Economy Alarm: Big Government Produces Big Layoffs
Big Government Produces Big Layoffs
Jobless Rate Soars to 26 Year High Under Dems’ Watch
Obama Promised to Prioritize Job Creation:
“President Obama’s first priority in confronting the economic crisis is to put Americans back to work. The American Recovery and Reinvestment Plan signed by the President will spur job creation… The recovery plan will save or create about 3.5 million jobs while investing in priorities that create sustainable economic growth for the future.” – President Obama, Official Site
Jobless Rate Continues to Skyrocket To 26 Year High
“The pace of layoffs slowed in April when employers cut 539,000 jobs, the fewest in six months. But the unemployment rate climbed to 8.9 percent, the highest since late 1983, as many businesses remain wary of hiring given all the economic uncertainties.
“The Labor Department tally released Friday wasn’t nearly as deep as the 620,000 job cuts that economists were expecting, and was helped by a burst of government hiring. The rise in the unemployment rate from 8.5 percent in March matched economists’ forecasts.
“The new report underscored the toll the longest recession since World War II has taken on America’s workers and companies.”
“If laid-off workers who have given up looking for new jobs or have settled for part-time work are included, the unemployment rate would have been 15.8 percent in April, the highest on records dating back to 1994.”
“Since the recession began in December 2007, the economy has lost a net total of 5.7 million jobs.
“As the recession eats into sales and profits, companies have turned to layoffs and other cost-cutting measures to survive the storm. Those including holding down workers’ hours, and freezing or cutting pay.
“Job losses in February and March turned out to be deeper, according to revised figures. Employers cut 681,000 positions in February, 30,000 more than previously reported. They cut 699,000 jobs in March, more than the 663,000 first reported.
“The deepest job cuts of the recession — 741,000 came in January. That was the most since the fall of 1949.” (Jeannine Aversa, “Layoffs slow to 539K in April; jobless rate rises,” Associated Press, May 8, 2009)
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