I don't want to sound like a spoilsport, but does anyone in the Mainstream Media or in the Obama Administration understand that the latest unemployment rate of 8.1% as of February, bad as it now feels, is actually close to the normal unemployment rate in France and most of the European Union (EU) without a recession?
Yes, that is the same EU which Obama and his friends want us to emulate in terms of much bigger Government, higher taxes on producers, weaker Free Markets, and much stronger Labor Unions. In fact, there is no country in the EU which came close to the United States' former unemployment rate of about 4.5%, save Ireland, which adopted our Free Market approach and so was loathed by the other welfare states. So, if you're an Obama enthusiast, stop whining. This is the norm for governments whose spending absorbs 30+% of their Gross National Product.
Get used to it...this is what you wanted.
H/T Jeff H
Tuesday 10 March 2009
Oscar writes......
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Actually, in the US unemployment is figured differently than in France, for sure (I haven't checked the UK). If France defined unemployment the way we do theirs would be closer to 12-14%.
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