Is this what recovery looks like?
Overall, the economy lost a net total of 131,000 jobs last month, as 143,000 temporary census jobs ended.
This jobs report is just another whole in the dike for the Obama Administration as the tidal wave continues to build.
Perhaps, by the time we reach the end of this, we can all agree that John Maynard Keynes was wrong, he’s dead, and he and his kooky economic theories need to be left to rest.
The only reason they can claim 9.5% is because millions of people have given up and taken early retirement or just quit looking. So the democrats don’t count them as being unemployed. Neat trick. You destroy millions of jobs and then declare that those jobs were not really jobs and, voila, you suddenly have low unemployment numbers like 9.5%.
In reality unemployment is more like 16% and in places like Detroit it is over 40%. Anywhere democrats have had control for a couple of decades there is high unemployment and record numbers on welfare. Why people keep sending up democrats when the democrats always fail miserably to solve any problem is really baffling. I blame the schools. If they were doing their jobs and educating people instead of indoctrinating them then people would never stand for the idiotic policies of ‘spend your way to prosperity’
Certain Northern counties in CA are approaching 25-30% unemployment. In some small towns the largest employer is Safeway.
Obama-Geithner – economic geniuses
So what’s the surprise. We said Obama was a suit; an INEXPERIENCED suit. After all of the consultant to Obama have their say, it is Obama who has to decide and balance the issues and determine the path. Problem: Obama is neither experienced NOR is he a leader.
So what’s the surprise. Nothing will be forthcoming from Obama. Only hope is that we can change the president for someone who knows what the f&#k to do.
Has anyone seen Obama’s long form birth certificate yet?
@AdrianS
I take issue with your stated opinion that the reasoning behind much of the legislation and actions coming from Obama is due to inexperience. He is inexperienced, of that, I have no doubt. What I’ve seen though is the pushing of a liberal/progressive agenda designed to force government more and more into one’s life, and I see it as coming from someone who really believes that is how America should be. So, no, it’s not inexperience, but outright disdain and disregard for our Constitution, and what America was founded upon that is the driving force behind everything he does. It is also a metaphorical middle finger to the American people in general that seems to be behind it as well.
I’m not making the assumption that Obama and his admin are looking to help the economy/jobs market improve…The longer this drags on and the worse it gets, the more some people will turn to big daddy gov’t to save them….
Which is the way he wants it, well he gets it….
(Yeah I like the movie Cool Hand Luke)
Look to history. He is a fan of FDR. And we will see him push that large government agenda.
Hey, not a bad rate for, now, The Banana Republic of North America.
U.S. corporate profits hit $1.37 trillion in the first quarter of 2010—an all-time high.
http://www.newsweek.com/2010/08/07/slow-to-spend.html
Yep, those US corporations are doing everything they can to record as much profit as they can this year because next year’s tax rates will be higher.
@Greg 8
Yep, and they will continue to sit on that cash, instead of hireing, because they have NO idea of what hireing someone right now will end up costing them.
Uncertainty is killing any recovery… and that uncertainty is caused DIRECTLY by this Congress, and Administration.
When they throw out the rule of law, and choose winners and losers in banks, or the auto industry… or who they will subsidize… you cannot make any coherent risk/reward calculation for your business.
Great post.