The situation is certainly getting worse and there are no indications I’ve seen that it’ll get better anytime soon…
The United States lost nearly 600,000 jobs last month, sending the unemployment rate to 7.6 percent, the highest in 16 years, the U.S. Labor Department said Friday.
News of the increase, up from 7.2 percent, was the latest in a string of dismal reports.
The rate is expected to go higher — up to 9 percent over the next six months, where it is likely to hover through 2010, analysts predict.
One note…I’ve seen some comparing Obama’s selling of the stimulus to Bush’s selling of the Iraq war. While I acknowledge that when Obama talks of dire consequences there is a twinge of Bush in it, I think we can all look to the graph above and see the trouble is real…and that wasn’t the case with Iraq.
And while it’s true that this legislation could define Obama, what else would a different President do in this situation? A stimulus that was 70% tax cuts and 30% spending?