This morning, the Department of Labor released the long awaited unemployment statistic for the country. Today we found out that the unemployment rate actually rose again from last month and that the unemployment rate is higher today than when Barack Obama took office four years ago.
The unemployment rate is now 7.9% and when Barack Obama took office it was 7.8%. Of course the unemployment number does not count those who have simply given up looking for work or those who are employed just part-time when they actually want full time work. This jobs report shows that America’s economy is stagnating rather than improving.
The harsh reality of the unemployment number is that too many Americans are struggling to provide for their kids, save for college, save for retirement, or just plain create a better life for themselves. These times are hard for too many Americans as incomes have actually gone down every year for the last four years.
Here is Mitt Romney’s statement on the jobs report this morning:
The jobless rate is higher than it was when President Obama took office, and there are still 23 million Americans struggling for work. On Tuesday, America will make a choice between stagnation and prosperity. For four years, President Obama’s policies have crushed America’s middle class. For four years, President Obama has told us that things are getting better and that we’re making progress. For too many American families, those words ring hollow.
Economists at the Wall Street Journal had this to say about today’s job numbers: “the recovery remains disappointing compared to prior economic recoveries”
and “the bottom line is that the labor market remains unusually weak.”