If you are getting the feeling that new jobs are not being made fast enough to revive the economy as President Obama promised, then you are not alone…
Stuart Varney of Fox News says, “Private employers are still aggressively cutting jobs.”
Yesterday’s report from the Labor Department said the nation’sclimbed to 8.9 percent, the highest since late 1983, as many businesses remain wary of hiring given all the economic uncertainties.
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From Fox News
President Obama has vowed to create 3.5 million jobs by 2010. But the latest unemployment report shows Obama will have his work cut out for him.
The economy lost another 539,000 jobs in April, bumping the unemployment rate up to 8.9 percent, the highest in 26 years, according to the Labor Department report released Friday.
That figure already exceeds assumptions made by Obama’s economic advisers when they pushed for a $787 billion stimulus package — a measure that they said would be critical in reviving the slumping economy.
To reach his 3.5 million-jobs goal, Obama needs at least 138.6 million people employed by next year, leaving him with a job deficit of nearly 6.2 million jobs, according to the Heritage Foundation, a conservative think tank.
J.D. Foster, a senior fellow in economics at the Heritage Foundation, who performed the analysis, argues Obama’s policies will only widen the gap.
“Unfortunately, the president’s policies will more likely decrease employment than help to reach his target,” he wrote in his analysis.
“Policies like higher tax rates on small businesses, sustained massive budget deficits, doubling the national debt (and the consequent upward pressure on interest rates) and the building threats of government meddling in companies are eroding the foundations of the economy today and for the future,” he said.
The White House did not respond to an e-mail seeking an interview for this story.
In pushing to get his stimulus package passed in Congress, Obama’s economic team said that without the federal spending jolt, the unemployment rate would hit 8.8 percent by the last fiscal quarter of 2010. With the package, his advisers argued, the unemployment rate would only reach 7 percent.
The advisers acknowledged, though, that there estimates could be off the mark.