Friday, June 01, 2012

Unemployment Rate Rises to 8.2%

The Department of Labor's new jobs report is uninspiring and quite depressing: only 69,000 were added last month; the participation rate rose by over six hundred thousand and the unemployment rate rose to 8.2%, the first increase since mid-2011.

This also represents the single biggest hurdle for President Obama, because when he was campaigning for his $800 billion stimulus package in 2009 one of the main selling points was that if passed the unemployment rate would not break the eight percent threshold. Well, three and a half years later, the rate hasn't been below 8% since it was passed.

And if the summer before the election remains stagnant and actually declines, his reelection hopes will all but collapse, which is why Mitt Romney released a campaign video slamming Obama on Solyndra and the three year culture of flawed government stimulus that has resulted in billions wasted, zero job growth, and outright scandal.

But regardless of the political implications, Americans are suffering because of our lousy economic situation, and something must be done about it immediately. I don't care which party does it, it just has to be done...

What say you?

1 comment:

  1. well, at least Obozo is going to 6 fundraisers, probably squeezed in between 6 golf games. Glad to see ya' working, dude.