U.S. unemployment reached 9.5 percent in June, a 26-year high, according to the Labor Department, and Barack Obama is "deeply concerned."He should be. He promised unemployment would top at 8 percent and start to decline if Congress agreed to his massive spending proposals. Just another in a string of broken promise by Obama.
Employers slashed 467,000 jobs in June, obviously not getting the memo from Obama and his sycophants in the media that things are turning around.
From The Associated Press:
Many economists predict the jobless rate will hit 10 percent this year, and keep rising into next year, before falling back.Some 3 million jobs have been lost since Obama took office.
All told, 14.7 million people were unemployed in June.
If laid-off workers who have given up looking for new jobs or have settled for part-time work are included, the unemployment rate would have been 16.5 percent in June, the highest on records dating to 1994.
Since the recession began in December 2007, the economy has lost a net total of 6.5 million jobs.
The $1 trillion "stimulus" bill he signed in February to put Americans back to work has been a total failure.
His nationalization of banks, insurance companies and auto manufacturers has done little to restore faith in the U.S. economy.
His $1.9 trillion energy tax (cap and trade) will kill tens of thousands more U.S. jobs.
And then you have Obamacare, the government-run health system that will add trillions of dollars in debt.
1 comment:
The misguided $700B+ "stimulus" legislation has already crapped out: these figures are far worse than the ones the White House warned us about if we DIDN'T pass the bill- but it was passed, and still unemployment soars?
Instead of creating jobs, interest rates were bumped up, the dollar slid... and it didn't help anybody get any work. Much of this is due to the fact that Obama's agenda has mortified almost every machine of job-and-growth creation in the country. The Democrats had to insist and tax-n-spend, rather than a tax holiday for six months... can you imagine how things would be doing with a $700B tax cut instead?
And the One couldn't deliver the type of "temporary, targeted, and timely" bill that he promised for weeks. Irregardless of his beautified image in the press, Obama lacks the the political stature to control Pelosi and Reid... who hit the trough hard, while bickering like siblings.
But the lack of GOP co-conspirators exposed Obama politically... this legislation now looks to be a huge gamble. And when all this pork-n-welfare fails to generate any real economic gains... the Democrats could face a bloodbath in 2010.
One could make the argument that Obama knows his legacy will be in tatters by 2012, and could care less how much damage his radical programs do to the economy.... and is ramming through as much of his far-left agenda as he can before the day comes when people cringe at the mere mention of his name
Sure seems like it.
http://reaganiterepublicanresistance.blogspot.com
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