Friday, March 5, 2010

Unemployment rises to 16.8 percent, private sector employees earn less

Washington DC—New unemployment numbers have been released; the U-3 unemployment rate held steady at 9.7 percent in February but the larger unemployment, the U-6 (which includes unemployed, underemployed, and those discouraged from seeking work) rose to 16.8 percent.

The new figures represent a trend that may raise future employment figures to be adjusted upward. At the present time, full employment is 4.7 percent U-3, but that percentage might be increased relative to the long term recession and high trending unemployment numbers.

Amidst the new jobless rate is an administration that is myopically focused on health care reform. In the latest bid to pass the Senate’s HCR through the House, key Lower Chamber members have been given assurance that the bill need only pass in its current form to lay the foundation for an eventual public option.

Public polling still shows a majority of Americans are opposed to HCR and place the economy and jobs as the highest priorities facing the nation. But the White House has sent clear signals that it intends to stay focused on HCR regardless of the state of the economy. The onslaught of government spending has led to the outpacing of government employee salaries to exceed those in the private sector $67,691 to $60,046.

-- Owen E. Richason IV
Chief Editor, Killswitch Politick

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