Modern News

Jobless line up for unemployment benefits in Missouri

President Barack Obama, noting the persistence of high unemployment, is calling on the nation’s economic leaders to participate in a national jobs forum this December.

On the plus side, Obama is clearly noticing the pain being felt by millions of unemployed during this highly painful recession. However, that is about the only plus on the horizon. A feel-good seminar is not likely to counteract the principal cause of the recession, the contraction of credit by overextended banks and the continuation of this phenomenon despite the TARP program.

Of course, the president has every reason to start paying attention. The startling Republican victories in the New Jersey and Virginia governor’s races are just a portent of what is to come if those jobless numbers stay high. He just has to look at his predecessors, of whom even the most popular got clobbered in mid-term elections during times of economic stagnation- Eisenhower, Reagan and Clinton. And of course, economic malaise served to toss out Jimmy Carter and George HW Bush.

CNN story link here:

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