While many economists in the Obama Administration are cheering that the economy is moving to a “false” positive direction, the auto industry is in disarray, spending is going uncheck, and unemployment just hit 8.9%.
I really enjoy how the media and the Obama Administration are downplaying it and spinning off some hope from a dismal report. For example with unemployment, the media is reporting a moderate loss in jobs at 539,000. Yes, it is far fewer since October, but I wouldn’t jump on the Obama bandwagon. Job loss is still a job lost. While we may hit the bottom with the recession, we are not out of the woods. With the spending by the Obama Administration taking a chunk out of our GDP, do not expect a cheerier and a rosier picture any time soon.
Did you know? :
More than 2.5 million jobs lost (and counting) since Obama took office in Jan 2009.
February 2009, more than 600,000 jobs lost on Obama's watch.
March 2009, more than 700,000 jobs cut on Obama's watch.
April 2009, 539,000 jobs cut on Obama's watch.
A nation wide unemployment rate of 8.9% under Obama's watch.
More than 40 states file a record high unemployment rates on Obama's watch.
6 states file a record high double digit job loss rates on Obama's watch.
If employment is the foundation that creates growth and prosperity in this country, then it is disingenuous for the media to say, “U.S. employers cut a smaller-than-expected 539,000 jobs in April, the smallest amount since October, according to government data on Friday that hinted at some improvement in the labor market and the recession-hit economy.” Let’s not jump up and down and get too excited just yet. Even though a total of 5.7 million jobs has been lost since the recession began in December 2007, Obama hasn’t improved much since he took office. He lost 2.5 million jobs and he has been in office for three months. It’s going to get one hell of a year with more disappointments.