Jobs Weak, Unemployment Soars

Can we all say recession? This is the result of failed economic policy.

The nation's labor market worsened in December to the weakest level since the shock that followed Hurricane Katrina, as the problems in housing and mortgages took a bite out of job opportunities.

Employers added far fewer jobs in the month than had been forecast, while the unemployment rate shot up to 5 percent, which was a two-year high, according to a government report Friday.

Stocks sold off sharply on rising fears of a possible recession and there was a widespread belief in the markets that the Federal Reserve would have to respond to this report with a sharp drop in interest rates.

The problem with a Federal Reserve rate cut is that the lower interest rates will mean it is harder to finance our growing national debt and it will also weaken an already low dollar. What is the right choice? The answer is that the failed economic policies of this administration have left no good choices. Much like the Iraq War, all choices are bad but which will cause the least pain? Making the wrong choice could mean devastating financial hardship for those least able to afford it.

The financial sector has already been in a tailspin over the mounting subprime losses and this jobs report will only make people stop spending even more. This report could not have come at a worse time for the Republican party. They will be looked at as the party of the rich that destroyed our economy to make their friends rich. That will be a fatal blow to any chances they may have had in the 2008 Presidential election.

The fact is that they were left with a huge budget surplus that has grown into record deficits. Real wages for average Americans are down while record numbers of our jobs are being outsourced to allow ever greater corporate profits but who has benefited from this economic disaster? That would be the wealthiest among us who need it the least. The reverse Robin Hood effect has left our nation on the verge of economic ruin. Our dollar is worth less each day as our deficit grows. We must rely on nations such as China and Saudi Arabia to finance our debt while turning a blind eye to the massive human rights violations present in those nations.

If you are a middle class American and still vote for this idiocy then you deserve what you get. You saw an intellectual midget but still elected him President and this is the result.