New Unemployment Numbers Not Promising

Jun 07, 10 New Unemployment Numbers Not Promising
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Although the unemployment rate fell to 9.7% for the month of May, the Obama administration is not happy.  The vast majority of jobs added to the economy were temporary census positions.  Meanwhile, private companies failed to meet economists’ expectations.  Last month, when unemployment rose to 9.9%, the administration was encouraged.  Now that it has dropped, they are scrambling to put a positive spin on the terrible economic news.

Most economists agree that the long-term economic situation is not promising.  Although the Obama administration keeps trying to spin a narrative that the economy is improving, the facts belie their optimism.  As fears about a double-dip recession grow, it is imperative that the Obama administration abandon their piecemeal approach to recovery and implement a comprehensive plan designed to put the U.S. economy on a road to real recovery.

This requires political courage that the Democrats in Congress seem to lack and political capital that Mr. Obama has all but exhausted.  Historically, there are only a few presidents that have had as much on their platter as President Obama.  However, when he ran for president, Mr. Obama recognized that he would be assuming office during a time of unprecedented challenges.  America’s problems cannot be solved by one stimulus package.  He still has access to the bully pulpit and the goodwill of a majority of the American people.  Instead of convincing us that the problems are going away, it is time for Mr. Obama to level with the American people about the challenges ahead and what it will cost to get this storied nation back on track.

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2 Comments

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