The Labor Department reported today that the unemployment rate rose from 5.0 percent to 5.5 percent in May, the largest monthly spike in more than two decades. Secretary of Labor Elaine Chao's explanation?
"Today's increase in the unemployment rate reflects the fact that unusually large numbers of students and graduates are entering the labor market."
That's right. It's because we procreated so much that we have such a high unemployment rate. Don't think about the jobs outsourced out of the country, the massive layoffs and the near extinction of a manufacturing base here in the U.S. It's because there's so many kids looking for a job.
