Economy Sheds 125,000 Jobs in June, Fears of A Double Dip Recession Rising
In response to June's abysmal job numbers, the Alliance for Worker Freedom sent out the following press release:
A year after Congress passed President Obama’s $787 billion stimulus package the U.S. unemployment rate remains a staggering 9.5 percent while the economy continues to shed jobs. Although the unemployment rate dropped from 9.7 percent to 9.5 percent last month, this was largely due to more people dropping out of the labor force. 650,000 people left the labor force – when they re-enter, unemployment will rise.
“These numbers do not bode well for our economy. We all knew census workers inflated job numbers in recent months but this report is worse than I expected. Equally discouraging is the fact that people have given up searching for jobs, the economy is sputtering,” said Brian Johnson, Executive Director of the Alliance for Worker Freedom. “However, not surprising, is the federal government added 240,000 new jobs – at least we know where the President’s priorities are.”
Coinciding with an increase in the unemployment rate has been a decline in the president’s approval rating—President Obama’s approval rating has fallen to 47 percent after coming into office with a high 68 percent approval rating, according to Gallup. These numbers, coupled with the 8 million Americans who lost their jobs during this recession, could spell trouble for Democrats in the November mid-term elections.
“Americans are beginning to view this administration as inept. They skeptically swallowed the stimulus package in hopes that it would save the economy, we were told it would. Every piece of legislation that Democrats can’t pay for is now deemed ‘emergency spending,’ people are resentful and disenchanted,” added Johnson