Analyst: Obama has U.S. economy in 'death spiral' (Video)

Worldnet DailyPosted: July 04, 2010 6:51 pm Eastern

By Bob Unruh © 2010 WorldNetDaily

A new analysis of the U.S. economy shows that since 2007, the private sector has lost 10.5 million jobs while the public sector has added 720,000 jobs, creating a "death spiral" for the nation's economy.

The study comes from The Free Enterprise Nation, a nonpartisan national membership/advocacy organization for individuals and businesses that make up the private sector.

The analysis was done using statistics about employment data from the U.S. Bureau of Labor Statistics.

The recession of the last two years exacerbated the larger problem that already was in place, it revealed.

"Over the 10-year period between March 2000 and March 2010, the private sector lost over three million jobs, while the public sector gained nearly two million jobs," the analysis concludes.

Among the changes were California's loss of 665,800 jobs in the private sector. But government in the Golden State added 163,800 jobs.

Also, Michigan lost 791,700 private-sector jobs, a "staggering" 20 percent. Government bureaucracies, however, kept all but 7 percent of their positions.

Jim MacDougald, president and CEO of The Free Enterprise Nation, recently appeared on the Fox News Channel to talk about a new campaign called "I own you."

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