Unemployment Still Above 8%

[whell]

8.2% is the number that was released today. In actuality, it could be higher, since the Bureau has consistently published follow up reports that adjust the published numbers upward.

http://www.cnbc.com/id/48092010

The economy, still apparently growing at a rate close to 2% isn't creating jobs at a sufficient pace to push unemployment down. With 80000 jobs created last month, the economy would have to spawn jobs at almost three times that rate to to drive unemployment down below 8% by November of this year.

This continues to be the longest streak — 41 months — of unemployment of 8% or higher since the Great Depression. And recall that back in 2009, Team Obama predicted that if Congress passed its $800 billion stimulus plan, the unemployment rate would be below 6% by now.

http://mercatus.org/publication/upda...after-stimulus

I'm sure this will drive the predictable comment "The republicans are hoping that the economy stays in the tank." That silly comment invites the retort that (take your pick) the Dems have done all they can to keep the economy in the tank, or; its unlikely that they Reps can do any worse that we're doing right now.

Partisan blather aside, evidence that the economy is able to sustain job creation is just not there. Thus if the stimulus had any impact at all, it was quite short term in nature, or the funds were mis-spent. I've suggested some of that in this post:

http://www.politicalchat.org/showpos...9&postcount=96

Once that much funding becomes available, no matter that party in power at the time, its the nature of the beast that the distribution of the funds will be to some extent dictated by political expedience rather than economic necessity.

Time to change the game plan.