A Murderer's Row for the US economy
Photo: UK Daily Mail
President Obama doesn't dither on economic policy. While he has consistently delayed decisions on the war in Afghanistan and foreign policy in general, the president has moved right ahead with a number of bold socialist programs designed to save the US economy - including the stimulus plan, Cash For Clunkers and the Making Home Affordable program.
And those programs are failing:
Employers cut another 85,000 jobs last month, dashing hopes of a turnaround in employment, even as the U.S. economy grows.
With December's losses, there were 7.2 million fewer jobs than in December 2007, when the recession began. Although the unemployment rate was unchanged at 10% from November, that's only because many workers stopped looking for work and weren't counted in the numbers. A broader measure of unemployment, including those who have quit job hunting as well as those working part time because they can't find full-time work, remained about the same at 17.3% in December from 17.2% in November.Source: Wall Street Journal
It should be noted that although the unemployment rate is stuck at 10% it should not be taken as a sign of a stagnant economy. In fact, the economy is still sinking like a stone:
As has been the case for the past 6 months of unemployment rates, the rate is being suppressed by the number of people who have completely left the job market. In this case, the actual number of jobs is a better measure of how we’re doing:
Source: Innocent Bystanders via Hot Air
