Politics from the Palouse to Puget Sound

Tuesday, October 19, 2010

636,840 Unemployed

Washington State’s Economy in the Tank!

In a stunning report today the Washington State Department of Employment Security is reporting that the number of people collecting unemployment benefits increased slightly over August in September to 319,400 folks. That is the 9% number, the number of people who are unemployed in Washington State is at 18% according to the US Department of Labor and that adds up to 636,840 devastated citizens in this state. The unpleasant number was about 6,000 or the number of people who left the workforce and have given up trying to find a job here in the Obama era. Hit hardest is Aaron Reardon’s economy in Snohomish County where the unemployment rate remains at 19% and the percentage of the workforce collecting unemployment benefits still stands at 9.6%.

On the home foreclosure front RealtyTrac is reporting that year to date some 24,724 homes have been foreclosed on since the first of the year in just King, Snohomish and Pierce Counties. Unfortunately the trend is about to go into high gear now that Bank of America and GMAC have decided that they will suspend their foreclosure freezes. I also understand that Chase is also going to resume their foreclosures (mostly a backlog of WAMU loans!). The glut of homes on the market absolutely grantees that the housing market in this state will remain in the tank for at least 5 years with little or no home construction.

Equally devastating was the news this week that industrial production in the US was down dramatically. In Washington State I understand that industrial production was down right about at the national average in September. This was the first decline since June and the sharpest decline in decades. Not good news for the future.

On the Obama death care front, Boeing announced yesterday that they were substantially increasing the costs to some 90,000 non union employees of their healthcare costs. The primary reason was Obama’s healthcare package that may end up bankrupting the United States.

I remind everyone reading this that in this upcoming election there is only one issue and that is the ECONOMY! “It’s the economy, stupid” was what James Carville told Clinton during the 1992 campaign.

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