Obamanomics A Utter Failure

The unemployment rate has reached a staggering 9.5% with employers cutting a more than expected 467,000 jobs in America. This a percentage point increase over last months 9.4% unemployment rate. There is a estimated 14.7 million Americans unemployed and that is not counting Americans who have stopped looking for jobs. The lost of jobs came in every sector of the economy except Government, health and education which are jobs that are very secure during any recession. This means that there will be a while, before the economy starts to recover and employers start re-hiring new employees. The unemployment cuts were deeper than expected by most economist who thought Americans would lose 360,000 in June. In June, unemployment rates for major worker groups adult men 10.0%, adult women 7.6%, teenagers 24%, whites 8.7%, 14.7% blacks, and Hispanics 12.2% showed little change. The President promised Americans that if Congress passed the 787 Billion Dollar Stimulus Bill that the unemployment rate would not reach 8.0%. The President revised his prediction for the nation unemployment rate he, now says that it will reach 10% by the end of the year. The President promised that there would be a hiring explosion in the construction industry. In June employment construction fell by 79,000 with losses spread throughout the construction industry. This is the time of year when construction jobs should be at it's highest level in America. Finally, this proves that President Obama fiscal policies of higher taxes and increased fiscal federal spending has driven the American economy into the ground. With the new Cap-And-Trade legislation that will accelerate more job losses in America in the near future if the Senate passes this regressive bill. The country is going in the wrong direction with these failed economic policies from the past. The Obama Administration is going down the same long destructive road that President Carter did during his reckless Administration.