Unemployment Jumps to 9.6%, 54,000 More Jobs Lost

by Hans Bader on September 3, 2010

in Blog

Unemployment went back up to 9.6%, as the nation shed 54,000 jobs in August.  Yet Obama calls this “Recovery Summer.”  This is the same Obama who complained about the economic recovery in 2004 being jobless because unemployment was at 6 percent.  If you include discouraged workers, unemployment may be as high as 17 percent.

Earlier, governors warned that ObamaCare will increase unemployment.  Indiana’s governor said it will wipe out thousands of jobs in his state by raising taxes on medical device manufacturers.  It will also kill jobs by imposing huge record-keeping burdens on small businesses, requiring them to file IRS forms over even small purchases.

Employers are afraid to hire new employees because of looming new burdens, such as the global-warming regulations being drafted by the EPA, which could wipe out at least 800,000 jobs in the short run, and far more in the long run.  They also worry about costly new Congressional mandates, such as global-warming legislation backed by liberal Senators, which would provide corporate welfare for some businesses, but impose heavy burdens on many others.  Capping greenhouse gas emissions isn’t cheap — Obama himself told the San Francisco Chronicle that under his cap-and-trade plan to fight global warming, Americans’ electricity bills would “skyrocket,” and coal power plants that now provide much of the nation’s energy would go “bankrupt.” Although Obama and other backers of this “cap-and-trade” concept claim it will cut greenhouse gas emissions, it may perversely increase them by driving industry overseas to places with fewer environmental regulations, resulting in dirtier air, and damage to forests and water supplies.

The Congressional Budget Office has repeatedly admitted that Obama’s $862 billion stimulus package will shrink the economy “in the long run.”  The stimulus contained welfare and repealed welfare reform.  Unemployment is higher now than if Congress had voted it down.  Countries that refused to adopt big stimulus packages have fared better than those that imitated President Obama.  The biggest-spending countries have suffered worst in the recession. The stimulus package wiped out jobs in America’s export sector, while giving “green jobs” funding to foreign firms.

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