May 6th, 2011, Fairfax, VA—Americans for Limited Government President Bill Wilson today issued the following statement on the increase in measured unemployment from 8.8 percent to 9 percent by the Bureau of Labor Statistics:
"The bad economic news just keeps rolling in. With unemployment once again rising, this time to 9 percent, it is clear that the so-called Obama 'recovery' is a myth. The Bureau reports unemployment increased by 205,000 in March alone. As the so-called 'stimulus' and QE2 runs out this year, we expect more job losses will follow, particularly in the public sector, which shed 24,000 jobs last month.
"If the recession had been allowed to run its course to begin with, the economy would have naturally found its bottom, and resources would have necessarily been reallocated out of the public sector with greater speed. We'd already be in recovery.
"Instead, the federal government has seen fit to spend, borrow, and print more than $2.4 trillion to prop up the economy and save government 'jobs' that, in the end, could not be saved. The nation desperately needs a private sector recovery, but that will continue to remain elusive so long as government sucks up $2 trillion of resources a year to borrow at unsustainable levels. Instead of lending the government $2 trillion a year, the financial sector could be investing that money as equity, creating millions of jobs.
"As a result of these failed policies, growth slowed down to 1.8 percent in the first quarter, and inflation is up over the past year, with producer prices up 5.8 percent and consumer prices up 2.7 percent. Making matters worse, home prices are again on the decline as foreclosures rose 6.53 percent in March.
"The economy is in troubled waters, and Jimmy Carter stagflation is once again here. Until the government gets its spending under control, and removes unnecessary obstacles to capital formation, it will be impossible to conclude that the Obama 'stimulus' has been anything but a complete failure."
"Double-Dip in Housing, Rising Inflation, and Soaring Debt Disprove 'Stimulus,' Threaten Ship of State," ALG Senior Editor Robert Romano, April 27th, 2011 at http://blog.getliberty.org/default.asp?Display=3281.