Here are some highlights from the unemployment data released today:
WASHINGTON (MarketWatch) — The U.S. labor market weakened in September as 263,000 payroll jobs were lost and the unemployment rate rose a tenth of a percentage point to a 26-year high of 9.8%, the Labor Department reported Friday.
It marked the 21st consecutive month of job losses. Since the recession began in December 2007, 7.2 million jobs have been lost and the unemployment rate has doubled.
Details of the report were almost universally dismal, with the number of unemployed people rising by 214,000 to 15.1 million.
Of those, 5.4 million have been out of work longer than six months, accounting for a record 35.6% of the jobless. The employment participation rate fell to 65.2%
It is not an understatement to say that Democrats are faced with an unending flow of economic data that shows devastation in the private sector as they (the Democrats) do nothing to stem the mounting job losses. President Obama and the Democrat majorities in Congress are going to have to confront a reality they have been studiously avoiding since 2006: rich people create jobs. They only way rich people will create more jobs is if they perceive some willingness on the part of President Obama and Congress to let them keep more of their earnings to reinvest in businesses.So far, there is no indication that President Obama and the Congress will do that. In fact, the discussion is moving in the opposite direction toward higher taxes.
As has been said many times on this blog, the only path to economic recovery is the one with tax reductions for the job creators (aka the rich). So while the Democrats wallow in class envy millions of families not only have no job, they have no prospects for a job. The product of this policy failure will be anger and despair. This will not end well.