UPDATE: Bill Wilson, President of Americans for Limited Government, had this to say about today’s unemployment report:
Today’s Labor Department report on unemployment is devastating to Obama’s re-election chances. His economy is dead in the water, and is not producing enough jobs to meet the needs of those entering the workforce. Yet, all Obama has to offer is more of the same policies that have failed in Europe and are now failing in America.
Aside from nation’s payroll employment only increasing by a paltry 69,000, far short of the 150,000 needed to meet the monthly needs of the economy, the number of Americans who have been unemployed long-term is up to 5.4 million and almost one in four teenagers who want a job are unemployed.
The devastating result of Obama’s failed policies is seen in the despair of America’s workers who are losing their skills while they sit on the job sideline, and in the frustration of teenagers who are unable to gain the necessary experience to be productive in the future.
Truly, a sad legacy for a presidency that is long on rhetoric, but short on basic understanding of the free market principles that have built our nation’s middle class and have made our nation great. Somehow, Obama must have missed those classes while debating theory in Harvard’s Ivory Towers with like-minded elitists.
The unemployment rate for May rose to 8.2%. The government estimated that the 81,000 more jobs created than there were…
As Politico reported:
The economy added just 69,000 jobs in May – well below expectations of 150,000 – and the unemployment rate ticked up to 8.2 percent, the Labor Department announced Friday.