The short of this is that Obama says though economy is headed in the right direction, it’s not going fast enough. So he’s going to invest (spend) in giving broadband to Americans who don’t have it. He says it will create 5k jobs. So let me get this straight – we’re spending more stimulus money on 5k more temporary jobs when over 600k left the workforce in June. Brilliant!
You can read Ed Morrissey’s great analysis of today’s unemployment numbers, but the take away for me is that the unemployment rate dropped to 9.5% because of the 652k who left the work force and aren’t counted anymore.
The unemployment rate fell as 652,000 people gave up on their job searches and left the labor force. People who are no longer looking for work aren’t counted as unemployed.