WASHINGTON — So much for an American economic recovery. The U.S. unemployment rate increased to 7.6%, which has not been below 7% since 2009.
Up to 175,000 non-farm payroll jobs were added to the economy, but not enough to make up the difference between the jobs and the jobless. Even the famous “undecided” voter that asked President Barack Obama and GOP hopeful Mitt Romney for a job is unemployed, per The Daily Caller.
Generation Opportunity reports that 16% of young Americans are unemployed during the month of May. The ages are between 18-29 years. African Americans have a 21% unemployment rate and Hispanics have a 11.7% unemployment rate. Young women? 10.6%.
CNBC reports that the labor force participation rate has increased in May, after falling to a 35-year-low in April. Now it stands at 63.4%. But, this is not alleviating the woes and concerns of recent college graduates and those that feel they are underemployed, which is a recurring problem in today’s economy.
Europe is struggling as well, with reports of 12% overall unemployment and soaring youth unemployment above 50% in some countries. Budget cuts are highly unpopular, taxes are on the rise, but Europe refuses to adopt a stable fiscal approach to their 3rd consecutive year of recession.
Obamanomics and ObamaCare have harmed the U.S. economy because of overregulation and other damaging economic policies. ObamaCare has become an albatross in many respects, forcing Department of Health and Human Services Secretary Kathleen Sebelius to petition companies to donate money to the health care program. It has forced Puerto Rican doctors to flee to American mainland and bring their patients with them. As AIM’s Roger Aronoff noted, the recent IRS scandals has made it difficult to sell ObamaCare to Americans.
Obamanomics has led to fleeting economic indicators and statistics, with no consistency in sight. This hurts consumer confidence and does not help the teetering U.S. economy.