RECOVERY?  WHAT RECOVERY? – AT 10:58 A.M. ET: 

WASHINGTON (AP) -- Unemployment rates rose in 43 states last month, the government said Friday, painting a bleak picture of the job market that illustrated nationwide data released two weeks ago.

The rise in joblessness was a sharp change from November, when 36 states said their unemployment rates fell. Four states -- South Carolina, Delaware, Florida and North Carolina -- reported record-high jobless rates in December.

New Jersey's rate, meanwhile, rose to a 33-year high of 10.1 percent while New York's reached a 26-year high of 9 percent.

Analysts said the report showed the economy is recovering at too weak a pace to generate consistent job creation.

"A lot of states that had started to add jobs (in November) gave up those gains in December," said Sophia Koropeckyj, managing director at Moody's Economy.com.

COMMENT:  There's an old saying – you've all heard it – that a nation can talk its way into a recession, or even a depression.  Morale is a critical factor in a country's economy.  People buy when they feel good about things and about their prospects.  They hold back when they don't.  Right now morale is sinking again.  More and more economists are talking about a "double dip" recession.  And our government continues to borrow money at a frightening pace.

If a foreign enemy ever did to America what America is doing to itself right now, it would have a moral right to declare victory.

And what will the president say about it?  We'll hear from him this week in his State of the Union.  Why am I already applauding with only one hand?

January 23, 2010