The persistent unemployment and stagnant job growth are the result of an economy stuck in neutral, dragged down by a series of policies that have inhibited its growth
Unhappy Anniversaries, President Obama
By Heritage Foundation Mike Brownfield——Bio and Archives--July 22, 2011
The Obama Administration has seen its fair share of milestones this month. Yesterday marked the first anniversary of the Dodd Frank Wall Street Reform and Protection Act, Obamacare is just over one year old, it has been more than 800 days since the Democrat-controlled Senate passed a budget, and the Consumer Financial Protection Bureau opened its doors on Thursday–the first new federal agency in nearly a decade. You’ll notice that no one is celebrating any of them.
Perhaps it’s because those milestones have led to an even more ignominious one that the White House achieved in June. As of last month, 30 percent of the 14.1 million unemployed Americans have been out of work for more than a year. The average length of unemployment is now 39.7 weeks, the longest since the Department of Labor began tracking it.
Those unemployed Americans help comprise President Obama’s 9.2 percent unemployment rate, and they are suffering from stagnant job growth that hit new depths last month. The Wall Street Journal reports on what the long-term unemployment news means for the unemployed, the economy, and the government:
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