{"id":14409,"date":"2012-06-01T09:05:45","date_gmt":"2012-06-01T13:05:45","guid":{"rendered":"http:\/\/cfif.org\/v\/freedom_line_blog\/?p=14409"},"modified":"2012-06-01T09:09:57","modified_gmt":"2012-06-01T13:09:57","slug":"another-atrocious-unemployment-report","status":"publish","type":"post","link":"https:\/\/cfif.org\/v\/freedom_line_blog\/14409\/another-atrocious-unemployment-report\/","title":{"rendered":"Another Atrocious Unemployment Report"},"content":{"rendered":"<p>Economists projected that the U.S. economy would add <a href=\"http:\/\/online.wsj.com\/article\/SB10001424052702304821304577438593856252210.html?mod=ITP_moneyandinvesting_0\" target=\"_blank\">160,000 new jobs<\/a> last month.\u00a0 Instead, the Labor Department announced today that we only added <a href=\"http:\/\/bls.gov\/news.release\/empsit.nr0.htm\" target=\"_blank\">69,000<\/a>.<\/p>\n<p>Additionally, the unemployment rate increased to 8.2% in May from 8.1% in April.\u00a0 That makes 40 consecutive months above 8%, a new record.\u00a0 Keep in mind that the Obama Administration <a href=\"http:\/\/www.time.com\/time\/business\/article\/0,8599,1910208,00.html\" target=\"_blank\">claimed<\/a> we wouldn&#8217;t reach 8% in the first place if his failed &#8220;stimulus&#8221; spending bill passed back in early 2009.<\/p>\n<p>This announcement also arrives one day after the Commerce Department announced that the American economy <a href=\"http:\/\/online.wsj.com\/article\/SB10001424052702303552104577438012927402548.html?mod=ITP_pageone_2\">grew only 1.9%<\/a> in the first quarter of 2012, short of its initial 2.2% estimate.<\/p>\n<p>More broadly, the economy must add <a href=\"http:\/\/www.bloomberg.com\/news\/2011-10-07\/payroll-gain-probably-failed-to-cut-u-s-unemployment-as-confidence-waned.html\" target=\"_blank\">200,000 jobs each month<\/a> just to keep pace with population growth and materially reduce the  unemployment rate, and today&#8217;s report follows a disappointing 115,000 number in April.\u00a0 The Obama Administration claims that the last  recession was \u201cthe worst since the Great Depression,\u201d but that\u2019s false.\u00a0  The early-1980s recession was substantially <a href=\"http:\/\/en.wikipedia.org\/wiki\/Early_1980s_recession\" target=\"_blank\">worse<\/a> \u2013 higher unemployment, higher inflation and higher interest rates.\u00a0 President Reagan&#8217;s policy of lower taxes and less regulation, however, rapidly reduced unemployment <a href=\"http:\/\/data.bls.gov\/pdq\/SurveyOutputServlet\" target=\"_blank\">from 10.4% to 6.7%<\/a> in the three years following the effective date of his tax cuts in  January 1983.\u00a0 In contrast, Obama&#8217;s policies of higher spending, higher deficits, higher taxes and more regulation have caused the <a href=\"http:\/\/online.wsj.com\/article\/SB10001424052702303816504577311470997904292.html\" target=\"_blank\">worst cyclical recovery since the Great Depression<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Economists projected that the U.S. economy would add 160,000 new jobs last month.\u00a0 Instead, the Labor Department announced today that we only added 69,000. Additionally, the unemployment rate increased to 8.2% in May from 8.1% in April.\u00a0 That makes 40 consecutive months above 8%, a new record.\u00a0 Keep in mind that the Obama Administration claimed [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[27,24,179,18],"class_list":["post-14409","post","type-post","status-publish","format-standard","hentry","category-posts","tag-jobs","tag-obama","tag-stimulus","tag-unemployment"],"_links":{"self":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts\/14409","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/comments?post=14409"}],"version-history":[{"count":5,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts\/14409\/revisions"}],"predecessor-version":[{"id":14414,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts\/14409\/revisions\/14414"}],"wp:attachment":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/media?parent=14409"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/categories?post=14409"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/tags?post=14409"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}