Friday, December 3, 2010

Unemployment Hits 9.8%

The Wall Street Journal reported tonight that unexpectedly low jobs numbers drove the unemployment rate up to nearly 10% and betrayed the idea that the economy is recovering at least at the speed with which the Obama administration suggests.  Employers added just 39,000 jobs in November which was a deep drop from October's numbers.  It's unlikely that the economy will make any miraculous recoveries anytime soon.  Most forecasters are suggesting that at best, the unemployment rate will shrink to 8.5% by the end of 2012.  The Obama administration has increased the national debt by more than $3 Trillion and has spent money on stimulus and bailouts like crazy hoping for better results than this.  Had they cut spending instead of increasing it, gotten out of the way of the free market instead of buying into it and reduced the tax burdens on job creators there is plenty of evidence to suggest the numbers would be far better.

These numbers are not what the American people had in mind in 2008 when they voted for "change" and they certainly are not what the people had in mind last month when a wave swept the Democrats out of control of the House and crippled their filibuster proof majority in the Senate.  If the numbers continue to stay this high, it's difficult to see how Obama and the Democrats will be able to overcome the push of conservative fiscal policy when the new Congress takes office in January. 

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