The road back to a low unemployment rate will be long and difficult
Just as hopes were beginning to build that an economic recovery was finally at hand, last week's news from the Labor Department came as a profound shock. The unemployment rate vaulted from 10.4% in October to 10.8% in November, its highest level since 1941. Some 12 million Americans are now facing a grim holiday season with no paychecks. Joblessness in the battered Midwest is reaching Depression levels: 17.2% in Michigan and 14.2% in Ohio. Congressional Democrats, who heard the bad tidings...
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