It's called job security, baby

Vice President Joe Biden issued an upbeat report card on the economy Thursday, saying that the massive stimulus program had been more effective "than we had hoped." -- FOX News

Meanwhile, back on Earth, the unemployment rate jumped to 9.7 percent in August, the highest since June 1983, as employers eliminated a net total of 216,000 jobs.

If laid-off workers who have settled for part-time work or have given up looking for new jobs are included, the so-called underemployment rate reached 16.8 percent, the highest on records dating from 1994. -- FOX News

More unemployment news:

Missouri projected to borrow $2.7 billion for jobless benefits

Illinois gets $200 million for unemployment plan

Indiana wrestles with taking federal aid for jobless

WV State's Unemployment Fund Hit Hard By Recession

Few fixes for Florida's insolvent unemployment benefits fund

Kansas' Unemployment Fund Depleting Fast

Click map for interactive national unemployment timeline.

Today, the Department of Labor reported that 570,000 Americans filed initial claims for jobless benefits last week. This follows news from ADP Employer Services on Wednesday that private employers cut 298,000 jobs last month. As bad as these numbers sound (and they are bad) the real threat facing our nation’s economy is that, as Gallup’s Chief Economist Dennis Jacobe puts it: “job creation in August is just not taking place in the U.S. economy.” Why is job creation more important than job loss numbers? Heritage fellow James Sherk explains:

The American economy is highly dynamic. Industries continually expand and contract while entrepreneurs create new companies and uncompetitive firms go out of business. Workers move between jobs frequently as this occurs. … Recent research shows that an increased likelihood of layoffs is not the main reason that unemployment rises during economic slumps. … The main reason unemployment rises during economic downturns is that job creation falls while the labor force continues to grow, making available jobs scarcer. As a result, many without work stay unemployed longer, driving up the unemployment rate.

If our economy is going to avoid double digit unemployment, the private sector is going to have to start hiring people again. Unfortunately, every agenda item emanating from the White House will only hamper, not allow for, private sector job growth. -- The Heritage Foundation

"Why so cool? -- It's called job security, baby."