Monday, September 6, 2010

On This Labor Day - Obama Addresses Rise In Unemployment

Yeah, where is this "Summer of Recovery"? More like "Bummer". I'm still unemployed and have applied to a hundred plus places since being laid off at the end of January. Most want to "Blame Bush"! Oh wait, you can't.

h/t Right Pundits

Today marks Labor Day for 2010, the historic end of summer. The Obama administration had called this the ‘Recovery Summer’ as it addresses job creation resulting from the stimulus package of 2009. But the recent rise in unemployment makes this Labor Day a jobless one, just as this whole recovery has been jobless.

About 18 months ago, Obama, his economic advisors, and the Democrat leaders in Congress, promised that their $787 Billion dollar stimulus package, the largest single spending program in history, would create jobs and keep unemployment below 8%. At the time, it was at 7.5% and climbing vigorously.

Hundreds of so-called ’shovel-ready’ projects were to be funded and begun with the intention of this massive spending sparking an economic recovery. But after 18 months, the economy is slowing down. What little signs of improvement seen in some statistics earlier this year have evaporated.

Obama will venture to Milwaukee, Wisconsin today to give a Labor Day speech at a labor union event. All of this week he will be focusing on the economy. A rare Obama press conference will be held on Wednesday as the president unveils for plans to stimulate the economy. This time, he’s even looking at some small tax relief, amounting to perhaps $50 Billion in tax credits to businesses.

For many weeks, defenders of Obama have been developing the claim that the $787 Billion dollar stimulus package of last year simply was not big enough. The Keynesian economists argue that more spending needs to be done, irregardless of ballooning the National Debt further. At the recent economic symposium held at Jackson Hole, cases were made for new massive spending programs totaling from a mere $1Trillion dollars to as much as $6 Trillion dollars! That’s right! $6 Trillion dollars!

The good news, if you want to call it that, is Congress will not bite that apple at the present time with elections so near in November. They are having a hard enough time these days just passing small bills costing taxpayers only $25 Billion dollars. A pittance compared to $6 Trillion dollars!

So, it’s Labor Day 2010 and we still have a rise in unemployment based on the latest figures for August. Obama has made many claims about how many jobs he’s created ‘or saved’. But the reality is that the nation is still bleeding jobs. Even if we were to trust the government’s figures, the number of employed Americans has declined from 59.4% to 58.5% in the past year. Hardly a triumph to hang your hat on.

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