Fears that the nation could be headed for second stage of the Great Recession mounted over the weekend following the news that the economy shed 85,000 jobs in December, while a whopping 661,000 people gave up looking for work. The national unemployment rate remained at 10 percent, but the true jobless rate, which includes part-time workers and those who have stopped searching for employment, rose to 17.3 percent, the Chron reported.
The 85,000 job losses were a stark turnaround from November, when the national economy actually added 4,000 jobs, the first such gain in a long time. But all the bad news was tempered a bit by President Obama’s announcement of $2.3 billion in tax credits for green-tech companies. However, that investment, although welcome, is just a small fraction of what is needed to transition to a green economy and get America working again.