After the disaster on Wall Street yesterday April’s unemployment numbers are out with employers adding 290,000 -- but the unemployment rate rose to 9.9 percent, according to a Labor Department report released Friday.
Both political parties took what they wanted from this report. Democrats cheered for the past four months jobs have been created, while Republicans looked at the rise in unemployment to 9.7% from the previous 9.7%.
This was good news for the beleaguered U.S. economy, but we have a long way to go with many troubling signs on the horizon. The debt crisis that has infected Greece and the potential to spread to the economies of Italy, Spain, Portugal, and Ireland will be of concern to the U.S. economy and U.S. banks.
The spiraling national debt that both political parties inflicted on the country needs to be addressed but the Obama Administration is waiting until December when his debt commission releases its report.
The finance of many of the states is in doubt with at least four of them virtually bankrupt with the largest state California at the top of the list.
No one can celebrate anything, or blame each other! Both parties sent America to the economic brink and it will take time to alleviate the excesses of the past. That's if both Republicans and Democrats don’t mess it up any more!
No comments:
Post a Comment