U.S. unemployment reached 9.5 percent in June, a 26-year high, according to the Labor Department, and Barack Obama is "deeply concerned."He should be. He promised unemployment would top at 8 percent and start to decline if Congress agreed to his massive spending proposals. Just another in a string of broken promise by Obama.
Employers slashed 467,000 jobs in June, obviously not getting the memo from Obama and his sycophants in the media that things are turning around.
From The Associated Press:
Many economists predict the jobless rate will hit 10 percent this year, and keep rising into next year, before falling back.Some 3 million jobs have been lost since Obama took office.
All told, 14.7 million people were unemployed in June.
If laid-off workers who have given up looking for new jobs or have settled for part-time work are included, the unemployment rate would have been 16.5 percent in June, the highest on records dating to 1994.
Since the recession began in December 2007, the economy has lost a net total of 6.5 million jobs.
The $1 trillion "stimulus" bill he signed in February to put Americans back to work has been a total failure.
His nationalization of banks, insurance companies and auto manufacturers has done little to restore faith in the U.S. economy.
His $1.9 trillion energy tax (cap and trade) will kill tens of thousands more U.S. jobs.
And then you have Obamacare, the government-run health system that will add trillions of dollars in debt.
Originally posted at TONY PHYRILLAS
