Nothing like stating the obvious:
U.S. employers won’t hire enough workers this year to lower the jobless rate much below the level of 9.7 percent reached in February, three Obama administration economic officials said today.
The proportion of Americans who can’t find work is likely to “remain elevated for an extended period,” Treasury Secretary Timothy F. Geithner, White House budget director Peter Orszag and Christina Romer, chairman of the Council of Economic Advisers, said in a joint statement. The officials said unemployment may even rise “slightly” over the next few months as discouraged workers start job-hunting again.
“Slightly”? Depends on how you define that – I guess if it goes up from 9.7 to 11.2 that would be “slightly”, in some minds. And it won’t be so much discouraged workers returning to the market but the fact that private sector jobs continue to contract. I checked my local Sunday paper – about 120 jobs listed, half of them garbage (you want to be a dancer or a nail technician? How about timeshare sales?). We’ve got 13% unemployment – 120 jobs won’t do the trick.
These clowns just don’t know what to do. They’ve printed, borrowed and spent like no tomorrow and according to their training, the economy should be booming now. Its not, and they can’t explain why. Of course, the very concept that government -which has to take its money from the people – can spend money to get an economy moving is asinine. But its dogma for most economists and all liberals.
Until we start implementing policies which allow for wealth creation in the United States, we’ll get no where. But, we can’t do that – we start building wealth here in the United States and China won’t be able to export shoddy, sub-priced goods to us to get the money to buy more bonds to finance Obama’s spending.
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