Employment: President Obama may have pulled "the car out of the ditch," but he left the jobs engine behind, judging from November's weak jobs report. Yet he remains wedded to a job-killing tax hike?
The Labor Department report confirms not only a jobless recovery, but the failure of Obama's neo-Keynesian economic policies. It's time to give them up, and gracefully negotiate with Republicans over more effective alternatives.
The president's stubborn pride is prolonging the agony of 15 million Americans still out of work (not including discouraged workers who no longer show up in the numbers).
Last month's anemic 39,000 payroll gain shocked economists who had expected 150,000. With hiring so weak, the jobless rate rose to 9.8%, marking the 19th straight month above 9% - the longest stretch on record.
The White House tried to put a happy face on the report, noting it showed private-sector gains for the 11th straight month. Only, the 50,000 gain in private jobs was down sharply from the 160,000 created in October and was the smallest gain since January. It was even smaller than November 2009's 75,000 gain. More at: http://www.realclearmarkets.com/articles/2010/12/06/jobless_report_is_death_of_keynesianism_98783.html
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