Stocks soar, but unemployed still face a blue Christmas
Glenn Osrin Miami Unemployment Examiner
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December 1st, 2010 5:16 pm ET



In case you missed it, news outlets are trumpeting the ‘strong economic data’ that came out Wednesday, sending the Dow Jones Industrial Average soaring 250 points. It seems that ADP released a payroll report indicating that the private sector created 93,000 new jobs last month. That, coupled with a revision for October’s job creation statistics to the plus-side of the ledger helped make the rich richer today, and the unemployed….still without a prayer in the world.

The nation’s unemployment rate has been stuck like a broken thermometer at 9.6% for the better part of four months, and today because of inaction in Congress, unemployment benefits expired for nearly three million Americans. Worse still, Democrats have done little to sway Republicans on merely extending benefits for three months, while the GOP appears to have succeeded in making President Obama fold like a house of cards as he prepares to renew the Bush tax cuts for at least three years.