U.S. jobless rate at four-year high

According to BBC News:

The US unemployment rate climbed to 5.7% in July official figures show, its highest in more than four years.

Firms cut workers for a seventh month in a row, but the losses were fewer than analysts had been expecting.

Comment: There seems to be a widespread belief that globalization is resulting in the export of U.S. jobs. I think the whole truth is that globalization is also allowing the creation of new jobs in the United States. The United States can and should enjoy full employment even with globalization, and in fact the health of the global economy is important for the health of the U.S. economy. When, as now, unemployment is going up, it can be attributed to the slowdown in the U.S. economy, which in this case is due to the failure of various economic policies of the Bush administration.

In the coming election we have the choice between a Republican running on a platform of continuing the policies of the Bush administration who has several times stated he does not understand economics very well, and a Democrat who spent a dozen years on the faculty of a law school (Chicago) that pioneered in economic analysis of impacts of laws. The choice is clear! JAD