Double-Digit Unemployment Highlights Problems with Government Solutions

JLF economist says policies pursued now have no chance of reviving economy

RALEIGH (Carolina Journal Online) — The latest increase in North Carolina's unemployment rate should signal government leaders to stop pursuing policies that have no chance of improving the economy. That's the assessment of a John Locke Foundation analyst with a Ph.D. in economics.

A new report from the N.C. Employment Security Commission lists the state's unemployment rate at 10.7 percent for February, up a full percentage point from the January rate of 9.7 percent. North Carolina's unemployment rate has climbed for 13 consecutive months. The February rate is the highest recorded rate since the state started keeping seasonally adjusted data, according to the ESC.

"As unemployment rates continue to rise, I hope lawmakers and administration bureaucrats notice that the policies they're pushing are not helping the economy," said economist Dr. Roy Cordato, JLF Vice President for Research and Resident Scholar. "What's more important to note is that these policies have no chance of helping the economy. They can only delay economic recovery or make current economic conditions worse."