President Obama has presided over a terrible jobs market.
Unemployment is more than two-percentage points higher today than the White House claimed it would be if the so-called stimulus was enacted.
Even more worrisome, the employment-population ratio seems to have permanently fallen, which is bad news for economic performance since our output is a function of how much capital and labor is being productively utilized.
So what’s the response from the Obama Administration? Well, they want to further subsidize people for not working.
I’m not joking. Here’s some of what has been reported by the Huffington Post.
The Obama administration on Friday came out strongly in support of extending long-term unemployment insurance past its current expiration date. …”We have always done so when unemployment is this high and would make little sense to fail to do so now when we are still facing the burdens of the worst…
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