Unemployment jumps to 9.8%, 16th straight months above 9.5%, 19th straight above 9%

from theblogprof by The blogprof


Unemployment jumps to 9.8%, 16th straight months above 9.5%, 19th straight above 9%: "Can we now officially call the stimulus a failure? It has made the problem worse, not better. Keep in mind that in October of 2006 — just before the Democrats took Congress — unemployment was 4.4%. We have now been above 9.5% for 16 straight months. Still going the wrong way thanks to hopey changy at the wheel:

So much for the recovery summer. Or a recovery fall. Of course, the AP doesn't dwell on the fact that the unemployment rate is essentially 10% for almost a year and a half. They only mention such things at the end of articles, if at all. They are still highlighting the small growth in jobs that isn't even enough to match the population growth. As a matter of fact, a 100,000 jobs growth in a month is the breakeven point to match jobs with children growing into working age. Anything under 100,000 is a net loss of jobs. From the AP via The Detroit News: Jobless rate rises to 9.8 percent as job growth slows

The nation's unemployment rate climbed to 9.8 percent in November, a seven-month high, as hiring slowed.

Employers added only 39,000 jobs last month, a sharp decline from the 172,000 created in October. The weakness was widespread. Retailers, factories, construction companies, financial firms and the government all cut jobs last month.

Private companies — the backbone of the economy — created 50,000 jobs. That was down significantly from the 160,000 private-sector jobs created in October and was the smallest gain since January.

With hiring so weak, the unemployment rate rose from 9.6 percent to 9.8 percent. The jobless rate has now topped 9 percent for 19 straight months, the longest stretch on record.

Obama promised the unemployment rate would not exceed 8% if Congress gave him a $1.2 trillion (including interest) slush fund in the form of the stimulus boondoggle:

In the bigger picture, Obama promised that 3.5 million NEW private-sector jobs will be created by the $1.2 trillion stimulus bill ($800 billion + interest over 10 years since the US is bankrupt) by 2010. Instead, more than 3 million jobs have been lost. Here is what has been happening with Biden's 3-letter word since last year:

January US jobs lost: 598,000 jobs
February US jobs lost: 706,000 jobs
March US jobs lost: 742,000 jobs
April US jobs lost: 545,000 jobs
May US jobs lost: 345,000 jobs
June US jobs lost: 467,000 jobs
July US jobs lost: 247,000 jobs
August US jobs lost: 216,000 jobs
September US jobs lost: 263,000 jobs
October US jobs lost: 190,000 jobs
November US jobs lost: 11,000 jobs
December US jobs lost: 85,000 jobs
January US jobs lost: 20,000
February US jobs lost: 30,000
March US jobs lost: -162,000
April US jobs lost: -290,000
May US jobs lost: -431,000
June US jobs lost: 125,000
July US jobs lost: 131,000
August US jobs lost: 54,000
September US jobs lost: 95,000
October US jobs lost: -151,000
November US jobs lost: -39,000

Total US jobs lost under Obama: 3,797,000 jobs

3.8 million fewer jobs to lose, and that's neglecting the corrections that were made to the jobs numbers from last year that showed even bigger losses. Recall that the stimulus package was supposed to stop the unemployment rate at 8%! A crisis could become a calamity? Remember that? Here's how that looks (via Michael's Comments):

Note that the blue lines are the numbers that Obama's team came up with. So the actual unemployment rate is not only worse that what would happen with porkulus, but even worse than was predicted without it. The stimulus bill was and is a fraud perpetrated by Obama on the American people to pay back his union hacks that got him elected. Nothing more, nothing less.

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