Say it with me boys and girls,
“It happened on Obama’s watch”
WASHINGTON (AP) — The economy shrank at a worse-than-expected 6.1 percent pace at the start of this year as sharp cutbacks by businesses and the biggest drop in U.S. exports in 40 years overwhelmed a rebound in consumer spending.
The Commerce Department’s report, released Wednesday, dashed hopes that the recession’s grip on the country loosened in the first quarter. Economists surveyed by Thomson Reuters expected a 5 percent annualized decline.
The Labor Department on Wednesday said that all 372 metropolitan areas tracked saw their jobless rates rise in March from a year earlier. The rate in Indiana’s Elkhart-Goshen region soared to 18.8 percent, a 13 percentage-point increase that was the most in the country.
The national jobless rate is now at a quarter-century high of 8.5 percent and is expected to hit 10 percent by the end of this year. It will probably rise a bit higher in early 2010 before starting to slowly drift downward. Still, the Fed predicts unemployment will stay elevated into 2011, and economists don’t think it will return to normal — around a 5 percent jobless rate — until 2013.
Help me out here….
6-7million Americans out of work
Obama and Democrats’ pseudo-“stimulus” plan is sold as a way to “save or create” 2-3 million jobs.
Now, my math might not be as good as theirs, but that seems to leave juuuuust a little shortfall. No?
Also, how does killing the F-22 program (thereby killing another 100000 Lockheed jobs) and allowing GM & Chrysler to sink HELP the economy?