by Mark Silva and updated at 10:15 a.m.
At the gate of the general election campaign of 2008, unemployment is up.
The rate of joblessness made a 10-percent jump in May - rising from 5 percent unemployment to 5.5 percent unemployment. The half-point increase puts unemployment at one full point higher than it was a year ago.
Another 49,000 jobs were lost - raising the number of jobs lost so far in 2008 to 324,000, according to the Bureau of Labor Statistics report this morning.
This should help intensify the debate about the economy - with most Americans voicing discontent about the state of the economy and worry about the direction it is taking - as a five-month campaign for the White House gets underway. Sen. John McCain, the Republican Party's candidate, and Sen. Barack Obama, the Democrats', will be pressed to explain what they have in store for the American worker in 2009.
Here are their responses today:
"Today's jobs report is deeply troubling, Obama said in a statement issued this morning. "Last month, our economy lost 49,000 jobs and the unemployment rate saw the greatest rise in more than twenty years.
"This is a reminder that working families continue to bear the brunt of the failed Bush economic policies that John McCain wants to continue for another four years.... We can't afford John McCain's plan to spend billions of dollars on tax breaks for big corporations and wealthy CEOs, and that's why I'm offering change that will provide working families with a middle-class tax cut, affordable health care and college, and an energy plan that will create up to five million good-paying jobs that can't be outsourced.
"That's the change the American people are looking for, and that's how we'll build an economy of shared prosperity once more,'' Obama said.
McCain, in his statement, said: "Today's news about unemployment is a stark reminder of the economic challenges facing American families. As the worst single monthly increase in the unemployment rate in two decades clearly shows, Americans across this country are hurting, and we must act now to support workers, families and employers alike.
"This means getting our economy back on track by providing immediate tax relief, enacting a HOME plan to help those facing foreclosure, lowering health care costs, investing in innovation, moving toward energy independence and opening foreign markets to our goods. These policies will help small businesses create the jobs that families need today. The American people cannot afford more inaction from Washington.
"The wrong change for our country would be an economic agenda based upon the policies of the past that advocate higher taxes, bigger government, government-run health care and greater isolationism.,'' McCain said. "To help families at this critical time, we cannot afford to go backward as Senator Obama advocates."
There were 8.5 million people counted as unemployed in May, an increase of 861,000.
That is up from 6.9 million unemployed in May of 2007, when the unemployment rate stood at 4.5 percent.
The unemployment rate for black Americans is higher: 9.7 percent, and also rose in May. For Hispanic Americans: 6.9 percent, same as last year. For white workers: 4.9 percent.
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The unemployment rate for black Americans is higher: 9.7 percent, and also rose in May. For Hispanic Americans: 6.9 percent, same as last year. For white workers: 4.9 percent.
A lot of posters won't like this, but they need to look at things like this the next time they make claims how racists blacks in America are against them. How the system never works in their favor, and how there never was slavery...etc.
Posted by: Keith Lifetime Southsider | June 6, 2008 10:08 AM
Those numbers, like all information coming from this inept administration, are dubious, at best. That being said, even with those numbers, the picture is bleak, indeed. The Bush administration has devastated our economy and it starts at, and with, the Occupation of Iraq. Those monies that have been " thrown " at Iraq, some estimates have reached near 2 TRILLION DOLLARS, and counting. Some of that money could have been used to begin to rebuild our infrastructure, instead of Iraq's. Some of it could have been used to help our students to further their education, and build new schools, getting rid of the dilapidated ones, instead of building Iraq's and they, the Iraqi's, with all that oil. Is somebody stealing their oil, that we have to pour our money into Iraq ?!!
When Senator Obama becomes our President, he and Congress, if the Republicans are willing to work with the Democrats, will have a tremendous amount of work to do, undoing all of the untoward affects of this incompetent administration. I know it can be done, if Americans remember our great nation, America and not their agenda !! So, America, let's roll up our sleeves and remove any trace of this inept administration's effects on our nation !!
SUPPORT OUR TROOPS, BRING THEM HOME, ALIVE AND WHOLE. NOW.
Posted by: Don Fitzgerald, Chicago | June 6, 2008 10:17 AM
Just a reminder to all those Afirican Americans who feel betrayed by HRC an the Hispanic voters who are not happy with Obama...
African American and Hispanic Bill Clintons administration. The unemployment rate for African Americans fell from 14.2 percent in 1992 to 8.2 percent in January 2000 -- remaining at the lowest rate on record. Unemployment for Hispanics fell from 11.6 percent in 1992 to 5.6 percent in January 2000 -- remaining at the lowest rate on record.
If these two powerhouses unite and combine their knowledge and espertise, together we can be assured of a better future for all!
Posted by: Scot S. Blakeley | June 6, 2008 10:45 AM
And people want 4 more years of this?
Posted by: Paul | June 6, 2008 11:33 AM
It's been 8 years and we are still making our way out of the mess Bill Clinton created. Thank Jesus we have President Bush at the wheel. A man who understands that tax cuts work and have worked. If it weren't for his stimulus package we'd be mired in a Depression waiting in breadlines. Instead hundreds of millions in the US are being lifted out of poverty thanks to taxes no longer being collected on capital gains. God bless the GOP and President Bush.
Posted by: patterson emerson | June 6, 2008 12:12 PM
Um patterson, obviously you cant read. And for your rediculous statement that millions are being lifted out of poverty, well sorry buddy but you've got that totally backwards. More people have fallen into poverty during your decietful and lying Bush administration than ever before. Oh and by the way your comments about the mess Bill Clinton created, could you be more specific please. Like do you mean the best economic growth in history? Or did you mean the lowest unemployment rates in 30 years? No, wait ,did you mean the most jobs created under one administration in history? Or did you mean the most growth in construction in 50 years? Oh yes you must have meant the longest real growth rate in over three decades right?
If those great statistics of the best economy we've hadin our lifetime are what you consider a mess, well then, you are one sour grape!
Posted by: Scot S. Blakeley | June 6, 2008 12:28 PM
So what's the big deal?....I have always assumed at least 5% of our population (all Liberals, of course) don't want to work! After all liberalism is all about your neighbor and the government taking care of you!!!!
Posted by: joe | June 6, 2008 2:38 PM
I have to laugh at Joe's obvious ignorant post. The fact of the matter is that the majority of people who dont work are white middle Americans. you know, all of those RED STATES.
Posted by: Scot S. Blakeley | June 6, 2008 2:56 PM
Keith,
You have a good point, but you are pointing your finger the wrong way. It is education that is going to land job opportuinities so look at the educational system that African-Americans deal with. How many quality public schools can you name on the southside of Chicago? The gov't run educational bureacracy is the issue.
Posted by: Terry | June 7, 2008 11:07 AM
The economy needs restructuring before it will improve. Part of that restructuring will be removal of the banking mentality that thinks propping up overpriced stocks will solve all. All that did was to create a housing bubble. Now we have Bernanke following the pied piper over the cliff. These students of the Great D learnt the wrong lesson. The solution is to prevent bubbles, not to support them. Another part of the solution will be to bring back to the USA some of those jobs created in China and India and to enable US companies to compete on a level playing field.
Posted by: brianoh | June 16, 2008 11:21 PM