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Well, So Much for ‘Recovery Summer’

Not at all unexpectedly, the final jobs numbers before the election in 26 days are in and they are, well, grim.

by
David H. Horwich

Bio

October 8, 2010 - 2:08 pm
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As if one needed any additional confirmation that the country’s leadership is (to quote a great movie title) Without a Clue, President Obama today said: “I think the Republican position doesn’t make much sense, especially since the weakness in public sector employment is a drag on the private sector as well.” Well, Mr. President, I think you have it exactly backwards. The private sector isn’t creating jobs because of the drag the public sector is placing on it. You can’t continue to tax and run up debt and create nothing but economic uncertainty and expect that those who run actual businesses and produce actual goods and services are going to hire people without understanding the cost of doing so. Will. Not. Happen. This is the fruit of that labor.

The unemployment rate (as measured) remained at 9.6%, now the 14th month in a row, longest since the Great Depression of the 1930s. The UNDEREMPLOYMENT rate, that of those unemployed, those too discouraged to continue looking, and those in temporary jobs, remained over 17%. The number of full time workers thrown into temporary jobs has skyrocketed over the past nine months masking the incredible job-unmaking machine these policies have created.

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David H. Horwich is a managing director at the investment banking firm of PGP Capital Advisors, LLC in Los Angeles.
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