Posted by
Curt Ferguson on Friday, August 14, 2009 8:00:00 PM
Jobless rate falls from 9.5% to 9.4%, and Obama proudly claims credit for turning the recession around: "Today, we're pointed in the right direction.... [W]e've rescued our economy from catastrophe."
The Patriot Post reported:
"Despite the administration's assertion that the $787 billion stimulus package helped catalyze the drop in unemployment, when measured against reality, this fantasy falls flat. According to economist and New York Times blogger Casey Mulligan, second-quarter federal and state stimulus spending amounted to only $12 per person. And the AP reports that while the employment rate "dropped marginally from 9.5 percent to 9.4 percent ... one of the reasons for that change is that hundreds of thousands of people left the labor force." How convenient for the White House."
Even with the administration's spin efforts (calculating unemployment rate in a different way than prior administrations, to make it look lower than in the past) this is not good news, when you consider that "hundreds of thousands of people left the labor force..."
This sounds like Washington's efforts to increase socialism is starting to take affect. After all, if we are each going to be provided for "according to our needs" then why work? Might as well get in the front of the welfare line!
Not me...