More bad news:
Another 651,000 jobs were lost in February, adding to the millions who have been thrown out of work in this recession.
In a stark measure of the recession’s toll, the Bureau of Labor Statistics reported on Friday that the national unemployment rate surged to 8.1 percent last month, its highest in 24 years.
The economy has now lost more than 4.4 million jobs since the recession started in December 2007, and economists expect that the losses will continue over the rest of the year and into 2010. The economy lost an upwardly revised 655,000 jobs in January, when the unemployment rate rose to 7.6 percent. Some economists expect that the nation’s businesses could cut another two million jobs and that unemployment could reach 9 to 10 percent by the time a recovery begins.
Clearly this news today makes the point that we must move quickly to cut the capital gains tax rate.