After trillions of dollars in government bailouts, freshly-minted greenbacks, interest rate cuts and assorted other federal interventionist efforts, the U.S. economy is still shedding jobs at a record clip.
According to statistics released today by the U.S. Department of Labor, 633,000 jobs were cut in March – which puts the national unemployment rate at 8.5%.
That’s the highest it’s been in 26 years.
Making matters worse, January’s unemployment figures were revised upward today to a whopping 741,000.
All told, the U.S. economy has lost nearly 4 million jobs in the last five months alone, and on top of that employers are also shedding hours to save additional money.
As a result, the U.S. work week is down to just 33.2 hours.
Of course, our leaders in Washington will no doubt use this data to push for … you guessed it … more bailouts, more money-printing and more government intervention.
You know, since that plan is working out so well …
