Friday, October 02, 2009

Unemployment Rate surges to 9.8 % as Obama’s stimulus package is pronounced failure

The Labor Department said the unemployment rate was the highest since June 1983 and payrolls have now dropped for 21 consecutive months.U.S. employers continue to cut a jobs in September, ballooning the unemployment rate to 9.8 percent, raising fears that the weak labor market is continuing to undermine the economy.

It seems obvious now that the government lead stimulosus package has been a complete and utter failure. Businesses continue to postpone key decisions while congress and the president debate ever higher taxes for health care ,and cap and trade . It seems no one wants to make a decision when the air of uncertainty is so heavy.

Both consumers and business face the specter of significantly higher taxes, higher energy costs, more regulation ,higher healthcare cost and significantly lower demand as the US Government continues to expand and control ever increasing pieces of the economy.

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