Today, the government announced a surge in the national unemployment figure of 10.2% — which seriously underestimates the ‘effective unemployment’ rate of those who have stopped looking for work or who are undermployed.
Leo Hindery issues these numbers regularly, and I will post them when I receive them.
But yesterday, Joe Biden mentioned during his talk at the Center for American Progress that 3rd quarter GDP growth was 3.5%.
With a surge in official unemployment — we now see the handwriting on the wall of a jobless recovery.
When Obama was pushing Congress to pass the stimulus package, he said it was about jobs, jobs, jobs!
But the reality is that there is a profound level of job destruction in the country — and the greatest number of jobs Obama and his economic team seem to have saved seem to be at Goldman Sachs and fellow traveling financial sector firms.
— Steve Clemons