Sunday, January 10, 2010

There's No Driver

Perhaps the Obama plan is to reduce the workforce thus lowering the unemployment percentage and at the same time making a case for Shamnesty because we need more laborers.

According to some economists, had the labor force not decreased by 661,000 last month, the jobless rate would have been 10.4 percent. “The actual unemployment rate is higher than shown by the official numbers,” Harm Bandholz said yesterday after theLabor Department report was released.

About 1.7 million Americans opted out of the workforce from July through December, representing a 1.1 percent drop that marks the biggest six-month decrease since 1961, the Labor Department report showed. The share of the population in the labor force last month fell to the lowest level in 24 years.

Ryan Sweet, a senior economist at Moody’s said, “We expect unemployment to resume rising over the next few months, peaking near 10.5 percent in the third quarter.”

The outlook is far gloomier than the administration will admit. 2010 portends to be a year of unmitigated disasters, from the economy to terrorism to social unrest. This nation has become like the driverless stagecoach in the old Western movies. The team is running amok with the reins flapping ineffectively. The vehicle narrowly misses one disaster after another, but the audience knows the end is coming and it will be tragic for the passengers. Hang on, we're in for one hell of a ride.

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