Hope & Change–
Record US Unemployment continues…
(Data collected from US Misery Index)
The unemployment rate dropped to 9.4% in July from 9.5%.
This much higher than the 8.0% that was promised by Barack Obama back in February.
Hat Tip Bobby B.
Obama acknowledged more work is needed on recovery efforts but struck back at Republican critics, reminding his audience he had inherited the economic crisis when he took office in January. It began under his Republican predecessor, George W. Bush.
“I don’t want the folks who created the mess to do a lot of talking. I want them to get out of the way so we can clean up the mess,” Obama said to loud cheers.
Obama and the democrats are still trying blame George Bush and the GOP for their record deficits and the disaster they’ve made of the economy.
Obama will more than quadruple the US budget deficit his first year in office.
In a headline, The Boston Globe wonders if this means “The end of the recession?” The AP seems to think it does, writing, “It was a better-than-expected showing that offered a strong signal that the recession is finally ending.” And Politico says, “[T]he unexpectedly low unemployment figure announced Friday is a sign that the severity of the recession is easing, and provides a political boost to an administration that had been struggling to maintain public confidence in its recession-fighting efforts.”
Of course, all this dismisses the 247,000 jobs that were lost last month as well as other signals of the ailing economy. According to the Bureau of Labor Statistics release, “The number of long-term unemployed (those jobless for 27 weeks or more) rose by 584,000 over the month to 5.0 million.” According to BLS, “there were 796,000 discouraged workers in July, up by 335,000 over the past 12 months. . . . Discouraged workers are persons not currently looking for work because they believe no jobs are available for them.” The release also notes that 52,000 manufacturing jobs and 76,000 construction jobs were lost in July.
Given all of this data, it’s hard to then say that the economy is turning around, let alone that “the recession is finally ending.”