On Friday, The Commerce Department revised downward its estimate of how much the U.S. economy grew during the first quarter of 2010. It turns out that GNP (gross national product) growth was an anemic 2.7%, or about half of GNP growth in the fourth quarter of 2009. These figures confirmed what most people already knew; the U.S. economy is recovering from the worst recession since the Great Depression of the 1930′s at a snail’s pace, and the resultant unemployment figures are unlikely to change any time soon. …

While the politicians are locking their knees, and preparing to do battle over the best way to reduce unemployment, the “economic force” (call it Adam Smith’s invisible hand) will resist any artificial attempts at stimulating new jobs the “force” deems unnecessary.

There is little doubt that continued high unemployment rates will have a major impact on the 2010 mid-term elections, and may hamper Obama’s ability to accomplish other major campaign initiatives. The truth of the matter is that there is very little the Obama Administration (or any administration) can do to effect the economy in any significant way without changing the American capitalistic system.