Friday, July 8, 2011
U.S. employment ground to a halt in June, as employers hired the fewest number of workers in nine months, dashing hopes the economy would regain momentum in the second half of the year.
The unemployment rate climbed to a six-month high of 9.2%, as jobseekers abandoned the labor force in droves.
Perhaps most shocking, there are 500,000 fewer Americans working for the Federal government since President Obama’s inauguration.
This despite the president’s $787 billion economic stimulus package which included an extension of all the Bush-era tax cuts.
The U.S. economy needs to create a quarter of a million new jobs each month through November 2016 — roughly 5 million new jobs, or the end of Obama’s unlikely second term for the unemployment rate to get back to where it was before the president took office.
After nearly three years in office, it should be abundantly clear that America’s chronic unemployment will not improve as long as Barack Obama is president.