The U.S. Bureau of Labor Statistics announced today that the economy lost 125,000 jobs in June. In addition, there were 13,000 more initial claims for unemployment benefits last month bringing the total number of jobless claims to 472,000 for the week of June 26, 2010. The June national unemployment rate was 9.5%.
In June, the private sector created 83,000 jobs. However, the BLS report notes that the United States has lost over 7 million jobs since 2007. The United States continues to face an enormous economic jobs crisis.
As reported in my June 15 article, economic expert Dr. Larry Mischel told a U.S. House subcommittee that the job market is 7.4 million jobs below where we were at the start of the recession. Dr. Mischel testified that "over the two years and five months since the recession began in December 2007, we needed to have added around 3 million jobs simply to keep up with population growth . . . as of today no policy has been enacted that would allow us to hope for that rate of job creation in the coming years."
Where are the jobs? Quite frankly, they are nowhere to be found. The unemployed and jobless need jobs. In response to questions about his economic stimulus package, Pres. Obama tried to comfort a crowd in Racine, Wisconsin, by stating things could be worse, we could be seeing an unemployment rate of 12% or higher.
Pres. Obama must have reviewed only the national unemployment figures. As we know, the unemployment rates for many states, including Michigan and Nevada have been at 14% in recent months. The unemployment rates in California and Rhode Island have been at 12% and higher.
Pres. Obama's statement begs the question; Can our elected officials create appropriate measures to solve our unemployment situation if they do not understand the scope and depth of the problem?
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