Unemployment is pretty high these days

Unemployment is now at 6.7%, up from the once much lower 4.7% we enjoyed last year. That means that another 1.9 million Americans have lost their jobs since last year bringing us to grand total of 10.3 million out of work. This does not mean that we are nearing the great depression as some news stations might subtly hint at (MSNBC), where unemployment was at an astonishing 25%, but it does mean that we are looking at a pretty long recession. Before the the new report was released this month from the BLS, some economists had predicted that we may begin to see some small growth in our economy as early as next year. Now, economists from Moody's are suggesting that we might have to wait until the Spring of 2010 before we see a rebound, and when unemployment may hit 10%. I'm very curious to see what the new incoming administration will do to remedy this situation. I don't see how President-elect Obama would still want to raise taxes (capital gains, payroll, etc.) in this kind of environment. That leaves GOV with less money for handouts, and I'm very anxious to see which programs he decides to keep and which of his programs he cuts out.