Unemployment Rises – The Economy is Not Getting Better
Posted on | July 2, 2009 | No Comments
For the last several months I have been saying that the economy is not going to recover until we see job creation; private sector job creation at that. President Obama is doing everything he can to create government jobs, but what we need is jobs from all the companies listed on the stock exchanges as well as private sector jobs. With most major corporations continuing to cut jobs, the economy is NOT getting better.
President Obama has a press conference later today and I am sure he will paint a picture that is much different than reality. The housing market continues to worsen, mortgage rates are likely to head higher and unemployment is continuning to rise. How is this ANY improvement from where the economy was six months ago? It’s not; in fact, it is actually worse! I would not be surprised at all to see the stock market start to sell off throughout the summer and definitely into the fall. This will cause Americans to realize just how bad things have gotten.
I hate to see this happen, but there is very little to prove that anything in the American economy has improved. We continue to spend more and more money and now there is talk about ANOTHER stimulus? Just what we need, let’s give money to people who are irresponsible with their finances! On top of this, President Obama continues to alter the Making Home Affordable program in an effort to allow EVERYONE to refinance. Next thing we know, he will create a 200% loan-to-value refinance.
The only way this economy is going to get better is to flush out the “terds.” If we continue to prop up bad companies and individuals with very bad financial habits, we are just going to continue to spiral downward. Let them fail! They need to know that there are consequences for making bad financial decisions. Right now, people and corporations know they are going to get bailed out, so why change any habits?
Tags: economy not getting better > unemployment rises
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