The great Obama Economic Boom continues to chug along. 85,000 jobs were lost in December. More than expected. The media was hyping that today’s numbers would prove Obama’s policies are working. Although some blame can be put on Obama, I feel something else is going on here. We are witnessing the end of America as a 1st rate economic power. Like Argentina, which was once a great economic nation, we are on a downward slide that could be permanent. Our tax code and regulatory structure is inadequate to compete in a globalized economy. In other words, America is getting it’s butt handed to it by our competitors!
WASHINGTON (AP) — The economy lost more jobs than expected in December while the unemployment rate held steady at 10 percent, as a sluggish economic recovery has yet to revive hiring among the nation’s employers.
The Labor Department said Friday that employers cut 85,000 jobs last month, worse than the 8,000 drop analysts expected.
A sharp drop in the labor force, a sign more of the jobless are giving up on their search for work, kept the unemployment rate at the same rate as in November. Once people stop looking for jobs, they are no longer counted among the unemployed.
When discouraged workers and part-time workers who would prefer full-time jobs are included, the so-called “underemployment” rate in December rose to 17.3 percent, from 17.2 percent in October. That’s just below a revised figure of 17.4 percent in October, the highest on records dating from 1994.
Read the rest.
Clearly something is fundamentally wrong with America’s economy. It has been this way since the early 2000’s when the last expansion occurred in which job growth and wage gains were anemic compared to the 80’sand 90’s expansions. Obama’s policies of accumulating debt are not helping and making things worse. Even the Bush Tax Cuts only helped marginally when compared to the Kennedy and Reagan Tax Cuts. What is needed is major tax and regulatory reform so America begins to win economically. We need to be an economic predator by taking away jobs, businesses and capital from other nations. We must be like a corporation and view other nations as economic rivals, not economic partners.
America must play to win, not play to lose as is the case now. Let’s have a Blogmocracy discussion on what is needed to make us a Global Economic Predator.
