Double-Digit Unemployment

" Jobless rate now hitting ten point 2% that is more than double. In less than two years and rising one point 3% in just the last six months those numbers. Are bad enough folks but they don't take into account the under employed those are the people who are only working part time because they just simply. Couldn't find full time worker those who wanted jobs because will be became too discouraged to look. And when you add all of that together you get seventeen and a half percent roughly 16 of all Americans in need of work. Could it get worse joining us now Patricia Powell founder and CEO -- financial group. But there's a thank you so much for talking to us. Wow it -- the unemployment rate going to go even higher we were fearing the 10% mark. But for some in some states specifically those that suffered the worst from the housing bubble like California -- Arizona. They could potentially be -- 20%."

" These numbers are absolutely huge Julie. You talking about 26. Million individuals in those numbers. And that doesn't even count how many families were talking about so you're absolutely right that. Almost all economists. Thought that these numbers could go over 10% right and we're here. The last time we were over 10% was back in the early 80s8283. And once we got there we were there for ten months. -- and that and that's the entire post World War II period we never had another 10% theory so. This is very serious this is a jobless recovery everyone is worried that this is going to continue and well into next year. Except of course for some political people."

" All right yeah. You know won't name any names Sony here what these numbers mean for possibly trying to get our economy back on track."

" It's really tough. -- jobless recovery. It makes it makes it extremely difficult. And we've done everything wrong they can possibly think up. By extending unemployment benefits you think you're helping people. But what you're actually doing in many cases he's taking. People are unemployed and making them unemployable lull as they get further and further away from the skills and their training and -- out of work so much so much longer. -- make -- they say an anti business climate going on in Washington. Everyone knows that business is business leaders know that they're gonna end up paying a lot of these bills they're still really reluctant to expand their their employment. And on top of missile the one good numbers that came out was that labor productivity would -- nine point 5% in the third quarter. Those people have just you know there wasn't pretty darn hard to keep them. And that's what's been helping move the economy forward that there's no I don't see anything on the horizon it's going to help movie movie employment numbers in the right direction."

" I mean let's look at the slave labor productivity is up and people working harder about being mean that that businesses will do better and therefore they will make more money in their four they can hire more people and then be. Unemployment rate goes down as a means little launching --"

" That could happen okay. The other thing that could happen is businesses could say you know what we got rid of so many people are productivity went up with got the job done with 10000 plus employees. Great we're gonna keep going this way. So -- and particularly when you have all of these proposals that keep putting things on the backs of business this past week you had congress talking about -- and dating. Paid sick leave. If you have the possibility of an 8% business tax to pay for this for this health care of it there bill so how does -- business move forward this uncertainty is killing jobs. So that right now is anything more important to the economy than getting people back to work. I don't think so now I I think anything that they could do it and give it did not on the right track. I mean -- if you're looking for things that that congress could sue what do you think they can do is give a two year moratorium on payroll taxes. If you hire a new worker we're gonna give -- two year moratorium. That would give you two years to make that worker productive have to train them get them in line and -- is now on the economy should be fine. But right now they're going in the exact opposite direction and looking at putting more and more onerous taxes. On people add on businesses and in particular we're talking."

" Payroll taxes. All right Patricia Powell thank you very very much for talking to the economy. Yes naturally has will get through it now we'll get through it I would you we -- from Patricia thank you rent so far."