Thursday, July 2, 2009

Obama Stimulus Can't Stop or Reverse Republican Caused Economic Recession. They Want you to Blame Obama.

Republicans would love it if we forgot entirely, despite unemployment at 9.5 percent and falling wages, that this is the end result of their ideologically driven theory of unregulated free market capitalism with tax cuts for the rich.

Conservative will focus on President Obama’s policy failure to reverse the GOP’s devastating economic blunders in just 6 months. Whether the administrations stimulus plan worked or not is not the issue, and they know it. What we’re still seeing is a Milton Friedman meltdown, starting with Ronald Reagan and ending with a steroidal number of Bush tax cuts, which sealed the fate of the Republican Party.

The following numbers were not created by Obama’s attempt to stop the economic slide, that’s another debate entirely. This is just the dust clearing around the Republican recession. Think how much worse it would be if they succeeded in not helping the auto industry soften its painful downsizing.

(AP) - Employers cut a larger-than-expected 467,000 jobs in June and the unemployment rate climbed to a 26-year high of 9.5 percent. Workers also saw weekly wages fall. All told, 14.7 million people were unemployed in June.

If laid-off workers (and) part-time work are included, the unemployment rate would have been 16.5 percent in June … companies have turned to layoffs, holding down workers' hours and freezing or cutting pay. The average work week in June fell to 33 hours, the lowest on records dating to 1964.

…a good chunk of June's job losses likely were affected by shutdowns at General Motors Corp. The government said employment at factories making autos and parts fell by 27,000 last month.

No comments:

Post a Comment