Unemployment In Barack Obama's Economy - The Masters Of Disaster
President Obama addresses the need to reduce the nation’s deficit while creating jobs across the country and wishes Americans a happy Fourth of July.
Unemployment In Barack Obama's Economy - The Masters Of Disaster
Today, the government's reporting of the June 2011 unemployment numbers came out. As always, the mainstream media, who blatantly support our current political leadership, reports these numbers out as ... unexpected, well below economists' expectations, a continuing "soft patch", and a disappointing downturn.
The fact of the matter is that this jobs report of only 18,000 new jobs created in an economy where just to keep up with population increases needs to add 150,000 per month and to start to recover back to the levels of unemployment set to before this economic downturn (and get it back within five years) of 350,000 jobs in the private sector per month. Of course the government constantly under reports these numbers so it could be less than the 18,000. The growth of 54,000 jobs previously reported for May 2011 was revised down today to just 25,000. Using this habit of softening the ugly blow of FAILURE through under-reporting, the numbers released today may be revised even more downward to about 8,500 or so.
In the first ever Twitter Town Hall at the White House, President Obama answers your questions (of 140 characters or less) on jobs and the economy and asks for your feedback on reducing the deficit. Image Credit: whitehouse.gov
This excerpted and edited from The Los Angeles Times -
Dismal jobs report shows unemployment rising to 9.2%
July 8, 2011 | 6:19 am
The U.S. employment picture went from bad to ugly last month as employers added almost no new net jobs and the unemployment rate edged up for the third straight month, to 9.2%.
The report Friday from the Labor Department is sure to be a huge disappointment and will raise fresh questions about the sustainability of the recovery, now technically starting its third year.
Analysts had raised their job-growth forecasts for June to 100,000 or more in recent days, hopeful of a rebound after surprisingly few job gains in May, which many attributed to temporary factors such as Japan's earthquake and the spike in oil prices.
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The unemployment rate, meanwhile, ticked up to 9.2 from 9.1% in the previous month and this year’s low of 8.8% in March. Many thousands of people in June dropped out of the labor force, some presumably because of the discouraging outlook.
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