Vice President Joe Biden admitted, whether intentionally or not, that the administration had “misread” the economy. That’s why things aren’t turning around and unemployment rose to nearly 10% instead of the White House’s prediction of 8%. But according to Mortimer Zuckerman writing in the WSJ, the real numbers about the economy deliver much worse news:
The Bureau of Labor Statistics preliminary estimate for job losses for June is 467,000, which means 7.2 million people have lost their jobs since the start of the recession. The cumulative job losses over the last six months have been greater than for any other half year period since World War II, including the military demobilization after the war. The job losses are also now equal to the net job gains over the previous nine years, making this the only recession since the Great Depression to wipe out all job growth from the previous expansion.
That is bad. Do yourself a favor and read through the rest of his informational article.
