I just heard the President say that the recession is over and everything is getting better. Either he is using controlled substances or the job is giving him delusions.
Here are the real facts. 15 Million Americans remain unemployed. Another, probably, 15 Million are working short hours, or have given up looking.
Joe Biden said yesterday that the Government has done an outstanding job by creating 175,000 new jobs. He didn't mention that 100,000 of them are temporary Census jobs, nor did he mention part time jobs are the only ones growing.
Small businesses, the real source of new jobs, are going broke at record numbers. There is no real way to know how many small businesses just shut down.
Yes, there has been a recent uptick in GDP, but part of it has been inventory replacement since businesses cut back extremely deeply at the beginning of the recession. The uptick in consumer spending, if there was one, seems to have come from reduced savings.
But here is the DISASTER just ahead. The Los Angeles Times today reports that about 100,000 Californians are at the end of their 99 weeks of unemployment benefits. Since California accounts for about 10% of the U.S. population, you can expect about ONE MILLION Americans are now going to have ZERO income! Each following month will just add to that total.
This government appears to refuse to take sensible actions to reduce unemployment. But Obama's economic guru, Larry Summers thinks that people who are unemployed are just too lazy to work. He thinks that the government's trivial unemployment benefits are so large that no one receiving them will go to work.
What a jerk!! I can promise you two things; 1) crime will go up, and 2) suicides will increase. Thanks, Larry.
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