Thanks Obama; ‘Post-recession’ unemployment worst since WWII: "
RWB News: Barrack Obama is the worst jobs President since the Great Depression. It’s evident by now that the community organizer in chief knows little about free market economics or job creation. Here’s further proof… President Obama’s latest energy tax proposals will likely cost the US another 150,000 jobs.
Reported By The Dailymail.co.uk
As unemployment in the U.S. nears the dreaded 10 per cent mark, it is a chart to chill the bones of any job hunter.
Comparing previous recoveries from all 10 American recessions since 1948 to the current financial crisis, the stark figures show almost no improvement in employment figures in the past year.
Some commentators have described the comparison as ‘the scariest jobs chart ever’, pointing to the fact that only the 2001 recession took longer to bring employment back to pre-crisis levels.
Number of months after peak employment
Even then, the total percentage of jobs lost bottomed out at two per cent, compared with six per cent this time round.
The job chart will heap further pressure on Barack Obama’s attempt to stimulate the economy as plans were drawn for a temporary extension of the Bush-era tax rates for all taxpayers.
The bipartisan economic package would also extend jobless benefits for millions of Americans.
Differences remained over details, including White House demands for middle and low-income tax credits.
But Republicans and Democrats appeared to come together yesterday, raising the possibility of a deal in Congress by the end of the week.
Some Democrats continued to object to extending current reduced tax rates for high earners.
The action is needed to prevent the delivery of a tax hike to all taxpayers at the end of the year when the current rates expire and revert to higher pre-2001 and 2003 levels.
Negotiations between the Obama administration and a bipartisan group of lawmakers centered on a two-year extension of current rates.
The 9.8 per cent unemployment rate has also heaped pressure on Republicans to accede to President Obama’s demand that Congress extend jobless benefits for a year.
Republican congressional leaders had opposed an extension of benefits without cuts elsewhere in the federal budget.
‘I think most folks believe the recipe would include at least an extension of unemployment benefits for those who are unemployed and an extension of all of the tax rates for all Americans for some period of time,’ said Senator Jon Kyl, the Senate’s Republican negotiator in the talks.
‘Without unemployment benefits being extended, personally, this is a nonstarter,’ said Senator Dick Durbin, the second-ranking member of the Senate Democratic leadership.
Republicans have insisted that any extension of jobless aid be paid for with cuts elsewhere in the federal budget.
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