Skip to main content

Republican Recession Watch: Unemployment At Five Year High

We have to trust John McCain to deal with this, because as you may have heard, he was a POW for five years. That doesn't qualify him for president, according to Fred Thompson's teleprompter, but still... FIVE YEARS!

The unemployment rate soared in August and employers slashed jobs, as a weakening in the labor market accelerated. The numbers suggest there is little good news ahead for American workers, who face deepening stress from several sides.

The jobless rate was 6.1 percent last month, up from 5.7 percent in July, the Labor Department said today. It is the highest unemployment rate in five years, and compares to joblessness of 4.1 percent one year ago.

Meanwhile, employers cut 84,000 jobs, the eighth straight month of losses and yet more evidence that businesses are cutting back. The report also revised July's jobs report to show steeper losses than previously estimated.

Five. Years.

UPDATE: Sen. Obama

"Today's jobs report is a reminder of what's at stake in this election – John McCain showed last night that he is intent on continuing the economic policies that just this year have caused the American economy to lose 605,000 jobs. John McCain may believe that the fundamentals of our economy are 'strong,' but the working men and women I meet every day are working harder for less, the typical working age family's income is down $2,000 since George Bush took office, and their purchasing power is as low as it's been in a decade. John McCain's answer is more of the same: $200 billion in tax cuts to big corporations and oil companies, and not one dime of tax relief to more than 100 million middle-class families. If I am President, I will cut taxes for 95% of all working families and provide an immediate $50 billion to struggling states so that they don't have to cut back on health care and education and can rebuild roads and schools. That's the change working families need right now," said Senator Barack Obama.