Jobless Rate Has Not Yet Peaked

[Adam D]

Snow Says Jobless Rate Has Not Yet Peaked


NEW YORK (Reuters) - Treasury Secretary John Snow said on Tuesday the U.S. unemployment rate is "unacceptably high" and may rise further before improving later this year.

Speaking at a conference sponsored by Money magazine, Snow said an expected pickup in economic growth in the second half should soften current high rates of joblessness.


"Unemployment is unacceptably high at 6.1 percent (in May) but it could well rise to 6.2 or 6.3 percent before the higher growth rates begin to bring it down," Snow cautioned.


In prepared remarks, Snow said recovery prospects "are looking better and better," then answering questions, he played down worries about the lofty U.S. trade deficit with the rest of the world.


"The current account deficit is something to be monitored for sure but nothing to be alarmed about," Snow said. The current account is the broadest measure of U.S. trade because it includes both goods and flows of capital.


He acknowledged that finance ministers from other nations have raised the U.S. trade deficit -- now approaching 5 percent of the value of total gross domestic product -- as a worry but said he has a ready response.


When asked about it, Snow said, "I suggest to them how much less do you want to sell to us," since a higher U.S. deficit reflects the fact that other nations are exporting heavily into the U.S. market.


He repeated that, in the wake of reported irregularities in accounting at Freddie Mac (NYSE:FRE - news), the No. 2 U.S. mortgage finance provider, and the removal of several of its top officers, it appeared such government-sponsored enterprises needed tougher regulation.


"It's an issue that needs to be looked at," Snow said. "We have been consistent in terms that the GSEs should be subject to greater transparency ... and oversight."

[Adam D]

Or to actually put effort into stimulating job growth and stiffle multinational corporations' ability to crap all over other nations and leave US workers jobless.

[Adam D]

I've yet to see Republicans do anything other than open the door for corporations to move operations to other nations.

[Adam D]

I forgot the republicans hate the chinese. Instead they open the doors in our "backyard".

[bfp]

Clinton opened the door to trade with China, as a direct result more corperations have moved their manufacturing overseas since Clinton opened that door than at any other point in history. Now that the flood gates are open its going to take a few more years of Republicans in power to plug up the trade holes and restablish the US as a self sufficient nation.

Clinton was more worried about the poor starving people in asia and providing them with jobs, than the economic security of our own nation. as a result of his actions jobs are going to continue to go overseas untill we can end all of his trade relations with the communist countries.

Amen. clinton sold out the american people. and the sad thing is the spin coming from the left in the media will not admit it. clinton wanted to turn our military over to the united nations. he had a plan to add a global tax to everything in our free market. he wanted to shatter our constitution in the name of political correctness and influence the United Nations charter onto the american people. he wanted to turn the united states into a multi-cultural mess using the aclu to turn everything that the united states stands for into what other nations stand for. we were soon to be a new 3rd reich. a world order under the united nations. the united states would have been a closed chapter in newly printed history books. but you dont see that!

[Adam D]

Because that's all propagandistic bullshit. Please, please prove a word of that.

[bfp]

Because that's all propagandistic bullshit. Please, please prove a word of that.

bilderberg group/labor party(uk)/european union/DNC/united nations/clinton = new world order


do some research

[Adam D]

Bush + neoconservatives = new world order

[Clover]

Originally posted by bfp
bilderberg group/labor party(uk)/european union/DNC/united nations/clinton = new world order


do some research

I thought your were challenged to prove it. A bunch of works and "do some research" doesn't really seem like you know what the hell your talking about. Why don't you try citing sources?

Originally posted by E-brake
Clinton opened the door to trade with China, as a direct result more corperations have moved their manufacturing overseas since Clinton opened that door than at any other point in history. Now that the flood gates are open its going to take a few more years of Republicans in power to plug up the trade holes and restablish the US as a self sufficient nation.

Clinton was more worried about the poor starving people in asia and providing them with jobs, than the economic security of our own nation. as a result of his actions jobs are going to continue to go overseas untill we can end all of his trade relations with the communist countries.

as oposed to reagan and bush sr. moving all the work to mexico?

interesting..

[Joseph V]

i was reading in the paper that bush is on the hunt for money... campaign money..

in the next two weeks, he is going to raise 20 million for his "cause".. and its been reported that he could and probably will raise up to 200 million..


money being wasted..

[bfp]

I thought your were challenged to prove it. A bunch of works and "do some research" doesn't really seem like you know what the hell your talking about. Why don't you try citing sources?

go to yahoo.com and type in bilderberg group. you will get hundreds of links.

[bfp]

Type in holocaust hoax and you'll get double that. The New World Order you so fear was initiated by Daddy and Junior is just carrying out the enslavement process.......you're happy with it, so it does benefit the challenged of society

please thats horse shit. you want to talk about the enslavement process look to the united nations. they want to put a "global tax" on everything from guns to toilet paper. and i didnt say i was happy with the bush admin did i? idiot.

[bfp]

Being the expert as you shovel it for a living, one might be tempted to defer to experience, but not in this case. The smell must be the explanation for such social isolation.

hey i cant help it that im right.

[bfp]

and again with the antics.