Today the new figures are in and unemployment rises to 7.8%. Stuart Varney describes the report as “weak”, saying that we’re just ‘bumping along the bottom’ of job growth and settling for this high rate of unemployment. He says that we’re establishing a ‘new normal’:
As soon as I saw this someone tweeted out this video of Ryan Lizza from New Yorker Magazine saying virtually the same thing, that we’re muddling along the bottom, creating a new normal:
CNS News is reporting that amidst the low job numbers, black unemployment rose sharply:
Unemployment for women rose to 7.3 percent in December from 7.0 percent while the rate for African-Americans rose sharply to 14.0 percent from 13.2 percent in November.
Unemployment among African Americans has remained quite high throughout the sluggish economic recovery of the past several years, despite the steady decline in overall unemployment in the economy generally.
The number of employed African Americans actually fell in December – a month that typically sees a spike in job creation as employers add temporary positions to handle the holiday shopping season.
Well, this is what America voted for and the deal Congress just passed is going to make it worse by raising taxes on ‘rich’ Americans.
Welcome to the new normal.