The times they are a changing. Too bad it’s for the worse. Chalk it off to another Obama failure. There are so many it’s hard to keep track.
America’s youth, whose vote Obama took by 68%, are seeing unemployment skyrocket. Via Gateway Pundit, Americans for Tax Reform picked up on the story.
The New York Post yesterday ran with this staggering story on newly released figures from the Bureau of Labor Statistics:
“The unemployment rate for young Americans has exploded to 52.2 percent — a post-World War II high, according to the Labor Dept. — meaning millions of Americans are staring at the likelihood that their lifetime earning potential will be diminished and, combined with the predicted slow economic recovery, their transition into productive members of society could be put on hold for an extended period of time.”
“The number represents the flip-side to the Labor Dept.’s report that the employment rate of 16-to-24 year olds has eroded to 46.6 percent — the lowest ratio of working young Americans in that age group, including all but those in the military, since WWII.”
Almost fifty five percent of young Americans are unemployed. The figure is just mind-boggling. And yet the Administration continues to throw more of our money down the drain on this failed so-called ’stimulus’. Despite the fact that every country that has tried to spend its way out of a recession throughout history has failed. Without exception. And stimulus packages are failing all around the world now.
It isn’t just young Americans hurting in this new “spread the wealth around” economy. But instead of spreading wealth, all that’s being spread around is misery. The Wall Street Journal reported that 2009 was the seventh-worst year on record for bankruptcy filings.
The AP gathered data from the nation’s 90 bankruptcy districts and found 1.43 million filings, an increase of 32% from 2008. There were 116,000 recorded bankruptcies in December, up 22% from the same month a year before.
While experts believe some of the increase is due to a natural recovery as consumers and attorneys become accustomed to a recent overhaul of bankruptcy laws, the numbers indicate clear correlations to recession-weary regions. Arizona saw the fastest increase, a jump of 77% from the year before, followed by Wyoming (60%), Nevada (59%) and California (58%).
Emile Harmon, who owns a law firm in Tempe, Ariz., said the firm has doubled its staff to handle the surge in bankruptcy filings. The lawyers have been steadily shifting away from their other areas of business, civil lawsuits and divorce cases.
“Bankruptcy is kind of swallowing the whole practice.” Mr. Harmon said. “There’s little time to do other stuff.” ….
Well, at least the attorneys are keeping busy. The report went on to indicate no signs that bankruptcy filings are slowing down. Two years ago people were doing very well, and today they’re filing bankruptcy.
Thanks Barack! Thanks Nancy! Thanks Harry! Heck of job you’re all doing there. Do us all a favor and take extended vacations. Please!
Reaganite Republican Resistance linked – thanks!
We’ll be fine when those millions of “green jobs” in our Dear Leader’s “green economy” show up. Unfortunately, only a political penalty will be paid by these Democrats; when with premeditation and intent to do fundamental harm to the county for “transformational” change, something much more severe would be appropriate when you break the oath, so help me God.
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Hey, didn’t you hear? The “green jobs” in NY went to prisoners. Next the Dems will change the law so prisoners can vote. Oy freaking vey!
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Unemployment of youth can be blamed on two things:
1. Minimum Wage. It went up and employers won’t hire inexperienced youth for that kind of money.
2. Obama. Businesses are unsure of their future financial status and are basically on hold until they know what the economy and taxes are going to be like. This means no new hires except critical (that means skilled) positions.
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