New jobs numbers are out today and they are dismal. A measly 69,000 jobs were created in May, upping the unemployment rate to 8.2%. The total unemployment rate, which counts those underemployed and those who have given up looking for work, rose to an astonishing 14.8%. These atrocious numbers come on the heels of a downward revision of April job creation to a mere 77,000 jobs. The percentage of unemployed out of work 27 weeks or longer rose to 42.8%, the first increase since January. Wages and income are also sharply lower. And the Q1 GDP growth rate was just revised down to a paltry 1.9%.
The economic and jobs situation is getting worse in America, not better. Pathetic.
It must now be clear to everyone that Obama's government-directed redistributionism is an abject failure. Socialism, progressivism, liberalism---whatever you want to call it---destroys free market dynamism (which, of course, is its point.) Keynesian big government spending fails (just check out western Europe), redistributionism fails, socialized medicine fails. They do succeed at blowing up capitalism and creating ever-growing dependency---again, their objective.
But the American people have had enough of this latest socialist experiment. This is not America. America is a job creating engine of explosive economic growth. America is a dynamo of free market capitalism and economic liberty. We are NOT the sick man of the world.
We've had enough of Team Obama and its dour band of redistributionists. We are done.
Accept this? Oh hell, no!