The Great Discouragement

It is becoming clear to the man on the street that the unemployment situation is bad and not getting better any time soon. And a whole lot of people are giving up even trying to find a job.

If you think the jobs situation has become pretty hopeless, you're not alone. Roughly 1.1 million workers have given up hope of finding employment.

The staggering level of "discouraged workers" as the government calls them has swelled to historic proportions in 2010, past the million barrier for the first time since the Bureau of Labor Statistics has been tracking the number.

Though a bit off its all-time high of 1.2 million recorded in February, the metric stands as perhaps the most daunting statistic of last Friday's gloomy jobs report, which showed that almost all the new employment is coming from temporary government Census jobs and not the kind that will sustain an economy.

"The fact that people are sitting down indicates just how bad the market is for some categories of people," says Peter Morici, professor at the University of Maryland's Smith School of Business and the former chief economist at the US International Trade Commission.

That picture is unlikely to get any better, particularly in terms of the headline unemployment rate number on which most people focus. That figure actually dropped from 9.9 percent to 9.7 percent in May, but was as much a reflection that many people simply dropped out of the jobs market and are no longer counted as unemployed.

Let's see, over one million people have given up even trying to find a job. We have socialists in the White House who are determined to punish success and destroy capitalism and economic growth. They want to enact Cap and Tax, which will even further hammer the economy and drive more people out of work. Now we know how they are going to get unemployment down to 8%: they're going to make things so bad out there that even more millions of people give up looking and fall out of the statistics.

Guess what is going to happen in a month or two when the temporary Census workers fall out of the numbers? Oh my, it's going to get uglier than a Chicago Cubs five-game road trip.

And where are all those "green" jobs the socialists were trumpeting just a little while ago? Not seeing them much now, are you? And I thought ObamaCare was supposed to be the great masterstroke to make the U.S. more competitive and create all kinds of jobs. At least that's what the Democrats and their whores in the MSM were saying a year ago.

Instead, the U.S. government keeps deficit-spending us into oblivion and borrowing more and more money.

The market just had it's worst two days in 14 months. Yet Joe Biden says that the stimulus package worked perfectly.

Had enough of the hope and change yet?