Unemployment Rate Hits New High

The U.S. unemployment rate just hit 9.7% — the highest rate in 26 years. On Labor Day, 14.9 million Americans found themselves without jobs.

The unemployment rate was pushed upwards by the July increase in the federal minimum wage to $7.25/hr, which destroyed approximately 300,000 jobs.

The underemployment rate jumped to 16.8 percent — the highest number since the government started keeping track in 1994. This number is being constantly pushed up by federal regulations which make it prohibitively expensive for employers to hire full-time workers. Employers are forced to hire part-time workers or shift the jobs to offshore workers.

The Congress is currently working to pass the “Employee Free Choice Act”, which will allow labor unions to terrorize individual workers into joining labor unions. This will result in an estimated $35 Billion dollars in revenue to the labor unions over the next ten years — a good portion of which will then be donated back to the Democratic Party. It will also result in a net loss of 600,000 American jobs — just during it’s first year.

Folks, this economy is going to get a lot worse before it gets better. Pay down your debts, store up your savings, we’re in for a real storm.