From the time I woke up this morning until the moment that I write this blog, I have heard countless soundbites of Obama proclaiming what a victory the new unemployment numbers are that were released today. 103,000 new jobs were added in the month of December and the unemployment rate went from 9.8% to 9.4%. Just a "little" less than the 300,000 jobs the "experts" predicted. I have been trained by this Administration not to believe a word they say, so I thought I would check for myself and see what the real story is.
In a Bloomberg article today, written by Scott Lanman, Federal Reserve Chairman Ben Bernanke stated that, "If we continue at this pace (growth), we are not going to see sustained declines in the unemployment rate". Ironically, the article also points out that the unemployment percentages dropped due to "fewer people in the labor force". In other words, people have given up. They have stopped looking for jobs and have fallen off the charts. Very encouraging indeed Obama.
One last point that was made in the article that I believe is noteworthy. Bernanke said, "It could take four or five more years for the job market to stabilize fully". Four to five years? Really? What happened to Obama's promises of 8% unemployment within two years? Estimated costs of $14.85 TRILLION (John R. Talbott, The Huffington Post, October 1st, 2010) for bailouts and we all we still get from Obama is that things are looking up and blame still being put on the previous Administration.
Please people, learn to think for yourselves and find out what the real story is when you hear the press spouting things that intuitively seem wrong... and please, please, please do not elect this man to the presidency for a second term.
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