The labour force contracted by 661,000. This did not show up in the headline jobless rate because so many Americans dropped out of the system. The broad U6 category of unemployment rose to 17.3pc. That is the one that matters...
David Rosenberg from Gluskin Sheff said it is remarkable how little traction has been achieved by zero rates and the greatest fiscal blitz of all time. The US economy grew at a 2.2pc rate in the third quarter (entirely due to Obama stimulus). This compares to an average of 7.3pc in the first quarter of every recovery since the Second World War. link
A federal spending surge of more than $20 billion for roads and bridges in President Barack Obama's first stimulus has had no effect on local unemployment rates, raising questions about his argument for billions more to address an "urgent need to accelerate job growth."
An Associated Press analysis of stimulus spending found that it didn't matter if a lot of money was spent on highways or none at all: Local unemployment rates rose and fell regardless. And the stimulus spending only barely helped the beleaguered construction industry, the analysis showed...
But AP's analysis, which was reviewed by independent economists at five universities, showed the strategy of pumping transportation money into counties hasn't affected local unemployment rates so far. link
When even al-AP can't find something to trumpet in the so-called stimulus spending, the Democrats must know they're in trouble.
Eventually the economy will work itself out, but it won't be because of anything the president or Congress have done so far.
2 comments:
Darren
Not to be outdone by al-AP this article on Obama from breit-barf, err breitbart:
http://www.breitbart.com/article.php?id=CNG.b616ae00a24ef8e49d06735e1603c648.3f1&show_article=1
Of interest is this “un-bias and honest” paragraph:
“Obama's first year, after he accepted a challenging legacy from ex-president George W. Bush, has seen him battle the worst economic crisis in 70 years, juggle two wars and contend with a botched Al-Qaeda terror attack on a US airliner on Christmas Day.”
Worst economic crisis in 70 years…excuse me punk. I wonder how old the child writing this is…or is he this much of a bold faced liar. I remember Jimmy Carter, double digit inflation, interest rates and unemployment. I remember the misery index and I’m not quite 45.
As far as two wars B Hussein Obama knew that coming in and now the Harvard Law Review Editor is learning the real world is not a debating society and Al-Qaeda is not impressed. If he had some experience in the real world and not treated terrorism like a crime, we may not had the crotch bomber on Christmas!
I have come to the conclusion that Pres. Obama just doesn't care. And he doesn't care because nobody has told him that he should. I think he's just a figurehead for something far more sinister.
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