They say misery loves company well 5.7 million American ( Imagine the entire population of Cook County,Illinois including Chicago.) out of work. The Unemployment is the highest since September 1983.
There is good news(sort of) the April 2009 unemployment number of 539,000 is the lowest since October 2008. Some belive we have reach the bottom of the job losses for this recession.
The biggest sector of growth is the Federal Government. Uncle Sam hired 72, ooo people in April. This is attributed to government hiring for the 2010 Census.
The news sent the stock market higher. The Dow Jones Closed nearly Two percent higher at 8574.65
The hardest hit industries were service-related industries 270,000 jobs,manufacturing lost 150,000 jobs, construction lost 119,000 jobs.
One economist say more job losses are coming but at a slower rate. Unemployment will climb between 9.5 and 10.5 in first half of 2010.
“It does look as if we are falling more slowly and we are likely to hit bottom reasonably soon, at least when it comes to economic growth,” said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania, but added:
“We are looking at rising unemployment rates for quite some time even as job losses moderate.”
Other careers that grew job include education and health care.
President Barack Obama is cutting $17 billion out of his budget. Sound good doesn’t it I mean $17 Billion in saving for the tax payer. One problem though, The budget is mind boggling, brain numbing, recording breaking $3.4 trillion. $3.4 trillion. Can some one tell me that this is a serious budget cut. These cut don’t come close to reduce the expected $1.38 trillion deficit.
Republicans said the budget cuts were not meaningful in reducing the deficits.”They appear to be a diversionary tactic — an effort to change the subject away from the unprecedented debt this budget heaps on future generations,” said House Republican Leader John Boehner of Ohio.
President Obama defended the cuts this way.”In Washington, I guess that’s considered trivial. Outside of Washington, that’s still considered a lot of money,” he said. “But these savings, large and small, add up.”
So much for Obama the deficit slayer. My nieces and nephew thank you for robbing their future.
From AP via Yahoo News
Hat Tip: Michelle Malkin
Here’s another promise broken by President Obama: Don’t look for reimbursement payments. President has cut $400 from State Criminal Alien Assistance Program (SCAPP) would save $400 million, according to Obama’s budget for fiscal 2010 released Thursday. It’s one of the largest non-defense discretionary cuts proposed in the president’s budget.
The cuts affect states like California which is major deficits to go further intro debt housing criminal illegal aliens which make one third of the jail inmates in California.
California Congressional leaders led by Senator Diane Feinstein,(D-Ca) and other pols from border states Arizona,New Mexico, and Texas are pushing for the reinstatement of the money. When will the congress put back money back is a guess.
Ironically, as a Senator, Obama voted for the money and now he’s turn his back on the states that need it like California. California went overwhelming for Obama. This.Is. Not. Good.
From The Hill.