President Obama’s stimulus has increased unemployment in California


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In discussing the $787 billion stimulus plan with the Associated Press Vice President Joe Biden stated: “We’re going to go bankrupt as a nation.” “People, when I say that, look at me and say, ‘What are you talking about, Joe? You’re telling me we have to go spend money to keep from going bankrupt?” he said. “The answer is yes.”

Brilliant. Respectfully Mr. Vice President. Your trickle down stimulus may be helping some of your supporters but it is not helping those out of work in CA.

Today’s Sac Bee just reported our state’s unemployment stuck at 11.6 percent.  “June (job) losses were worse than May’s.”  Sac Bee reporter Dale Kasler’s story continues pointing out that “The new numbers were disappointing to analysts. Hopes were raised in the spring, when the monthly statewide job losses fell from the 100,000-plus range to around 60,000. June, however, marked the fourth straight month without any further improvement. In fact, the June losses were worse than May’s.” “It appeared we were beginning to turn around in April,” said former EDD director Michael Bernick, a senior fellow with the Milken Institute. “Now, rather than turning the corner, we’re going in the wrong direction.” The state unemployment rate for May was originally reported at 11.5 percent. That was revised Friday to 11.6 percent, which means the rate was technically unchanged in June. In any event, the rate is the highest it’s been in the modern era, dating to 1976. Every major economic sector lost jobs in June.”There’s not much progress here,” said Howard Roth, chief economist at the state Department of Finance. “We have to get off this 60,000-a-month plan. We just can’t continue to do that.”

Gilbert comment. So Mr. President. Instead of jetting around the globe you might consider coming to California without your TelePrompTer and holding a true Town Hall meeting with some of the tens of thousands of Californians out of work and share some of your “hope” for “change” regarding employment in this state as our homes go into foreclosure.

Sac Bee link follows:

http://www.sacbee.com/topstories/v-print/story/2036121.html


About Larry Gilbert