Bad jobs numbers:
The pace of job losses quickened in June after slowing just a month earlier, casting a shadow over the Obama administration’s attempts to stanch months of declines in the labor market.
The American economy shed 467,000 jobs last month, and the unemployment rate rose to 9.5 percent from 9.4 percent, the Labor Department reported on Thursday. Job losses were widespread among the construction, manufacturing and business and professional services sectors.
The losses were sharply higher than economists’ expectations of 365,000 lost jobs.
Economists said a decline of 322,000 jobs in May had raised expectations that the market was bottoming out as the economy struggled to right itself, but the numbers on Friday dashed some of those hopes.
The figures also raised questions about whether the Obama administration, which has already passed a $787 billion stimulus plan, needed to step in again to shore up the American worker.
Meanwhile, Goldman Sachs and the rest of the Wall Street gangs are posting record profits and handing out record bonuses, all because the American taxpayer spent trillions to shore up their recklessness. And since it cost so much, we are now being told we can’t pass another stimulus or do anything about health care. But hey- Matt Taibbi wrote a tough article and Jake DeSantis was stared at rudely once, so it all evens out.
If the Democrats can not pass regulation of Wall Street in this climate, we should just give up.
And while we’re at it- at the same time the economy is tanking an unemployment is skyrocketing, states are hammering social services.