Living proof that spending the way out of a recession does not work

Well, looks like my job prospects just got worse:

The train that is the nation’s economic recovery has slowed noticeably, unable to generate enough jobs in the last two months to keep pace with population growth, much less reduce the vast numbers of unemployed Americans.

The United States added just 83,000 private sector jobs in June, according to the monthly statistical snapshot released by the Labor Department. The unemployment rate declined to 9.5 percent, from 9.7 percent in May. But that was a largely illusory decline, as 652,000 Americans left the work force.

Over all, the nation lost 125,000 jobs in June, but those losses came as temporary federal Census workers headed for the exits.

With the economy slowing — housing sales plummeted, while earnings and hours worked ticked downward last month — the stakes grow larger, economically and politically. The next few monthly unemployment reports will unfold during the run-up to the midterm Congressional elections this fall. Incumbents feel particularly precarious, and major economic decisions about financial reform, unemployment benefits, and aid to states still sit on their desks.

via Recovery Slows With Weak Job Creation in June – NYTimes.com.

Think maybe now the Democrats will finally get it? Guess again. (h/t The Other McCain)

Quote:

“Now, let me say that unemployment insurance, we talk about it as a safety net and the rest — this is one of the biggest stimuluses [sic] to our economy. Economists will tell you, this money is spent quickly. It injects demand into the economy and it’s job-creating. It creates jobs faster than almost any other initiative you can name because, again, it is money that is needed for families to survive, and it is spent. So it has a double benefit — it helps those who have lost their jobs, but it also is a job-creator and so, uh, for that reason — for those two reasons at least — it should be passed, and I’m optimistic that it will.”
– Nancy Pelosi, July 1, 2010

Democrats, clueless as usual.

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