Morning Bell: Jobs, Unemployment Stuck
Source: blog.heritage.org - Friday, July 06, 2012
Today’s jobs report is a broken record, with the unemployment rate stuck at 8.2 percent. The Department of Labor reports that only 80,000 jobs were added in June—consistent with other data revealing the economy has downshifted from slow to slower. This picture is starkly different from the economy President Obama promised of a strong recovery and millions of “saved or created” jobs a few years ago. In 2009, the President promised that his “recovery plan” composed almost entirely of government spending was the only way to stave off rising unemployment. The White House even drafted a chart showing projected unemployment with the economic stimulus plan and without it—to scare lawmakers into voting for it. According to their projections, by now, unemployment should be at 5.5 percent. Instead, of course, it’s 8.2 percent—and has been above 8 percent for 41 straight months. This jobs drought is the result of counterproductive policies, many of which could be reversed immediately. But in the meantime, employers aren’t hiring because they are suffering from prolonged uncertainty, as economists readily admit. “When we get an increase in general uncertainty, employers tend to postpone investment and hiring decisions,” Michael Gapen, senior U.S. economist with Barclays, told CNNMoney . That uncertainty, which is now made worse by the impending implementation of Obamacare, the economic meltdown in Europe, and slower growth in Asia, stems priVideo: Obama-Biden Hypocrisy on Debt
Source: marathonpundit.blogspot.com - Thursday, July 05, 2012
Four years ago on the campaign trail, Joe Biden slammed the Republicans for driving the national debt up to $8 billion. It's now $15 billion. Technorati tags: Democrats Biden news Joe Biden politics Biden news america usa elections 2012 "Say It Aint So Joe Coffee Mug"
