Remember back in January when Obama said that without the stimulus unemployment could hit double digits, but with the stimulus, it'd only hit about 8%?
Well, guess what? Unemployment is at 9.5% and climbing. They New Yuck Times reports:
The American economy lost 467,000 more jobs in June, and the unemployment rate edged up to 9.5 percent in a sobering indication that the longest recession since the 1930s had yet to release its hold.
“The numbers are indicative of a continued, very severe recession,” said Stuart G. Hoffman, chief economist at PNC Financial Services in Pittsburgh. “There’s nothing in here to show that the economy and the market are pulling out of the grip of recession.”
And some are calling for what didn't work (won't work) in the first place: more stimulus:
Some economists are now calling for another dose of government spending to stimulate the economy, though the White House maintains that enough money is in the pipeline already. What economists? Paul Krugman? Obamanomics is not working. And on top of that, Congress and Obama want to saddle the country with cap and trade and expensive universal health care we cannot afford (and the taxes to go along with it). As more stimulus money hits the street, inflation will start and that'll do even more damage to the economy. You sure this is the change you voted for?
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