NATION’S JOB GROWTH SLOWS, UNEMPLOYMENT RATES EDGE UP
U.S. President Barack Obama’s reelection prospects took a major dip this week with the release of a bleak jobs report.
According to the U.S. Bureau of Labor Statistics, the American economy created just 69,000 jobs in May – well below the 150,000 jobs forecast. As a result, the unemployment rate ticked up from 8.1 to 8.2 percent. Job creation numbers for March and April were also revised downward by nearly 50,000 positions.
Analysts estimate that the economy must create roughly 130,000 jobs each month simply to keep pace with population growth – a figure it hasn’t hit since February. Meanwhile the nation’s underemployment rate – a broader, more accurate measure of joblessness – ticked up to 14.8 percent.
Want more bad news? The number of long-term unemployed (i.e. those unemployed for more than 27 weeks) shot up from 5.1 to 5.4 million – representing a whopping 42.8 percent of the jobless pool.
Obama’s “Republican” rival, former Massachusetts Gov. Mitt Romney, pounced on the abysmal numbers.
“Today’s weak jobs report is devastating news for American workers and American families,” Romney said. “This week has seen a cascade of one bad piece of economic news after another. Slowing GDP growth, plunging consumer confidence, an increase in unemployment claims, and now another dismal jobs report all stand as a harsh indictment of the President’s handling of the economy.”
“It is now clear to everyone that President Obama’s policies have failed to achieve their goals and that the Obama economy is crushing America’s middle class,” Romney added. “The President’s re-election slogan may be ‘forward,’ but it seems like we’ve been moving backward.”
Two years after Obama assured the nation that his 2009 bureaucratic bailout was working despite all of the “naysayers,” it has become painfully clear that the only thing purchased by his trillions of dollars worth of deficit spending is a debt this nation cannot possible repay. Of course the same thing can be said for excess incurred by “Republicans” prior to the recent recession.
“After trillions of dollars in taxpayer-funded bailouts, deficit spending, speculative investment and money-printing (under two administrations), absolutely nothing has been done to address the root problems that got us into this mess in the first place,” we wrote two years ago. “Additionally, unemployment is up, we haven’t seen the bottom of the housing market’s collapse and there’s another major credit crisis brewing on the ‘other side of the pond.’”
Yeah … like we said.