Saturday, January 09, 2010
More bad news about jobs......
Many of us were hoping for a little good news on "jobs".
Unfortunately, we did not get it:
"The American economy lost another 85,000 jobs in December and the unemployment rate remained at 10 percent....." (NYT)
No matter what, our unemployment rate will still be too high on election day 2010.
Pres BO's stimulus is now under scrutiny again.
What exactly did we get for committing US$ 787 billion in a so-called stimulus? Remember how we had to rush that stimulus back in February?
I agree with James Pethokoukis, the Money & Politics columnist for Reuters Breakingviews.
He posted this: Why the Jobs Report is Bad News for Dems
Yes, it is bad news.
Unemployment is always bad news for the party in power, specially a party that foolishly oversold the stimulus last February.
Remember that Pres BO told us to pass his stimulus or face 8% unemployment?
Guess what? We went over the 8% mark months ago.
The bad news is that we will have to live with high unemployment in 2010.
And more bad news about all of those people who quit looking for a job: Real Unemployment at 17.3%
The good news? We are doing a lot better than Europe and just about everywhere else: Jobless Rate in Euro Zone Is in Double Digits
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