructure in terms of power and water, the cost of transporting goods across the hemispheres, the cost of training Asian employees, and the cost of sending American execs to Asia to fight fires and manage the managers. At some point American companies weighed their options, did the math and went to Asia. We need to re-balance the equation.
Free Enterprise
September 15th, 2011
9:03 am
In these times we all have to stop thinking about the traditional ways of making money because those times are long gone and this is the new America!
As for the state of Georgia, I was born and raised here so I know Georgia has ALWAYS been a state that has been 50 years behind the times that is control by super old men
My solution to this problem: Add new industries and give people a chance to make a living independently of government and corporate interference. Industries like LEGAL PROSTITUTION AND MEDICAL MARIJUANA!
Butch Cassidy
September 15th, 2011
9:06 am
Homer – “At some point American companies weighed their options, did the math and went to Asia. We need to re-balance the equation.”
Agreed.
Bob Decker
September 15th, 2011
9:14 am
Answer to Unemployment is simple!!!! As long as gas remains over 3.00 a gallon unemployment will be near 10% forever. Companies laid off 10% of their work force to accommodate the increase in their companies expenses that included fuel charges for everything from shipping to delivering. END OF STORY.
justjanny
September 15th, 2011
9:19 am
Unemployment up, ironically, revenues have been consistently up at least since last March…now what’s up with that??
fulldawg
September 15th, 2011
9:23 am
Enter your comments here
Alphare
September 15th, 2011
9:31 am
I believe gas price is the biggest hurdle for the economy, which in turn makes everything more costly in the past 5 years. My credit card bill is almost doubled in the past 5 years. When I did a comparison, gas and food costs are way much higher than before. Despite my considerable wage increase, I am still penny-less in the bank.
N2thaIzzo
September 15th, 2011
9:39 am
Another problem is the housing crises. Due to the extreme number of foreclosures, banks aren’t making as much money, the state is losing out on revenue, and people just feel poorer so less consumption is taken place. The housing crisis needs to be fixed. And please people, stop just blaming political parties. Neither party has done a stand up job lately. All the bickering and posturing going on nowadays is damn near embarrassing.
Alphare
September 15th, 2011
9:42 am
Instead of poor cheap laborers in Asia, what about oil producing countries in Middle East and Russia? I don’t have a number, but how much more American dollars have flown to those countries in the past 10 years than before?
Crude price went from $20 a barrel to today’s $100. The crude price is a man-made, artificial price, not a free-market price. Since it’s man-made, why aren’t there any politicians convey some serious messages to the those oil countries?
Elliot Garcia
September 15th, 2011
9:44 am
Exactly what has Obama done to create jobs? Tell me why your savior is so great???
Alphare
September 15th, 2011
9:49 am
The best way to jump start our economy would be drop the crude price. Cut a deal with Saudi Arabia, give us $40 a barrel of oil, we will compensate them with other means. Believe me, it will do magic.
The government can do lots of things in this front. For example, Iraqi has oil but remain poor because they cannot get it out in the market. Is there anything the US government can do there? I think so.
Alphare
September 15th, 2011
9:51 am
Elliot Garcia,
government doesn’t create jobs. You should know that if you are a Republicans because it’s written in the Republican handbook.
Glenn Rice
September 15th, 2011
9:56 am
I will never be out of work for the rest of my life.
Tell Sarah Palin I love her. 
New hope And Change Needed
September 15th, 2011
10:02 am
I mena seriously…how dumb were people to think Obozo would do anything other then spend money and let his wife travel the world?
SoldierMike
September 15th, 2011
10:10 am
It’s so trivial how all of these smart and articulate folks are acting as if ONE MAN (Obama) is the bearer of all ills for this country right now. Obama does not control whether a company hires folks or not. Using his proposed policies, which more than half are blocked anyway, as an excuse not to hire folks is pure bullcrap. As a 20-year veteran I voted for him in ‘08 but I won’t be voting for him again because he didn’t keep his word about bringing the troops home when he said he would.
Red
September 15th, 2011
10:14 am
None of the Obama apologists are acknowledging the nationwide number of people filing for unemployment went up far greater than anticipated. So should we start blaming all 50 governors?
The cost of labor and production in America is much higher than most nations. I could build 5 plants and hire workers at those plants in a Third World country cheaper than one plant here in the states. With more products I could reach more markets around the world. It would not help jobs here in America but it helps me make a profit. Thank regulations, unions, Obamacare, etc. for raising the costs here in the US and thus chasing businesses out of the country.
John
September 15th, 2011
10:21 am
Elliot Garcia
What have Republicans done to create jobs? Where is their plan? Not a single jobs bill been brought up in the House since the Republicans took control even though they ran on a jobs platform.
Red
September 15th, 2011
10:21 am
SoldierMike – clearly you have no grasp of economics. A President and his policies has a great deal of impact on the ills right now. Obama himself will say this. What do you think he ran on? To fix these ills. The ills of healthcare? What do you think his plan was? What do you think his pre-football speech was?
Sorry Mike. But if I know government policies were going to jack up my costs and potentially run me out of business, I am going to protect myself. If people are not buying my products because of a bad economy, why in my right mind would I hire someone? I’m not the government. I don’t hire people just to float them.
Judging by the comments of people like this, I’d say two things: 1)either people are just that flat out ignorant on economics or 2)people are buying into this entitlement Marxist nonsense that no matter what, someone owes them a job and money.
Mike, if you think these policies should not deter people from hiring, go start your own business right now and start hiring people. Go create a company. Go rent some office space. Go buy some means of producing products. Go hire 10 people. Get health insurance for them. Start cutting paychecks. Be inspired by Obama’s words. Stand up and do something! Help your President and your country out.
Just an idea
September 15th, 2011
10:26 am
Just an idea…. Let’s let the unemployed mow lawns for the state & county gov’t. Oh, wait, we cant – because it’s a union job requiring union salary and the fact they can’t get the job done doesn’t matter.
Steve
September 15th, 2011
10:26 am
The elephant in the room is the fact that this entire state government is Republican and uber conservative, yet we are still doing poorly as a STATE. Yes, the STATE OF GEORGIA. Yet, you blame Obama for not fixing 8 years of GOP led de-regulation, wars, tax cuts, and other financial disasters.
New hope And Change Needed
September 15th, 2011
10:26 am
Soldier Mike….you are right…one man does not make it all bad, but this one man has forced a lot of spending down our throats that hasn’t helped.
Employers WILL not hire until they feel comfortable and with the current spending and potential tax increase and healthcare crap they are trying to hold onto cahs for a potential crap storm.
New hope And Change Needed
September 15th, 2011
10:27 am
John – repubs are trying to create jobs by getting govt out of the way…tooo many regulations…too many stipulations and too much green crap.
Red
September 15th, 2011
10:36 am
Speaking of green crap, will we the tax payers get the half a billion back from Solyndra?
GuardDog
September 15th, 2011
10:38 am
People – please keep in mind all comments with Obama or any variation of will be reported to AttackWatch.com. You may now return to your regularly scheduled programming. – Big Brother
No jobs
September 15th, 2011
10:44 am
I thought obama’s economists said the recession was over in 2010—-the economy’s getting worse than ever. What gives? there are no jobs anywhere, even crummy mall jobs working with rif raf.
The Fixer
September 15th, 2011
10:54 am
I love the logic of nationwide UE is going down or flatlining while Georgia’s is going up therefore it’s the Republicans’ fault. Difference is nationwide, people are giving up left and right. Here in GA they are hanging on as long as possible and people from other states are coming here looking for work. Another round is about to begin nationwide. The numbers will go up. Gas is not getting cheaper and inflation is going up. Foreclosures increased in August. Polls show that UE is now the leading issue.
Obama is on his way out. NY09 and NV02 were signs of things to come. NY09 shows Obama losing one element of his base – Jewish voters. NV02 shows he’s losing moderate Dems, Indies, and the middle class hoping on economic rebound.
John
September 15th, 2011
11:05 am
New hope And Change Needed
Do you understand what created this recession? It was lack of regulation. It started with the housing market…creative financing, etc. Then it moved to the financial industry’s derivative market. For close to 100 years, this legal form of gambling was illegal due to events almost 100 years ago. During the Clinton administration, under a Republican led house and Senate, the industry was deregulated and once again this form of gambling was made legal…with no oversight. Unlike credit card companies and other sectors of the financial market where regulations require cash set aside to protect the companies from defaults, etc., the derivative market was not regulated. People and companies, with not financial interest, took insurance out on just about anything including the housing market with cheap premiums that would pay off big in the event of default. Since it isn’t regulated, no one knew how big the derivative industry was and those selling this cheap insurance didn’t have to have cash set aside for possible payouts. When the housing market collapsed, those holding the derivatives started collecting and the finance companies didn’t have the money to pay out which caused the collapse of the financial market. This entire recession was caused by the financial markets and lack of regulations to protect the economy.
RGB
September 15th, 2011
11:08 am
Obama was elected purely on his ability to give a speech. That’s it. (Oh–I almost forgot–he’s black too, and that’s enough for some folks to vote for him.)
Some people believe a good speech solves all problems. It doesn’t.
To date, no member of Congress has introduced Obama’s so-called jobs bill. One can’t vote on a bill that does not exist in either house of Congress, so Barack’s bellicose “you must pass this bill” rhetoric means absolutely nothing.
Some of you will vote for Obama in 2012 because you still believe….a good speech solves all problems.
John
September 15th, 2011
11:11 am
RGB
Republicans ran on a jobs platform and gained control of the House back in January. That was 9 months ago and John Boner has not brought up a single jobs bill yet. Where is their jobs bill?
A.S.Mathew
September 15th, 2011
11:17 am
There is no meaning and end to this problem by blaming each other. Now
from China, we can find even apple juice and plenty of fish imported for the
American consumber. All the 99 cents stores and discount stores as well as high end stores are exclusive open market for Chinees goods. How long, we can remain as a consuming country of goods produced in foreign countries? There must be a national movement to reduce the consumption of foreign-made goods, because our survival is in serious jeopardy. The college and high school graduates are not in the unemployment list, so the 10.2 unemployment is not realistic, it is
far far greater. American standard of living will be plummeting every day, and if we can look at the “made in” sign on every consumer item
in the U.S., and stop buying them for a year, then the American companies who have exported all the jobs to foreign countries will learn
a big lesson. Now the mega and small banks are learning the hard lesson
of total tricks and greed in ripping off the ordinary people. There is a time to sow and another season to reap, whether the actions are good or bad.
The Fixer
September 15th, 2011
11:25 am
John – check today’s news.
RGB
September 15th, 2011
11:27 am
John,
Republicans introduced a variety of measures to reduce the proposed increase in the size of government which most thinking people recognize as the major impediment to the creation of jobs. They passed a bill in the House, but Democrat Harry Reid wouldn’t allow a vote in the Senate.
Contrary to your expressed statements, it is over-regulation that kills jobs in addition to government overspending. When employers have to spend more on the increase in their health insurance costs than on business expansion, something is terribly wrong. The Obama administration introduced 308 regulatory actions and, only recently, agreed to back off on one. Obama’s administration has admitted that they do not perform a cost-benefit analysis of proposed regulations.
Republicans want to cancel ObamaCare, Dodd-Frank, and Sarbanes-Oxley. Steven Forbes wrote that over 700 prosecutions have been launched since 2002 to address corporate crimes. But not one conviction was a result of Sarbox. Plus, Sarbox failed to prevent the massive accounting scandal at Fannie Mae. In its first year of implementation, Sarbox cost companies $35 billion in compliance costs. a joint study by Brookings and AEI totalled the direct- and indirect costs of Sarbox to be $1 trillion.
So if Obama’s so-called “jobs bill” which costs $450 billion is good for the economy, wouldn’t not costing the economy $1 trillion be an even better thing?
There’s your jobs bill….
Please get over this blame Obama for everything
September 15th, 2011
11:30 am
Some of these comments are absolutely ignorant and truly shows how much more we need to grow as a country. Are we really going to blame President Obama for the foolishness that continues to go on in America?!!! And yes you can still blame Bush for some of this mess…it took him 8 YEARS to screw up the economy; however, we expect massive changes in the 3 years that President Obama has been in office. Really? Come on people…I hope some day we can honestly say that race will not play a part in any of our opinions.
Art Thomas
September 15th, 2011
11:32 am
An additional comment I would include from my 8:02am post is the following. During the last 20 years as our nation has been invaded by illegal aliens with no thought of assimilating into our American mainstream, we are now faced with a multi lingual society with distinct priorities for each group white , black and hispanic. There is no cohesion in attitude ,values or lifestyle as is evident if you visit any middle or high school in Georgia. Without a united population what business would care to cater to self centered population like this country has become? The strength of a country can be guaged by its people and when it is polarized like now in America , decline will continue.
Look to cohesive giants such as India and China to lead the way for the rest of the century in job creation and innovation.
For Real
September 15th, 2011
11:34 am
FACTS:
Georgia Governors 2003 – 2011
George E. Purdue
Nathan Deal
Were are the jobs?
Ken
September 15th, 2011
11:37 am
Before you local liberals try to find some way to put fault in Georgia and shield our inept President, think about it. Has Georgia’s unemployment rate really “exceeded the national unemployment rate”? Does anyone really believe the 9.1 % national rate claim? Consider that the “new claims” have exceeded expectation most months, and the mass layoffs, and Obama’s “Jobs Czar” at GE moving thousands of jobs to China – and you still accept those numbers. Remember it’s the administration’s Labor Dept. that gives you those numbers!
While some of you would defend this foolish choice for President if he came out onto the White House lawn tomorrow and started shooting babies (to reduce the number of future unemployed, you might rationalize), you must recognize that all he’s done for three years, while so many were suffering, was give speeches! And because he can read a dramatic speech, written by someone else, from his teleprompter and use inflection reminiscent of the great Martin Luther King, you feel you have to follow him to the end of the Earth!? Accept, for the sake of our nation and our families, that this choice was a misguided one, and that your beloved Democrat Party set you up by playing on your heart strings, or on any racial guilt that they could conjure up. A foolish choice is a foolish choice, no matter the reasons, and can only be corrected after admitting it – and not doing it again!
Red
September 15th, 2011
11:53 am
Please, it is a little hypocritical for you to say “blame Bush” but then not hold Obama to any accounting. Part of Bush’s tenure was with a Democratic Congress – a quite impressive one in numbers mind you. And a reminder that Obama was also in that Congress.
Remember Obama came in with the “genius” team of economic advisors. They walked in the door with the plan to ensure unemployment would not even go beyond 8%. This group was supposedly the smartest of the smart as far as economics were concerned – one I would disagree with. Their plan did stop the bleeding – temporarily. But what it did was create a greater problem – it pushed problems down the road and created huge debt that is now damaging our credit and ability for investors to act on anything. Capital is is being hoarded because of continued uncertainty and the prospects of more regulation and added healthcare costs.
Obama is now scraping for anything to stick. He is out of ideas. All he is left with is recycling bridge building and road paving along with bribing businesses to hire by giving them tax credits. As a business I examine what my projected costs will be (factoring in healthcare, inflation in materials and gas, etc.) and look at the prospects of revenue coming in (none due to the public just not buying). I currently have no incentive to hire anyone based on costs alone. These tax credits are nowhere near enough to offset these costs and a lack of revenue. So at the end of the day, I do not hire.
So what it comes down to is that the “genius” team (all three left by the way) failed and Obama is left with nothing. The sad thing is that even Democrats on the Hill are jumping ship on Obama’s plan. Some are saying it is not enough and others say it does nothing at all. With his own party walking out, his plan to use this as bait to attack the GOP is all but failed. This walkout alone will be one more nail in the coffin.
Unless some major event happens, each day he gets closer to the unemployment line himself. Perhaps speaking fees and book tours can produce enough tax revenue to bail us out.
John
September 15th, 2011
12:00 pm
RGB
“When employers have to spend more on the increase in their health insurance costs than on business expansion, something is terribly wrong. ”
Health insurance costs have been increasing for years…this is not a new phenomenon created by Obama Cares which Republicans like to blame it on.
As far as overspending…are you including the wars Bush took us into that were not paid for? What about Medicare Part D passed by Republicans and signed by Bush that was not paid for? Notice in last weeks Republican debate, not a single one called for it’s repeal.
The Republican solution is undue everything Obama did and we’d be great…Neither Obama nor his policies caused the recession. Remember he inherited it.
As far as Sorbox, do some research…there have been some convictions. From Politico, Aug 2007…
The Department of Justice has been keeping track of corporate fraud convictions following President Bush’s creation of a corporate fraud task force five years ago, in the wake of the Enron, WorldCom and other headline frauds.
The tally is impressive: 1,236 total corporate fraud convictions, including 214 chief executives and presidents, 53 chief financial officers, 23 corporate counsels, and 129 vice presidents.
And that may be a conservative count. Kate Plourd, the legal-affairs writer at CFO.com reviewed the numbers and concludes today that the actual count of convicted corporate finance chiefs is 63. She writes:
The government’s list excludes the names of some well-known former finance chiefs who wound up in jail, including Enron’s Andrew Fastow, WorldCom’s Scott Sullivan, Tyco International’s Mark Swartz, and Rite-Aid’s Frank Bergonzi. Fastow’s and Sullivan’s cases, for example, were handled by the fraud team of the U.S. Attorney’s office, which is why they were not included on the list, according to the DoJ. Likewise, Swartz was prosecuted by Manhattan District Attorney Robert M. Morgenthau.
Still, the Justice Department’s list reads like a trip down memory lane:
Jeff Skilling, Andrew Fastow and Co. at Enron; Bernie Ebbers at WorldCom; Rigas pére et fils at Adelphia; Joseph Nacchio at Qwest; Walter Forbes and Kirk Shelton at Cendant; and Conrad Black at Hollinger International, among others.
Charges against these and others have included wire fraud, accounting fraud, securities fraud, insider trading, stock option backdating, market manipulation, obstruction of justice, false statements, money laundering, Foreign Corrupt Practices Act violations, and conspiracy.
In addition to putting miscreants in jail, the task force said it had recovered more than one billion dollars in fraud-related forfeitures in its first five years. It has distributed that money to the victims of corporate fraud.
Elliot Garcia
September 15th, 2011
12:31 pm
For Real…..it is the democrats that are out of work in this state….the “people” who voted for Obama….
george
September 15th, 2011
1:06 pm
Joblessness will continue and worsen through the rest of this decade. The Republicans and their corporate buddies have no intention of adding jobs in the US. They are anti-labor and anti-worker. They are destroying the middle class and middle management. They are intent on creating a banana republic kind of nation with a wealthy class in power and control and a huge poor population who work at their will for any salary, no health benefits, no pension. That is why US business has been moving jobs overseas and may continue to do so where labor is cheap. It is capitalism at its worse, everyman for himself and to hell with everyone else.
Ken
September 15th, 2011
1:21 pm
George, you have exactly backwards! It is Obama that is destroying the middle class and putting the rest into the already over 50% of loyal dependents removed from the federal tax roles. And he’s not going after the rich, like himself (due only to two fictional delusional books that he might not have even written himself) by attacking “wages” of the “millionaires and billionaires”, as they don’t realize their wealth through wages, but dividends, share, non-monetary exchanges, royalties, foreign trusts (like the Ted Kennedy’s that want to attack individual success in America) etc.
And it is Obama that is defending the underclass of ILLEGAL immigrants that take American jobs and undermine the very wage scale and unions that I’m sure that you idolize. One sidebar on that issue, is that even the liberal saint FDR never intended public workers to unionize, because they have no competition and can get whatever their lobbyists and crooked politicians can get them! What if the military unionized and refused to defend us unless they got more and more compensation and job security that only governmental employees get, over the citizens, and taken from the citizens?
Democratic Plantation Dweller
September 15th, 2011
1:29 pm
Obama be doing a wonderful job!
Elliot Garcia
September 15th, 2011
1:34 pm
The House is set to vote today on the Boeing bill that will bring 1,100 jobs to Charleston, despite the Obama administration’s attempt to block the move to protect his union cronies!!!
Soapy Johnson
September 15th, 2011
1:36 pm
How bad is it? The Chinese now using fortune cookies to further discourage Americans in these tough economic times … http://placeitonluckydan.com/2011/07/recession-fortune-cookies/
Michael Marr
September 15th, 2011
1:41 pm
What Obama policies? The Republican House has blocked everything since January 2011. And if we lose businesses to Third World countries, and you are upset about that, I guess that means you want workers earning $2 per day in Atlanta and living in a lean-to. No thanks.
Michael Marr
September 15th, 2011
1:47 pm
If Obama is responsible for the Georgia jobless rate I guess that also means he is responsible for Rick Perry’s employment rates in Texas. Right?
Michael Marr
September 15th, 2011
1:50 pm
Evidently the greatest, capitalist country in the history of mankind was founded on January 19, 2009 and Obama has been dragging it into communism and utter decay since January 20, 2009. Sometimes ancient writings are found showing how something called “Democrats” also destroyed some other country named the “USA” prior to 2009.
Carl J.
September 15th, 2011
1:56 pm
To Michael Marr
September 15th, 2011
1:47 pm
So…who is responsible…Obama or Perry?
Road Scholar
September 15th, 2011
2:11 pm
I have asked this question before but no one responded: If the regulations on business and environmental damages are removed, does anyone support the death penalty for companies, particularly the CEO, COO, CFO, and board, if they do harm to the American people or economy? That is the only way to get businesses addressing their commitment to our society, that is w/o regs.
For those who say the unemployment rate in the US is over the 9.2% reported, does that mean the unemployment rate for Georgia is over 10.3% by a like %? Now, who has been in charge of Georgia for the past 9 years?
If we shrink government, where will all those unemployed people work? How do we replace their taxes paid?
Where is the Republican bill on immigration? Study the tax code Boehmer? I wouldn’t let you wash my car!
SoldierMike
September 15th, 2011
3:44 pm
@ Red September 15th, 2011 10:21 am
Wow, Red. I didn’t see your comment until just now. Trust me, I understand economics quite well. At least that’s what the degrees in my file cabinet at home suggests – especially the one that has “MBA” on it. Anway, all I will say without initiating a “I’m right, you’re wrong” kind of debate is that no matter who is in the White House, there is no magic bullet to fix what’s going on. If someone already has a great idea to fix everything right now, why wait until election time to share ideas that will help everybody? Why not? It’s because they are looking out for themselves and their own families and could give less than a hoot about yours. I get it. Do you?
SoldierMike
September 15th, 2011
3:50 pm
@ Red September 15th, 2011 10:21 am
BTW, I do respect your viewpoint. No intent here on ruffling feathers – just sharing a view point. Have a good one.
Elliot Garcia
September 15th, 2011
3:50 pm
I wish you would all stop apologizing for Obama and just admit that he is in over his head….Obama doesn’t want you to get a job….he wants the government to take care of you….
John
September 15th, 2011
4:26 pm
Elliot Garcia
Unlike Republicans who want us all to die if we get sick and don’t have health insurance. Wait, Ron Paul had the solution…Churches are going to pay all our medical bills.
Elliot Garcia
September 15th, 2011
4:43 pm
Nothing in life is free John, and the sooner that you can accept it the better off you will be….If Obamacare is so great, then why are there over 300 exemptions including most of Obama’s unions??
SDB Evening News Reads for 091511: Attack and Plead and Hope « Sky Dancing
September 15th, 2011
5:00 pm
[...] the Obama Administration..but they aren’t listening to any advice from the left anyway… Georgia jobless rate hits highest level in 6 months | The Biz Beat Georgia’s unemployment rate hit its highest level in six months, rising to 10.2 percent in August [...]
gm
September 15th, 2011
5:30 pm
Ok all you idiots on the right answer this question, Why is Mont,Mn, Ks, Co,Ok, and 15 other states unemployment averaging under 7% ?
Oh, I know why, Obama is not the President in those states: The day you stop voting for these self service sorry Rep in this hick state who only cares about UGA wining football games and maybe go out and bring Companies in this state justmay be we could be like the rest of the states, Oh I forgot Obama been President for the last 10 years.
Politics is local.....
September 15th, 2011
5:47 pm
@ gm…EXACTLY………yep, the hicks blame Obama for EVERYTHING and then go worship at the altar of Bulldog………what a waste of human flesh.
Rick in Grayson
September 15th, 2011
5:58 pm
The comments of Art Thomas, Buzz G., Homer, and Ken have covered everything I can think of.
4 more years!!!!
September 15th, 2011
9:09 pm
crooks like Perry or romney can’t beat obama. Obama needs more time to get his jobs program in place. The tea party has caused all these economic problems that obama is cleaning up! 4 more years is needed!!!!
Georgia’s unemployment rate up in August
September 15th, 2011
11:00 pm
[...] is at a six-month high: Georgia’s unemployment rate hit its highest level in six months, rising to 10.2 percent in [...]
Bob Walters
September 16th, 2011
12:04 am
The ways to reduce unemployment quickly in the US:
1. Deport ALL illegal aliens. Nearly 5% of the workforce is comprised of illegal immigrants. That knocks of 5% of the unemployment rate right there.
2. Repeal minimum wage laws. Let the market determine what wage someone will work for.
3. Repeal the National Labor Relations Act. End Federal protection of organized labor.
4. End unemployment compensation. It is a disincentive to work.
5. Impose an unemployment penalty tax. If someone if unemployed, not in school, not disabled or retired, and has a net wealth below $250,000.00, tax them. Just watch how fast the unemployment rate will go down.
6. Eliminate all corporate income taxes.
7. Turn the tax code on its head. Reduce tax rates as incomes grow. This provides an incentive to work harder. Wage earners making over $500,000.00/yr should pay NO taxes… notta!!
8. Eliminate public assistance programs. Any government assistance only fosters a culture of dependence. Encourage personal responsibility and self-respect.
Did I hear someone say it’s Herman Time! Tea Party 2012.
We need jobs!!!!!!!!!!!!!!!!
September 16th, 2011
3:48 am
In many ways, I’ve been frustrated by Obama. He never seems to fight for what he says are his convictions. But, on his jobs proposal, he’s right and he is fighting for it.
We need a jobs program! Once people are back to work, they will start buying things again. Once they buy things, demand for goods and services will rise. Once demand increases, companies will hire more people to produce those goods and services. While this virtuous cycle is operating, tax revenues increase and our defecit disappears.
Georgia jobless rate hits highest level in 6 months | Leveraging Chaos
September 21st, 2011
8:08 am
[...] Georgia jobless rate hits highest level in 6 months. [...]