"We need to remove investors' uncertainty about what the future holds,” said Hilda Solis, Secretary of Labor in a statement or is that a fairy tale?
While the well fed political class in Washington fiddles, unemployment is burning down the economy. The official rate climbed to 9.2% in June as only 18,000 jobs were added to payrolls. Employment numbers were also revised downward for April and May. Employment in most private-sector industries changed little over the month of June in spite of huge government deficit spending on badly named stimulus plans. Government employment continued to trend down as tax revenues decreased at the state and local levels.
This means that more than 14 million Americans are unemployed, with at least another 10 million underemployed. The average length of unemployment is now the highest on record. The Administration and its cabinet appointees as well as Republicans were quick to attempt damage control.
“What matters most to Americans, and what matters most to me as President, in the wake of the worst downturn in our lifetimes, is getting our economy on a sounder footing more broadly so the American people can have the security they deserve,” President Obama said in a Rose garden press conference.
“The unemployment rate remains unacceptably high and faster growth is needed to replace the jobs lost in the downturn,” said Austan Goolsbee, Chairman of the Council of Economic Advisers in a blog post.
“Congress needs to show leadership and send a signal to the markets that Republicans and Democrats are capable of putting aside their differences to act on behalf of the American worker. Lawmakers must quickly come together to approve a plan to raise the debt ceiling to avoid a crisis of confidence about whether we will default on our obligations. We need to remove investors’ uncertainty about what the future holds,” said Hilda Solis, Secretary of Labor in a statement or is that a fairy tale?
The Republicans played politics too.
“Each passing unemployment report is a stinging reminder that President Obama has failed to get our economy out of the ditch. Today is another indication that we need to move away from the President’s job-destroying policies and toward solutions that restore confidence, control spending, and put Americans back to work,” said Republican National Committee (RNC) Chairman Reince Priebus in a statement.
If only such talk were actual jobs, then all Americans would be working, building the economy and supporting government by paying taxes. If you are keeping score more than eight million jobs were lost under President Bush. President Obama spent almost a $1 Trillion to restore 2.5 million jobs. (And from where I sit, both parties are digging the hole deeper.)
