Recession Is Over; Now it’s a Depression
by Jeff Davis

One of the stories that hast gotten little coverage lately is the true state of the economy. The New York Daily News reports: “Think the worst is over? Wrong. Conditions in the U.S. labor markets are awful and worsening. While the official unemployment rate is already 10.2% and another 200,000 jobs were lost in October, when you include discouraged workers and partially employed workers the figure is a whopping 17.5%. While losing 200,000 jobs per month is better than the 700,000 jobs lost in January, current job losses still average more than the per month rate of 150,000 during the last recession…. if you are unemployed and looking for work and just waiting for the economy to turn the corner, you had better hunker down. All the economic numbers suggest this will take a while. The jobs just are not coming back.”
Nor will they. Obama is systematically destroying the private sector that creates jobs. Democrats at the state level are looking for every possible thing they can tax to make up for lost revenue. Earlier this year California passed the largest state tax increases in the history of the US. When you have thousands of businesses on the edge of bankruptcy, the last thing government should do is give them a push. The Democrats don’t understand this. They think businesses exist to pay taxes and they really don’t seem to understand that a business owner is not going to go through all the headaches of running a business if some liberal hack signs a tax increase to take away his last remaining bit of profit.
The Daily News goes on: “There’s really just one hope for our leaders to turn things around: a bold prescription that increases the fiscal stimulus with another round of labor-intensive, shovel-ready infrastructure projects, helps fiscally strapped state and local governments and provides a temporary tax credit to the private sector to hire more workers. Helping the unemployed just by extending unemployment benefits is necessary not sufficient; it leads to persistent unemployment rather than job creation.” (more…)
















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