Economy Alarm: False Promises Exposed: High Unemployment Numbers Persist As Democrats Push Big-Spending Agenda
False Promises Exposed: High Unemployment Numbers Persist As Democrats Push Big-Spending Agenda
The Truth Is In The Statistics As New Unemployment Numbers Prove that Democrats’ Policies Still Aren’t Working
Democrats Made Job Creation a Centerpiece of Their Campaign to Bankrupt America:
“Barack Obama said he would put plans to create jobs and re-energise the US economy at the top of his agenda … For a new president who put restoring America’s economic health, protecting jobs and supporting working families at the heart of his campaign for election, unemployment could be the single most important measure of how successful Mr Obama is in pushing through his agenda.” (Foley, “Economic crisis is top priority, says Obama,” The Independent, November 8, 2008)
“In the campaign, Mr. Obama vowed to create one million jobs, and after winning election he put forth a plan to create up to three million. The report now puts the figure at roughly 3.7 million, the midpoint of an estimated range of 3.3 million to 4.1 million jobs by the end of next year.” (“Obama Again Raises Estimates of Jobs His Stimulus Plan Will Create or Save,” The New York Times, January 10, 2009)
Credibility Crash: Democrats’ Stimulus Falls Flat As Sky-High Unemployment Continues:
“The latest numbers brought total jobs lost since the recession began in December 2007 to about 6.7 million, the biggest decline in any post-World War II economic slump.
Payrolls were forecast to drop 325,000 after a 467,000 decline initially reported for June, according to the median of 82 economists surveyed by Bloomberg News. Estimates ranged from decreases of 150,000 to 460,000. Job losses peaked at 741,000 in January, the most since 1949.
GM may have to cut more U.S. hourly jobs after an offer of buyouts and early retirements fell about 7,500 workers short of the reorganized automaker’s target.
Payrolls at builders fell 76,000 after decreasing 86,000. Financial firms decreased payrolls by 13,000.
Today’s report also showed the average work week expanded to 33.1 hours in July from 33 hours in the prior month.
Even so, economists predict consumer spending, which accounts for 70 percent of the economy, will be slow to gain speed. Wages and salaries fell 4.7 percent in the 12 months through June, the biggest drop since records began in 1960, according to Commerce Department data issued this week.
Companies like Verizon and Boeing are still looking to trim expenses through cutbacks in staff. New York-based telephone carrier Verizon last month said it plans to slash more than 8,000 jobs in the second half of the year.
Chicago-based Boeing, which is planning to eliminate about 10,000 workers, or 6 percent of its labor force, has agreed to allow some machinists to volunteer for a “layoff with benefits” to help mitigate job cuts, the International Association of Machinists and Aerospace Workers said on July 28.
Emerson Electric Co., a maker of industrial equipment, will cut an additional 5,000 to 6,000 positions in the next few quarters, after it posted its third straight drop in quarterly earnings, the longest stretch since 2002. The St. Louis-based company has already eliminated 20,000 jobs.
‘Emerson is still seeing very difficult and challenging times around the world,’ Chief Executive Officer David Farr said on a conference call on Aug. 4.”( Shobhana Chandra, U.S. Job Cuts Slowed, Unemployment Rate Fell as Recession Eased, Bloomberg, 8/07/200)
To read the full story, click here: http://www.bloomberg.com/apps/news?pid=20601087&sid=am2AmQwl3XfE
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