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Many wondered if the reason Republican politicians have been lock, stock, and barrel against any progressive policies that would actually help the economy and with that increase jobs and the financial well being of the middle class was because they could not allow a successful President Obama agenda for fear that the trickle down policies would come to an end. This would present a cataclysmic national ideological shift that would be difficult to reverse when Americans finally realize that the codified pilfering by the top 1% on the middle class was the reason behind the country’s economic demise.
As the top 1% hoards capital/wealth/income/money, total economic activity declines. In effect Republican policies that treats passive income (capital gains, etc) more favorably than the working man’s income (your salary) by taxing the working man’s income at a much higher rate promotes middle class economic decline.
This job report if replicated month after month till the election almost guarantees an Obama reelection and a reconfiguration of our economy in which the middle class would be reempowered. Now do you see why the GOP is in panic mode with Boehner and Cantor trying to vilify the jobs report on all the networks? Stay informed America!
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My Book: As I See It: Class Warfare The Only Resort To Right Wing Doom Book’s Webpage: http://amzn.to/dt72c7 – Twitter: http://twitter.com/egbertowillies |
U.S. Unemployment Rate Falls To Lowest Level In Nearly Three Years
WASHINGTON — The U.S. unemployment rate fell last month to its lowest level in more than 2 1/2 years. More people out of work either found jobs or gave up looking and were no longer counted as unemployed.
The Labor Department said Friday that the unemployment rate dropped sharply to 8.6 percent, down from 9 percent in October. The rate hasn’t been that low since March 2009, during the depths of the recession.
About 13.3 million Americans remain unemployed.
Employers added 120,000 jobs last month. And the previous two months were revised up to show that 72,000 more jobs added – the fourth straight month that the government has revised prior months higher.
Private employers added a net gain of 140,000 jobs in November. But governments shed 20,000 jobs, mostly at the local and state level. Governments at all levels have shed nearly a half-million jobs in the past year.
More than half the jobs added last month were by retailers, restaurants and bars, a sign that holiday hiring has kicked in. Professional and business services also rose. That means the economy likely added higher-paying jobs – more engineers, accountants and high-tech workers.
The government’s report is based on two surveys: One looks at employers’ payrolls, and the other surveys households.
The household survey, which is used to determine the unemployment rate, showed bigger job gains than the employer survey for the fourth straight month.
Ian Shepherdson, an economist at High Frequency Economics, said that’s a good sign. It suggests hiring will continue to improve.
"Something good is stirring in the U.S. economy," he said in a note to clients.
Still, more than 300,000 people stopped their job searches last month and were no longer counted as unemployed. That contributed to the drop in the unemployment rate. The rate could rise in future months if they resume looking.
And even with the recent gains, the economy isn’t anywhere close to replacing the jobs lost in the recession. Employers began shedding workers in February 2008 and cut nearly 8.7 million jobs for the next 25 months. Since then, the economy has regained nearly 2.5 million of those jobs.
The presidential election is less than a year away, which means President Barack Obama will almost certainly face voters with the highest unemployment rate of any president since World War II. Still, if the rate continues to decline, Obama stands to benefit.
U.S. Unemployment Rate Falls To Lowest Level In Nearly Three Years
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