Obama Economic Disaster Sheds Another 473,000 Jobs; Over 2 Million Jobs Lost Since Stimulus Passed

Has Obama pulled on the Big Boy pants yet and accepted responsibility for anything or is this still Bush's fault?

U.S. private employers cut 473,000 jobs in June, more than expected but down from the 485,000 jobs lost in May, a report by a private employment service said on Wednesday.

I always get a laugh how the media spins these stories. So there were 12,000 fewer job losses than in May and this is somehow a positive?

The median of forecasts from 25 economists surveyed by Reuters for the ADP Employer Services report, jointly developed with Macroeconomic Advisers LLC, was for 393,000 private-sector jobs lost in June.

Though June's job loss was the smallest since October 2008, the surprisingly large number of cuts deals a setback to those expecting the U.S. economy to recover soon.

With this news also comes an increase in the unemployment level.

Economists expect the payrolls report, which will be issued a day early due to the Independence Day holiday on Friday, to show a loss of 363,000 jobs in June and a rise in the unemployment rate to 9.6 percent from May's 9.4 percent.

As of May the economy had shed 1.6 million jobs since the "stimulus" scam was signed into law by Obama. Today we now surpass 2 million jobs lost.

Obama claimed the stimulus would "save" 3 to 4 million private sector jobs, so he's now at a deficit of 5 to 6 million jobs.

President-elect Obama said Saturday an analysis of his stimulus proposals shows that between 3 million and 4 million U.S. jobs could be saved or created by 2010, nearly 90% of them in the private sector.

Nice work, Barry.

Update: Actually, it's far more than 2 million jobs. Click to enlarge.