False inflation of jobless rate

Before Congress and President Bush conspired to foist their ill-fated economic stimulus upon taxpayers, we cautioned against borrowing $14 billion to extend jobless benefits for 13 weeks because rewarding people for not working is no way to boost the economy. We also thought the whole $150 billion package was premature because it came only months into what had the potential to be a prolonged downturn. Well, last week, the Labor Department said the unemployment rate surged from 5.7 percent to 6.1 percent, leading to renewed calls for another stimulus financed by further government borrowing. Ordinarily, such a spike might have...

Read More...

[Source: Latest Articles - Posted by FreeAutoBlogger]