Job Growth Numbers for December 2010
Democrats promised in their January 2009 ?Romer-Bernstein Report? that the unemployment rate would be 7 percent at the end of 2010 if their stimulus passed. However, the unemployment rate was 9.4 percent in December, and the number of people unemployed for 27 weeks or more (as a percentage of all jobless) grew to 44.3 percent. There are 2.3 million fewer Americans employed now than when President Obama took office, and 5.9 fewer people working than the Obama Administration forecast would be employed.
Even though December's rate improved slightly since November, it was a due to a shrinking workforce rather than robust job creation. December's rate was well below the number needed to provide employment for all new workers. Fed Chairman Ben Bernanke said it may take four or five years for the labor market to "normalize fully." There is still a long road ahead to improve the job situation in the country, as December marks the 20th consecutive month the unemployment rate has been above 9 percent. After two years of disregarding the American people's wishes, the Obama Administration and Democrats in Congress would be well-advised to join Republicans in tackling issues like the national debt and job-killers like the health care law.