Unemployment at 10.2% is only those who actively seek work. The actual rate of those who are unemployed is likely closer to 20%. 1 in every 5 working-age Americans is out of a job.
(via muppetpants): Remember when Obama said that we could stop unemployment from reaching double digits by spending $1 trillion? Could you imagine going to a cobbler, having him tell you he could fix your shoes for $1000, and having the soles fall off shortly thereafter?
funny thing, its not over yet…unemployment will continue to rise and there will be more spending.
Of course no major regulations have been imposed on Wall St. as a whole, and yet small businesses are still struggling to get loans…
This is a big reason why I’m no longer a libertarian. They’ll say “the stimulus failed, look at the unemployment #s” but only a few will even make a case that we’d be better off with no extra government spending right now.
Meanwhile, folks like Paul Krugman who said we weren’t spending enough on jobs/business loans in the stimulus look extra right to me at the moment.
The private sector’s like someone who’d been married for years and had their significant other leave in a horrible fashion. They’re scared to get back out there. We need the stimulus to be a better wingman. (Thus concludes my awkward political analogy of the day.)
