Heritage Foundation's Mike Brownfield reports bad news from the monthly U.S. jobs report:
"And to make matters worse, May's paltry job growth numbers were revised even farther downward, from the initial estimate of 54,000 to 25,000. Sadly, the record continues -- the Obama recovery remains the weakest recovery of the post-World War II era. In past recessions, employment fully recovered within two to three years.
"Today, U.S. job growth is stopped dead in its tracks. If you want a comparison of what job growth could look like, go back to the 1980s' Reagan recovery. By the 20-month mark, the unemployment rate had dropped from 10.8 percent to 7.5 percent -- a 3.3-point drop. In contrast, under Obama, the unemployment rate has risen a full percentage point to today's 9.2 percent. ...
"The pace of America's economic recovery is unacceptable, and it's being made worse by the Obama Administration's adherence to a flawed philosophy of relying on government to do the work of the private sector." For more information on the historic unemployment click here...
And if that's not bad enough, a new U.S. Chamber of Commerce survey revealed that:
- 64% of business owners don't plan to add new jobs in the coming year.
- 12% say they will be eliminating current positions.
- Only 19% plan to add jobs.