
New figures that were released Friday showed that last month the Nation's unemployment rate has risen to 9.8%! To give you a better idea, that's 15.1 million Americans that are without a job! This is the highest unemployment rate the Nation has seen in 26 years.
Meanwhile in the State of Florida, the unemployment rate has spiked to 10.7% and could possible rise when the new figures are released in the middle of the month.
According to the Institute for Economic Competitiveness based out of the University of Central Florida, the unemployment rate in Florida is expected to hit 11.1% by 2012; Miami, alone has already hit that point. This continued loss of jobs has made any talks of economic recovery seem unrealistic. Although we are seeing positive changes in the real estate market, many economists believe that they are only short term.
The Obama Administration has created many programs that have influenced the economic recovery. Programs such as the first time homebuyer’s tax credit, cash for clunkers and the increase of minimum-wage have all been driving forces for holding up the economy. What happens when all this assistance runs dry?
According to Chris Lafakis, an economist with Moody's Economy.com, “The worry is that when we get to 2010 and beyond that, when this assistance runs out, the economy won’t be able to sustain itself." Leading many to believe that there will be an economic relapse with the absence of government funds.