Yesterday's Investor's Business Daily posted an article about the jobs report just released. The White House is claiming that the high unemployment numbers are partially due to the snow storms we had during the month of February. During February, businesses shed 36,000 jobs, and the unemployment rate remained at 9.7%.
The article points out that the numbers are misleading. The real number of jobs lost is 51,000--the government counts 15,000 workers temporarily hired by the Census Bureau as new jobs. The jobless rate actually becomes 16.8% when you count the people who have given up on finding a job or who are working part-time because they can't find a full time job.
One of problems named in the article is the utter cluelessness of Washington as to how our economy works and what the government needs to do to help the economy grow and the jobless rate to go down instead of up.
The article points out:
"Meanwhile, on Thursday, the U.S. Treasury released its latest long-term financial outlook, and found that in the last nine months the U.S. long-term fiscal deficit has soared 21% to $76 trillion.
"By the Obama Treasury's own admission, that's unsustainable. Yet the fiscal path the administration has us on would make it even worse. Given all this, it's amazing the economy's growing at all."
The article concludes:
"Unless we act, and soon, to cut taxes and reduce the size of government, the U.S. will enter a protracted period of slow economic growth, stagnant wages, and permanently high unemployment."
The only way to cut taxes and reduce the size of government is to replace this Congress in November.
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