Friday, November 6, 2009

10.2% Official Unemployment - Highest Since 1983

Nero fiddled while Rome burned. President Obama continues to push for all his Socialist Schemes while unemployment has risen to 10.2%, the highest rate since the recession of 1983, which Reagan inherited from Carter. Nero and Obama have a lot in common. The 190,000 jobs lost in the month of October exceeded economists estimates; well surprise, surprise. October was the 22nd straight month the US economy has shed jobs, the longest on record dating back 70 years. Counting all those who have settled for part time jobs or stopped looking for work, the unemployment rate is about 17.5%, the highest on record dating back to 1994.

The jobless rate rose to 10.2% from 9.8% in September. The jump reflects a sharp increase in the tally of unemployed Americans, which rose to 15.7 million from 15.1 million. Economists now say that unemployment could climb to 10.5% next year because employers just are not hiring. Believe me, my company works with major corporations in all industry sectors and I can say from first hand experience that major corporations are not hiring new employees. As such, I predict we will see official unemployment at 11% or higher before this is over. Don't forget many states are already above 12% and rising.

When President Obama and the Democrat Socialists that control Congress passed the deficit spending $780 Billion SwindleUS Plan, they promised us that unemployment would not top 8%. Well guess what, they were WRONG. And now these same Democrat Socialists, who do not understand Economics 101, want to pass tax increases and job killer bills like CAP & TAX and HealthScare. Are they completely crazy or just incompetent? Raising taxes during a deep recession will cause another Great Depression. Unemployment feeds on itself. For every job lost, two more will be lost. Obviously, when people lose their jobs, they do not have money to make purchases, which only causes more job losses. This is a vicious circle.

President Obama must abandon all of his Socialist Schemes to bring about an economic recovery and avoid an even deeper recession. Common sense health care reform should be passed instead of Obama's HealthScare Bill, which the Wall Street Journal has labeled the worst piece of legislation in modern times. Instead of penalizing current energy sources that are viable as will occur if CAP & TAX is enacted, those sources like clean coal, nuclear energy, and US oil should be encouraged as the bridge to the future. This is one way to create good, high paying jobs in the US that cannot be outsourced overseas. The Bush Tax cuts, all of them, should be extended for at least five years to bring some certainty to the markets. Corporate Income taxes, among the highest in the world at 35%, should immediately be cut to 25% to be more competitive with other nations and help keep jobs in the US. Dividend and Capital Gains taxes should be cut to 10% for the next five years to spur investment. Most important, the Trillions is deficit spending that is causing the collapse of the US Dollar must STOP. With the exception of doing what is necessary to maintain our financial system, that means no more bail outs for companies that are not viable. If President Obama would just do what I have described, federal tax revenues would increase and we would see job growth again in the United States. History is our teacher. This is the prescription that will bring about economic recovery in the United States.

President Obama is a Socialist who has declared war on American business, while he can't make up his mind concerning the real war in Afghanistan. Nationalizing companies will not bring prosperity to our nation and will only make matters worse. We need Supply Side Economics not Keynesian Economics, which has failed where ever and when ever it has been practiced in the world. Sadly, Democrat Socialists care more about growing government as the basis of their power than they care about the American people. Many families will suffer because President Obama, who has never managed any public or private enterprise, just does not have the experience to be the President of the United States. We have to take back our country during the 2010 elections to bring prosperity back to our country. It will not happen as long as Democrat Socialist control our nation.

P.S. Where is Ronald Reagan when we need him.

No comments:

Post a Comment