Our economy is continuing the downward spiral and fast. The scholarly academics who surround President Obama have accomplished very little other than sabotaging the private sector and expanding government jobs that we pay for in precious tax dollars. America now has virtually no advisors in Obama’s administration who have experience or success in the private sector. We are reaping the whirlwind sown by people who have spent a lifetime dealing in hypotheticals.
The Bureau of Labor issued new job numbers today:
Nonfarm payroll employment was essentially unchanged in
November (+39,000), and the unemployment rate edged up to 9.8
percent. The jobless rate had been 9.6 percent in each of the
prior 3 months.
Here is an excerpt from my blog post on August 12th, Economic Recovery and the Screeching Halt:
To clarify recent Statistics from the Labor Department: 41,000 jobs were added in the private sector in May. However, as Robert Reich, professor of public policy at University of Cal- Berkeley points out in his article, Why We’re Descending into a Double-Dip Recession, “at least 100,000 new jobs are needed every month just to keep up with population growth.”
Currently, Robert Reich’s statistic is holding true. Unlike in May, the past month saw only 39,000 jobs added which is nowhere near enough to have a positive impact on the unemployment rate.
Will this new number have ANY impact on the Obama administration and its policies or its stance on extending the Bush tax rates? According to Senator Jon Kyl last night, the Congress must go through the process of 2 more “symbolic” votes on tax rates for the middle class only- simply an exercise in futility and wrongheadedness. Then, perhaps by Christmas Eve, we will finally witness an authentic vote on the tax rate that is set to expire at the end of the year. The bottom line is, then, that crippling uncertainty will continue, and our nation’s fiscal health and stagnate growth will continue its devastating path leaving Americans with joblessness and the characteristic HIGH unemployment rate that consistently accompanies liberal policies.