The official unemployment rate dropped from 9.2 to 9.1 percent last month as 117,000 new jobs were added to the American economy. The improvement in the rate, however, was almost entirely due to Americans giving up the search for work. (more)
During the Great Depression, high rates of unemployment prevailed for 11 years. The experience of seeing a free market system drive itself into a rut that it cannot pull itself out of is nothing new. And we have long known the solution.
In his weekly radio address Saturday, President Obama committed himself in 2011 to improving the economy, creating jobs and strengthening the middle class. Here’s to a New Year’s resolution that hopefully won’t be broken.