- The Labor Department said employers cut more jobs than expected in October, pushing the unemployment rate above 10 percent for the first time since 1983. Employers cut 190,000 jobs last month, 29,000 less than were lost in September, but more than the 175,000 than had been predicted. The unemployment rate jumped to 10.2 percent from 9.8 percent in September. The sectors hardest hit continue to be manufacturing, construction and retail. Total unemployment has reached 15.7 million.
- Safe-haven assets like Treasury bonds were mixed. Oil prices are down to $77.12 a barrel. Gold is trading at a record high of $1,100 an ounce due to fear about a weak dollar and inflation.
- The jobs report indicates a continued slump in consumer spending, a major component of economic activity. Economists say consumer spending must improve to sustain a recovery.
- The administration said last week that the economy expanded 3.5 percent in the third quarter. Much of that growth was driven by stimulus measures and government expansion which is not true or sustainable growth. The Federal Reserve kept interest rates at a record low in an attempt to prop up the recovery.
How’s that stimulus plan working for you? The economy keeps getting worse and the Obama administration continues to spend money like it comes from a printing press! Oh wait; apparently that is what they think because they are printing it like it is free. Printing currency, creating government jobs and phony economic stimulus gimmicks such as Cash for Clunkers and First time Homebuyers Credit will not create jobs. These are just artificial attempts to re-inflate the bubble. A jobless recovery is a false recovery and a precursor to the next downturn. The real question is; where is the bottom and have we hit it yet?
For 15.7 million unemployed citizens until there are jobs and paychecks there is no recovery. With predictions of more home foreclosures in the 3rd and 4th quarters these families are hanging by a thread. The Obama plan IS NOT WORKING!
We have lost an additional 3.5 million job since Feb. 2009. We have more people on food stamps than ever before. Since the stimulus is not creating jobs, maybe we should return all the unspent money to the Treasury. Then we can use it to pay down the debt, fund tax credits for business and capital investment to jump start the economy.
Here are a few ideas to get “the free market” working again:
- Support targeted tax relief to stimulate investment
- Eliminating job killing legislation such as:
- the proposed cap-and-trade approach to climate change which will increase energy costs for all employers
- the health care reform bill which will raise taxes on small businesses and hijack 17% of the economy
Don’t fall for the recovery line. We need to remain vigilant and continue to fight for fiscal responsibility. We must shut down the runaway government spending and let the free markets “fix” the economy. To hell with “The Dreams of his Father” it is time to worry about “the Dreams of our Children”. If we don’t get the economy back on track our children and grandchildren will be condemned to a country with a European style economy and a substantially reduced standard of living. Is that what we want our legacy to be?
Wakeup, America! Speak up and be heard. Hold them accountable, they had their chance, it didn’t work – time to return to what works; the private sector, a free market economy less government and lower taxes.
As Thomas Jefferson said, “I sincerely believe… that the principle of spending money to be paid by posterity under the name of funding is but swindling futurity on a large scale.” And…“With respect to future debts, would it not be wise and just for [a] nation to declare in [its] constitution that neither the legislature nor the nation itself can validly contract more debt than they may pay within their own age, or within the term of 19 years? And that all future contracts shall be deemed void as to what shall remain unpaid at the end of 19 years from their date?”
Restore the Republic, Reject the Agenda of the Progressive Left!