Thanks to Republicans (again), try subsisting on vitamins for the next few weeks

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A weekly round-up of hopeless economy news. Make sure to take your vitamins!

  • Until some kind of bipartisan magic overcomes the Senate, 1.6 million jobless Americans will lose benefits if an extension is not passed by the July Fourth holiday. This is bleak news given that 46 percent of the nation’s 15 million jobless workers have been unemployed for more than six months — a higher level than at any time since the government began keeping track in 1948.[NYT]
  • The student loan default rate continues to rise along with the unemployment rate, according to the latest figures released by the Department of Education. Preliminary data for the student loan default rate in 2008 was 7.2 percent, up from 6.7 percent in 2007 and 5.2 percent in 2006, putting it at the highest level since 1999. [Medill Reports]
  • According the Chamber of Commerce, the United States needs to create 20 million jobs during the next decade if it wants to replace jobs lost during the recent recession and provide employment for a growing population. [Forbes]
  • A new study of entrepreneurship suggests that the unemployed are quite industrious, helping spur the pace of new-business startups to a record level in 2009. the nonprofit Kauffman Foundation shows that the pace of new-business creation last year was the highest since the index began 14 years ago.  [USNews]
  • But Robert B. Reich argues that most of these new “entrepreneurs” are really just laid-off people forced to freelance or become “self-employed” in tax terms. [NYT]
  • Crime in the United States dropped dramatically in 2009, bucking a historical trend that links rising crime rates to economic woes. Property crimes and violent offenses each declined about 5 percent, the FBI said Monday, citing reports from law enforcement coast to coast. [Note to the AP: This is nothing new]
  • This is a tenuous period for some longtime NFL veterans who may have only a short time — or perhaps no time — left in the game. Over the past five years, there has been an average of roughly two dozen veterans who didn’t officially retire but were instead retired by the NFL because they couldn’t find jobs. This year is probably more of the same. [ESPN]
  • Some companies are ignoring all unemployed applicants. [HuffPo]
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3 thoughts on “Thanks to Republicans (again), try subsisting on vitamins for the next few weeks

  1. I laughed because I actually did buy some vitamins last week…sometimes things are so crazy you laugh to keep from crying…then later you cry.

  2. Hopefully, this means more of the budget is going toward jobs-creation. The Obama administration doesn’t seem to understand that people want jobs, not endless unemployment benefits. The only long-term solution to unemployment is creating more jobs.

  3. my mom’s care packages always include gummy vitamins. thank goodness, because i probably would have been dead by now otherwise.

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