Submitted By Todd on July 6th at 6:07pm
We now have fewer jobs than in May 2000 when the recovery began, though the economy now has 12.5 million more workers. And there is less than one job opening for every five people seeking jobs. Hidden unemployment is also setting records - people with part time work who want full time work, as well as people whose hours have been involuntarily cut.Did things get better in June? Nope.
A total of 467,000 jobs were lost. The unemployment rate rose to 9.5 percent, and OECD economists project that U.S. unemployment will still be in double digits as late as 2011.Unemployment over 10% through the midterm elections? Did the Obama administration blow it with the stimulus package?
Biden said yesterday the Obama administration, in relying on consensus private-sector estimates as it took office in January, “misread” how bad the economy was when it forecast unemployment would peak at 8 percent if Congress enacted a $787 billion fiscal stimulus bill.What other Democrats are nervous?
House Majority Leader Steny Hoyer, a Maryland Democrat, said on “Fox News Sunday” that congressional Democrats are “disappointed” that stimulus funds haven’t been distributed faster.Disappointed? Aren't the Democrats in charge? It's their stimulus package that was designed with pork in mind instead of speedy jobs.
In an interview on local television in Connecticut, Sen. Chris Dodd (who is one of the key players on health care) said that the stimulus legislation wasn't working and suggested there may have to be a second stimulus bill.A second stimulus bill? No wonder the President says that health care has to be passed this year!
...if they do push for a second stimulus package it will be a tacit admission that the first one was a failure, make their health care claims less credible, and divert a lot of oxygen from the health care fight.Is the Obama administration, with its eagerness to pass expensive new spending measures like Cap and Trade and Universal Health Care, putting its leftist ideals ahead of the well being of the country?
The US economy is lurching towards crisis with long-term interest rates on course to double, crippling the country’s ability to pay its debts and potentially plunging it into another recession, according to a study by the US’s own central bank.Is Cap & Trade really going to be expensive?
The government is going to be directly responsible for the destruction of millions of jobs if the bill passed by the House becomes law—anywhere from a net loss of .5 percent of total jobs over the first 10 years, according to the liberal Brookings Institution, to 3 million by the year 2030, according to the industry-backed Coalition for Affordable American Energy.So why would you ever propose it in the middle of a deep recession?