How’s that stimulus bill working for you? Its not working for most of us.
The U.S. labor market weakened in September as 263,000 payroll jobs were lost and the unemployment rate rose a tenth of a percentage point to a 26-year high of 9.8%, the Labor Department reported Friday.
It marked the 21st consecutive month of job losses. Since the recession began in December 2007, 7.2 million jobs have been lost and the unemployment rate has doubled.
Details of the report were almost universally dismal, with the number of unemployed people rising by 214,000 to 15.1 million.
Of those, 5.4 million have been out of work longer than six months, accounting for a record 35.6% of the jobless. The employment participation rate fell to 65.2%.
Then there is that number called REAL unemployment which includes discouraged workers and those with part-time employment, rose to 17% from 16.8%.
Remember when unemployment stayed stable two months ago, the President said that it was proof that his stimulus package was working. This was opposed to three months ago when he said the stimulus package did not have the time to work. How will he react to this news? Will he go back to “its too early for the package to work?”
Truth is, the package will never work because it isn’t a true stimulus, it is a collection of every earmark the Democratic party ever wanted. If the POTUS wanted a stimulus he would have given Americans back their own money to spend via Tax Cuts.
Next steps for the Democrats will probably be a renewed call for a second stimulus. That on top of the federal deficit the economy is already trying to digest (unsuccessfully) will be a disaster for our country. And just wait till the inflation and higher taxes start.