National Job Picture Worsens
So much for the light at the end of the tunnel …
The U.S. job market unexpectedly deteriorated in June as employers shed nearly half a million jobs – the first uptick in job losses in four months and a sign that the American economy is still far from being on the rebound.
According to data released today by the Labor Department, last month saw a net loss of 467,000 jobs – 100,000 more than than economists had predicted.
Nationally, the unemployment rate currently stands at 9.5% – a 26-year high. That figure is also well above what the administration of U.S President Barack Obama predicted during the debate earlier this year over the massive $787 billion “bureaucratic bailout.”
The U.S. economy has shed 3.4 million jobs through the first half of 2009, and 6.5 million jobs over the last eighteen months.
In worse news, America’s “underemployment rate” – which counts the unemployed as well as part-time workers and people who have given up looking for full-time work – stands at 16.5% nationally, also a record high.
Comments
By Eric on July 2nd, 2009 at 12:27 pm
The bailout/stimulus wasn’t big enough. That’s why unemployment isn’t getting better
By roofus on July 2nd, 2009 at 1:03 pm
Get used to headlines like this! Obama’s government stimulus plan is workin!
By cerius on July 2nd, 2009 at 1:24 pm
Way to go–B.O.!!
By Rick on July 2nd, 2009 at 1:36 pm
Wait a minute Eric….its all rainbows and butterflys out here. Why I no longer need to worry about my gas bill or making a mortgage payment. I’d say throw more money about, after all thats what any sane person does with their credit card isn’t it? Charge it…..Yehawwwwwwwwwwwwww change we can believe in. Just remember, if you’re out of work, have no money, need a place to stay, need help…The local DNC office will gladly point you in the direction of their believers homes so you can move in with them….uh, well they’ll at least feed you…uh, well don’t worry, Obama has you’re back.
By James the Foot Soldier on July 2nd, 2009 at 5:21 pm
“The job market unexpectedly deteriorated”.
Why is this termed “unexpected”?
It’s going to get even worse as guv’ments at all levels are shedding jobs for the first time in decades – even WITH the stimulus cash influx!
The big wave of gov’ment job losses will hit in July as many state’s teachers were working through mid-June only to get the pink slip.
The only thing up in the air in all this is the month that South Carolina budget leaders will convene a news conference to announce “mid-year” budget cuts. Put my dollar on October.
By boyd on July 2nd, 2009 at 10:27 pm
Dear President O,
Congratulations! You decisively destroyed another half a million private sector jobs last month! The annihilation of American capitalism continues unabatedly. Let’s escalate the assault by passing cap and trade legislation. We all know that cap and trade destroyed California’s economy, so it’s critical that you expend all of your “politcal capital” to insure that it passes the Senate.
Al Gore and I have many, many billions yet to extort from the American private sector. With your dutiful assistance, America will soon be a third world economy, and capitalism will heave its final death throttle.
Now that the government owns the banks, GM, education, and energy, let’s take-over health care next. You then will have ultimate power over life and death. What politician could ask for more?
Within the next coming months, let us redouble our efforts to destroy the dollar and replace it as a reserve currency. I have been talking to our dear comrades in Russia and China and we will be informing you of our new currency in the coming months.
Fondly yours,
Comrade George Soros
P.S. I loved your mustache in Egypt, it reminded me of Che’s as a youth.
PPS. I’m very proud of you. Did you know that? Standing tall with Comrade Chavez and Comrade Castro in punishing Hondorus. How dare the people of Hondorus respect their constitution! Chilling.
By Reaganite Republican on July 3rd, 2009 at 10:38 am
The misguided “stimulus” legislation has already crapped out: these figures are far worse than the ones the White House warned us about if we DIDN’T pass the bill- but itwas passed, and unemployment soars?
Instead of creating jobs, interest rates were bumped up, the dollar slid… and it didn’t help anybody get any work. Much of this is due to the fact that Obama’s agenda has mortified almost every machine of job-and-growth creation in the country.
The One couldn’t deliver the type of “temporary, targeted, and timely” bill that he promised for weeks. Irregardless of his beautified image in the press, Obama lacks the the political stature to control Pelosi and Reid… who hit the trough hard, while bickering like siblings.
But the lack of GOP co-conspirators exposed Obama politically… this legislation now looks to be a huge gamble. And when all this pork-n-welfare fails to generate any real economic gains… the Democrats could face a bloodbath in 2010.
One could make the argument that Obama knows his legacy will be in tatters by 2012.. and is ramming through as much of his far-left agenda as he can before the day comes when people cringe at the mere mention of his name… sure seems like it.
http://reaganiterepublicanresistance.blogspot.com
——————————————————————————————————–
The foolish $700B+ “stimulus” legislation has already crapped out: these figures are far worse than the ones the White House warned us about if we DIDN’T pass the bill- but it was passed, and still unemployment soars?
Instead of creating jobs, interest rates were bumped up, the dollar slid… with few actual economic benefits.
Much of this is due to the fact that Obama’s anti-business agenda has mortified almost every machine of job-and-growth creation in the country.
The Democrats just HAD to insist on tax-n-spend, rather than a tax holiday for, say, six months… can you imagine how things would be doing with a $700B tax cut instead?
And the One couldn’t deliver the type of “temporary, targeted, and timely” bill that he promised for weeks, either. Irregardless of his beautified image, in reality Obama lacks the the political stature to control Pelosi and Reid… who hit the trough hard, while bickering like siblings.
The lack of GOP co-conspirators exposed Obama politically… this legislation now looks to be a HUGE gamble. And when all this pork-n-welfare fails to generate any real economic gains… the Democrats could face a bloodbath in 2010.
One could make the argument that Obama knows his legacy will be in tatters by 2012, and could care less how much damage his radical programs do to the economy. He’s therefore ramming-through as much of his far-left agenda as he can before the day comes when people cringe at the mere mention of his name-
Sure seems like it.
http://reaganiterepublicanresistance.blogspot.com
By Reaganite Republican on July 3rd, 2009 at 10:44 am
Obama’s ill-advised “stimulus” legislation has already crapped out: these figures are far worse than the ones the White House warned us about if we DIDN’T pass the bill- so it was passed, and then unemployment soars anyway?
Instead of creating jobs, interest rates were bumped up, the dollar slid… and it didn’t help anybody get any work. Much of this is due to the fact that Obama’s agenda has mortified almost every machine of job-and-growth creation in the country.
The One couldn’t deliver the type of “temporary, targeted, and timely” bill that he promised for weeks. Irregardless of his beautified image in the press, Obama lacks the the political stature to control Pelosi and Reid… who hit the trough hard, while bickering like siblings.
But the lack of GOP co-conspirators exposed Obama politically… this legislation now looks to be a huge gamble. And when all this pork-n-welfare fails to generate any real economic gains… the Democrats could face a bloodbath in 2010.
One could make the argument that Obama knows his legacy will be in tatters by 2012.. and is just ramming through as much of his far-left agenda as he can before the day comes when people cringe at the mere mention of his name… sure seems like it.