Uh Oh! Unemployment Hits Double Digits!
Posted on November 6, 2009
10.2! This is a definite threshold moment, and Obama can’t blame it on Bush any longer. Obama promised if we passed his stimulus package we would halt unemployment in its tracks. I said then, and again now, you can’t dig yourself out of a hole.
The unemployment rate rose from 9.8 to 10.2 percent in October, and nonfarm payroll employment continued to decline (-190,000), the U.S. Bureau of Labor Statistics reported today. The largest job losses over the month were in construction, manufacturing, and retail trade.
In October, the number of unemployed persons increased by 558,000 to 15.7 million. The unemployment rate rose by 0.4 percentage point to 10.2 percent, the highest rate since April 1983. Since the start of the recession in December 2007, the number of unemployed persons has risen by 8.2 million, and the unemployment rate has grown by 5.3 percentage points. (See table A-1.)
Among the major worker groups, the unemployment rates for adult men (10.7 percent) and whites (9.5 percent) rose in October. The jobless rates for adult women (8.1 percent), teenagers (27.6 percent), blacks (15.7 percent), and Hispanics (13.1 percent) were little changed over the month. The unemployment rate for Asians was 7.5 percent, not seasonally adjusted. (See tables A-1, A-2, and A-3.)
The number of long-term unemployed (those jobless for 27 weeks and over) was little changed over the month at 5.6 million. In October, 35.6 percent of unemployed persons were jobless for 27 weeks or more. (See table A-9.)
The civilian labor force participation rate was little changed over the month at 65.1 percent. The employment-population ratio continued to decline in October, falling to 58.5 percent. (See table A-1.)
The breaking of the psychological barrier of double-digit unemployment is a watershed moment for the Obama administration. It has continued to claim success in its Porkulus effort with shell-game “saved or created” metrics for jobs while unemployment rises unabated. Meanwhile, Obama pushed Congress to spend trillions of dollars we don’t have on efforts that have nothing to do with employment or revitalizing the economy. Even the latest CNN poll shows a 17-point swing to the worse for Obama on economics.
This is now Obama’s economy. He owns the double-digit unemployment level, having bought it with the $787 billion stimulus plan that he promised would keep unemployment no higher than 8%.
It’s time for Obama and Democratic congressional leaders Harry Reid and Nancy Pelosi to step back from their radical plans to vastly expand federal power, spending, deficits and taxes, and instead reach out to conservatives in both parties who understand how to make the economy grow with tax cuts, reduced bureaucracy, and lower government spending. They also understand the urgency of achieving U.S. energy independence by quickly adopting the “all-of-the-above” policy of freeing America’s abundant conventional energy resources while encouraging alternative sources. In other words, stop playing ideological games and get serious about restoring economic growth before millions more jobs are lost.
These unemployment numbers are just a ripple effect of all of this. Bush had a hand in it, as well as Obama. This is what happens when you elect faux Conservatives as Republicans and it is what happens when you elect Socialists.
» Filed Under Barack Obama, Coal/Energy Resources, Democrats, Economy, Fiscal Responsibility, Government corruption, Government malfeasance/misfeasance, News, RINOS, Socialism, Unemployment, Video, economic stimulus
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2 Responses to “Uh Oh! Unemployment Hits Double Digits!”
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Ah, the perfect cure for over 10% unemployment [20% in Stoned Slacker California if all the REAL NUMBERS are crunched!!] would be to impose a humongous ObamaCare Plan sure to destroy the trust and health of anyone over sixty with death-panel rapidity.
Then add two cups of a GINORMOUS Cap & Trade Tax that Bimbo Boxer & Piglosi want to slap on top of everything to destroy what parts of the economy survive. [Them Polar Bears and Lyin' Al Gore, gotta be saved!]
And let’s not forget signing over our sovereignty to a bunch of pseudo-scientists in Copenhagen who refuse to consider that the Sun has anything to do with Global Warming! It’s all those smokestacks in the US Midwest!
Looks like AGW is all socialist word-gas and finding new ways to tax…
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When Fidel took over Cuba 50 years ago he promised to improve the lives of the cuban people.
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He had Che execute thousands of patriots who fought with him–they weren’t commies. Then he executed the economy–Cubans are lucky to get chicken on their tables 4 times a year. And they are treated as second class citizens in their own country.
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Comrade Obama is bringing this on to our country with policies that will continue to trash our economy. You ain’t seen nuttin yet–like President Obama (PBUH) said.
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Rocketman
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