last april. let s look at that. what you are starting to see isof glimmers of hope across th economy. sat s why we re turning th economy around. i m convinced that we can see a light at the end of the tunnel. this month s jobs numbers are a sign that we have begun to put the brakes on this recession. the worst may be behind us. here is what the website from the white house tauted earlier in the summer. it was recovery summer as it was billed by the white house in campaign across the country as administration kickedro off eves across the country. here s the economic record which is still quite bleak. 9.6% unemployment. 16 months of straight 9% or higher unemployment. 54,000 jobs lost in august. 14.9 million unemployed. 6.2 million of which are long-term unemployed. and just today in the new york times a reminder of the real cost of this. a story that we see as the
about the economy going back to last april. let s look at that. what you are starting to see is glimmers of hope across the economy. that s why we re turning this economy around. i m convinced that we can see a light at the end of the tunnel. this month s jobs numbers are a sign that we have begun to put the brakes on this ressn. the worst may be behind us. herehe is what the website fm the white house tauted earlier in the summer. it was recovery summer as it was billed by the white house in campaign across the country as administration kicked off events across the country. here s the economic record which is still quite bleak. 9.6% unemployment. 16 months of straight 9% or higher unemploymebsnt. 54,000 jobs lost in august. 14.9 million unemployed. 6.2 million of which are long-term unemployed. and just today in the new york times a reminder of the real cost of this.
trillion in federal debt in two years, we have $14.9 million unemployed. what happen? that s the question the wall street journal wasks, what happ? what happened is we whipped into a recession, beginning in decemberf 2007 that was the worst since 1929. it s a deep holeru we ve been o struggling to get out of. after 22 straight months of lost for the last eight months, there has been private sector job creation. what the predent has emphasized repeatedly and outlined again today in his remarks in ohio is that the only way that our recovery is sustainable is that we get the private sector to stand up. let us not forget when the president took these policies, it wasn t for fun, it was because the economy and the privateec sector were in free fall, following the policies, many of which it sound like representative boehner wants us to return to. when we were following those
i want to be precise. peter orszag says as least for two years keep the tax rates where they are right now. no, wolf. he did not say at least for two years. he said do it for two years in order to get them to give them up after two years. i disagree with his political calculation. put it a different way. when the minority leader in the house of representatives is taking political advice from the economists that have left the obama administration, i guess i m a little confused. here is what the wall street journal wrote in an editorial this week. i want you to respond. never before has government spent so much and intervened so directly in credit allocation to spur growth yet the results have been mediocre at best. in return for adding nearly $3 trillion in federal debt in two years, we still have $14.9 million unemployed. what happened? that is the question the wall street journal asks. what happened? well, what happened is we
demand for cars. the states with the lowest unemployment, the dakotas. north dakota has only 3.6% of its population out of work. south dakota, 4.4%. what s their secret? well, economists say they are actually adding government jobs. the latest jobs report says 14.9 million people are unemployed. but that number doesn t take into account people who have given up looking for work or, as cnn s mary snow reports, people who are underemployed. i knew things were going to get tough. reporter: richard crane didn t know it would be this tough. yes, he has found a full-time job after getting laid off. but he s underemployed. he now earns $16 an hour at lowe s. he couldn t find work that used the skills of the job he had at a unit of general motors operating heavy machines. there he earned as much as $130,000 a year. the overtime people used to make you know, it s not