Reduced Investment and Job Creation to Blame for High Unemployment — James Sherk, The Heritage Foundation

The unemployment rate in America jumped from 4.9 percent in late 2007 to 10 percent in November this year. The conventional wisdom that unemployment is rising because more people are losing their jobs is only partly true. Job-loss rates have increased, but the largest force driving unemployment is the sharp drop in private-sector job creation. The massive stimulus bill championed by President Obama did nothing to “create or save” millions of jobs. Any “jobs bill” that relies on government spending without improving the investment and entrepreneurship climate will fail.

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