Posted on 09/06/2010 7:26:25 AM PDT by tobyhill
The unemployment rate soared to a nearly five-year high in August as employers trimmed jobs for the eighth straight month, the government reported Friday.
The unemployment rate rose to 6.1%, the highest level since September 2003. That's up from 5.7% in July and 4.7% a year ago.
In addition, the economy suffered a net loss of 84,000 jobs in August, according to the U.S. Department of Labor, compared to a revised reading of a 60,000 job loss in July.
The U.S. economy has lost 605,000 jobs so far this year.
The jobs report immediately drew comment from the presidential candidates as well as the Bush administration.
The White House pointed to other economic readings, including last week's gross domestic product report. It showed second quarter growth jumping to a 3.3% annual rate, helped by economic stimulus checks and strong exports.
(Excerpt) Read more at money.cnn.com ...
So now it’s gone up by half. Where’s CNN?
Ironically, you could blame this recession on the actions that the politicians took back in 2003 to combat that recession. One of the things they did was press the automakers to reduce their prices in order to get inventory moving. That set the stage for the current auto depression. They also stimulated the housing industry. Well, we know what happened next.
Then, of course, there was the Fed’s decision to increase the money supply beyond all reason.
Government actions inevitably end up backfiring.
Now ‘real’ unemployment is almost 17%, nearly 3x what it was then and they call it a recovery.
“Soared”
The same MSM media that did more investigative reporting on Joe the plumber Wurzelbacher in 24 hours than they did on Baraq Hussein Obama in 24 months.
“Interesting”, to say the least. And yet, they all have no shame and tout O’s policies as the divine truth somehow.
They (CNNABCNBC et al, the economists employed by our government) should be - but will not be - ashamed.
Businesses started dumping employees in earnest after BO’s election, the peak being his immaculation month of Jan. ‘09,when 750,000 people were laid off. That is the touch- stone figure BO’s mouthpieces always use to blame Pres. Bush, but in truth, it was BO’s winning the presidency that caused the bottom to fall out of this economy.
Did anyone see the Yahoo article the other day that said an uptick in unemployment was actually a good thing? I kid you not. It was some of the most “stretching” of the truth I’ve ever read. It was really comical.
CNN should be run out of the country.
Obama and his administration is not interested in creating jobs but destroying them at as quick a pace as possible because he wants everybody to become a slave to his government regardless of race color or creed.
Spend $1 trillion dollars and get unemployment up to 10% and it’s called a “Summer of Recovery.”
Here’s proof that Obama, like a spoiled kid without common sense, has totally squandered his inheritance. I keep telling people this when they bring up what he “inherited.”
You know what word does not appear in this article about “Soring 6.1% unemployment”... that magic catch-all word we see today with every article on the economy; “unexpected”! I guess back in the bad-old Bush era, the MSM-painted “bad” economic news was “expected” (but of course).
Can you imagine the howls of derision that would have come from the MSM is Pres. Bush had dared to use a ridiculous phrase like “jobs created or saved”!?
As much as I thought Bush was a RINO in some respects, I miss him and would rather see him back as president.
I saw it, and worse, I’ve seen some of the pretzel logic used when “spokespersons” try to sell the idea that the only problem with our economy is that we “little people” just don’t understand how robust it is.
...and the economy 'suffered'.
Strikes me as the sort of guy that might say Bernie Madoff is the most honest investment guru we've seen in the past 25 years.
When it is a republican president four tenths of one percent is “soaring”. Now it would be considered an unexpected uptick...
And commentators still didn't understand the concept of a bubble, that it was only gonna get worse, yet defending the policies that got us to the bust.
Weird.
Point well made.
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