Wednesday, November 25, 2009

Horrible Economic News For Young African-Americans

(h/t Instapundit): WaPo has the details:

"Joblessness for 16-to-24-year-old black men has reached Great Depression proportions -- 34.5 percent in October, more than three times the rate for the general U.S. population. And last Friday, the Bureau of Labor Statistics reported that unemployment in the District, home to many young black men, rose to 11.9 percent from 11.4 percent, even as it stayed relatively stable in Virginia and Maryland."

"The Obama administration is on a tightrope, balancing the desire to spend billions more dollars to create jobs without adding to the $1.4 trillion national deficit. Yet some policy experts say more attention needs to be paid to the intractable problems of underemployed workers -- those who like Spriggs may lack a high school diploma, a steady work history, job-readiness skills or a squeaky-clean background."

This really is an economic disaster.

Maybe the government should try stimulating the economy with a trillion dollars worth of debt, and then heavily tax and regulate the companies that create jobs . . . oh, that's right.

I have said it before and will continue to pound away on this: no one in the Obama administration seems to have a rudimentary understanding of capitalism or Economics 101.  Government spending does not create permanent jobs (except, maybe, superfluous  government jobs).  Spend all the taxpayer money you want, Mr. Obama, but this problem will not go away unless and until you change the economic climate for small businesses.  Only then will they take on the risks inherent with the hiring of more employees.

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