Another Devastating Jobs Report

The May jobs report is out, and it is not good.  The Labor Department reported only 54,000 jobs created, while the unemployment rate rose to 9.1%.  Not only that, the March and April numbers were revised downward.  According to NBC News, White House sources responded to the jobs figures by promising better growth in the second half of the year.  Last month, when the unemployment rate spiked to 9%, Obama's Press Secretary Jay Carney even called the report "good news."  In the months before that, there were frequent promises of "green shoots," as the President likes to call them.  But for over two years, that's all the American people have had to live on -- green shoots and nonexistent green jobs.  (That campaign promise of "five million green jobs," by the way, still stands.  It's still posted on WhiteHouse.gov, although it's been airbrushed down to "millions of jobs."  Does anyone really believe either figure?) As every economist outside...(Read Full Article)

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