Wonder what you would find if you frisked the United States economy?
Answer: President Obama hasn’t fixed it… Like he said he would.
The Wall Street Journal reports:
The U.S. economy shed more jobs than expected in July while the unemployment rate held steady at 9.5%, a further sign the economic recovery may be losing momentum.
Nonfarm payrolls fell by 131,000 last month as the rise in private-sector employment was not enough to make up for the government jobs lost, the U.S. Labor Department said Friday. Only 71,000 private-sector jobs were added last month while 143,000 temporary workers on the 2010 census were let go.
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In a sign of the labor market’s continued weakness, Friday’s report showed that 45% of unemployed Americans, or 6.6 million people, were out of work for more than six months in July. The longer someone is without a job, the harder it is to find work. With time, people lose skills–and employers are often loathe to hire someone who hasn’t been working for long periods.
Where’s those 3.5 million jobs you promised President Obama? So much for “Recovery Summer“. Once again, he fails.
Oops! It’s only a $862 BILLION stimulus mistake… No biggie:
It’s all about uncertainty:
Businesses invest when they are confident enough to take risks in pursuit of opportunity. Individuals and businesses across the nation see tremendous opportunities for starting new businesses, investing, hiring new workers, expanding into new markets. Many are holding back, however, due to concerns about the economy, while others are holding back due to concerns about the threatening policies from Washington, most especially the tax hikes Obama promised and Congress intends to deliver.
In other economic news, the White House will be saying “peace out” to Christina Romer (one of President Obama’s top economic advisers):
Christina Romer, one of President Obama’s top economic advisers, plans to step down effective Sept. 3.
Romer, head of the president’s Council of Economic Advisers, has been one of the administration’s most prominent voices on the economy, making frequent appearances on TV and at White House events to promote Obama’s policies. She also was reported to have butted heads with other members of Obama’s economic team, in particular Larry Summers, director of the National Economic Council.
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The White House cast Romer’s decision as an unsurprising one driven by family reasons: Romer plans to return to California, where her son will be starting high school. She also is returning to the University of California, Berkley as an economics professor.
Of course… Once a liberal’s economic policies fail, they just retreat back to the liberal cesspool known as “academia”. I apologize ahead time to the students who will be attending her economic classes. Unfortunately for them, they will not gain the knowledge on how to allow the economy to thrive successfully.
