The Labor Department posted its job report for May, 2011, showing only 54,000 non-farm payroll jobs were added. Since the ADP Challenger report Wednesday, which showed only 38,000 private sector jobs created in May, the economists have been busy revising their expectations from the Bureau of Labor Statistics. Even with the downgrade, they were still expected some 150,000 new jobs, which would have allowed for the national unemployment average to to lowered to 8.9%. But today′s grim news has the unemployment rate rising to 9.1% instead, even with more people being statistically removed from the job-seeking market.
Yesterday, Moody’s warned the Federal government that unless a compromise bill is passed soon on the debt ceiling and budget, that the U.S. credit rating for bonds may lose its Triple-A status. This came after a contentious meeting with House Republicans where Anti-President Barack Obama claims that he has already submitted a budget proposal. A proposal that failed to get a single vote in the Democrat-controlled Senate.
With weak retail sales, weak manufacturing numbers, a still declining housing market and the worst jobs reports in some 8 months, there is little doubt now that America is in a double-dip recession. The white-shoe-club expert economists from the Ivy League can claim recovery all they want, but the realities are clear. The United States is now deeper in debt than ever thanks to Barack Obama. His economic plan has been a total failure. Unemployment is getting worse. Prices for essentials like food and energy are climbing. The weakening dollar is squeezing what is left of the Middle Class into poverty.
Today′s jobs report from the Labor Department only confirms what I, and others who subscribe to the Austrian School of Economics have been saying all along. Barack Obama and his Keynesian-Socialist approach to expand the government′s control of the economy is making things worse. The Bureau of Labor Statistics says that only 54,000 non-farm payroll jobs were added in May, 2011, raising the national unemployment rate to 9.1%. Obama threatens to raise taxes and expand government control even further has his budget poises to plunge America another $12 Trillion dollars in debt the coming decade. The actual number is probably even worse. How anyone can vote to reelect Obama is beyond the realm of rational thought. Only the insane and mentally challenged would give him another four years to mismanage the nation.