Wow. Obama has been touring the nation making sure we know how many jobs he has saved or created. It is looking more and more like he is saving or creating the jobless.
Unemployment this morning topped 10.2%, even though the number seeking employment has declined. Many have just given up. Likewise, and more troublesome, the average hours worked in a week is at its lowest in decades — 33 hours. That suggests employers are going to just expand hours worked in the future, instead of hiring new people. So the unemployment number will stay high for a while.
On January 18, 2009, Obama’s top economics advisor Larry Summers said Barack Obama’s stimulus plan would keep unemployment below 10%.
On July 17, 2009, Larry Summers said
“Both administration and independent forecasts predicted that only a very small part of the total job creation expected from the Recovery Act would take place within six months,” he continued. “Indeed, a Council of Economic Advisers’ study predicted that only 10 percent of the total job impact of the Recovery Act would take place during calendar year 2009. Given lags in spending and hiring, the peak impact of the stimulus on jobs was expected not to be achieved until the end of 2010.”
In other words, an ever growing number of Americans have to sit on the unemployment line until next year by design. Why? So in 2010, Barack Obama and the Democrats can run on falling unemployment. They’d rather you starve now so they can have recovery happen in an election year.
We’re all political pawns to Barack Obama.
One more thing: remember, outside economists say passing the Democrats’ health care plan will slow the recovery further, stagnate wages, and increase unemployment. Do we want to do that?
A jobless recovery?
Kyle-MI Friday, November 6th at 9:04AM EST (link)Democrats will counter the unemployment numbers by pointing out that the stock market is moving back up and companies are becoming more profitable. Unfortunately, companies are not improving by producing more; they are improving by reducing cost (i.e. shrinking their workforce). In some ways this is good. During good times, companies can become sloppy and inefficient, especially if they are forced to do so by union employees. This is no comfort to those who are out of work.
Below 10%?
KeepOhioRed Friday, November 6th at 9:08AM EST (link)Didn’t they claim Porkulus would keep it under 8%?
This is perfect timing
bk Friday, November 6th at 9:11AM EST (link)It comes out right after we had Biden and company claiming that they had created 640,000 jobs or a million jobs or whatever the number was each time you asked.
How stupid do they think people are?
True Unemployment At 17.5%
Dan Spencer Friday, November 6th at 9:11AM EST (link)True unemployment, which includes discouraged workers and those forced to work part-time, rose to 17.5%, the highest on record dating to 1995.
California Yankee
Actually, it is even worse than 17.5%
malbis Friday, November 6th at 3:03PM EST (link)When add in all of the people who aren’t counted at all–and used to be counted–the real unemployment rate is 21.4%.
The number of people who “don’t count” as unemployed for one excuse or another is staggering. But not counting them officially to have an artificially-low unemployment number isn’t going to improve Christmas sales this year, or keep struggling stores open past January.
YES WE CAN!
treeofliberty Friday, November 6th at 9:16AM EST (link)Get unemployment over 10%….
Hope and Change indeed.
Porkulus is a two-edged sword
GregInFla Friday, November 6th at 9:31AM EST (link)We need to be careful. If we claim that only a small amount of the money has been spent, when discussing how bad things are, it sounds like we are in favor of spending more. And thus, that we are in favor of it. A good debater would use the argument to his advantage.
– A true evolutionist would let endangered species die off. Anyone care to change sides?
Support Marco Rubio for US Senate.
The Obama Admin has fully demonstrated its fiscal irresponsibility
6eorge Jetson Friday, November 6th at 10:19AM EST (link)Investors of capital, especially foreign investors, have gotten the memo.
And those cheering the stock market rally haven’t taken a look at the returns from currencies other than the dollar. It’s no where near as good once you take the fall of the dollar into consideration.
Hold off on that Mammogram for 10 years
Jared Bernstein on Bloomberg radio
Jack_Savage Friday, November 6th at 9:44AM EST (link)“Well, the Recovery Act saved or created a million jobs, with 2 1/2 million on the way…”
Also said they could make more “investments” in infrastructure…
Dodged question on tax credits for hiring…
SELLOUT
Also, he said if no Recovery Act, unemployment would be at 11 percent…unreal…
It is painful
persiflage Friday, November 6th at 10:59AM EST (link)to watch Jared Bernstein on a television interview, as he struggles to work in the administration’s three or four talking points of the day in his reply to ANY question, no matter how off-topic his response.
“A republic, if you can keep it…” - B. Franklin
So...without the Stimulus unemployment would be 0.8% higher?
malbis Friday, November 6th at 3:08PM EST (link)Want to compute again the actual cost per percentage point of unemployment reduction with Democrats in control?
And then compute how many trillions of dollars it will cost to being unemployment down to the level it was prior to the beginning of this crisis?
Then add that on top of the 1 to 1.5 trillion estimated for the health care overhaul?
Anyone else see a problem here?
Obama considers taxpayer funded jobs
izoneguy Friday, November 6th at 11:22AM EST (link)as “real” jobs? - That is what all good socialists do….
Redistribution is what I call it……
Taking water from someone elses bucket is not water you
retrieved for yourself.
What happens when the “retrivers of water” quit?
“When the government fears the people, there is liberty. When the people fear the government, there is tyranny.”
Thomas Jefferson
Saved jobs?
harlan Friday, November 6th at 11:25AM EST (link)Has there ever been a more dishonest statistic?
That the state-run media allows this lie to be used as a defense against fiscal chicanery is a CRIME.
It’s time for some heads to roll.
As someone said a while back
bk Friday, November 6th at 11:29AM EST (link)If we got down to only 3M people employed, Obama would say those are the ones he saved and all the ones lost are Bush’s fault.
Obummer
fotophun Friday, November 6th at 11:48AM EST (link)the only job this guy is trying to save is his own
Obama. mmmmm.....mmmmm....mmmmmm
itrytobenice Friday, November 6th at 12:35PM EST (link)Gonna need a new Y axis. mmmm….mmmmm…..mmmmmm.
The problem with America is stupidity. I’m not saying there should be capital punishment for stupidity, but why don’t we just take the safety labels off of everything and let the problem solve itself?
STOP HELPING
beanerecmo Friday, November 6th at 1:11PM EST (link)President Barack Obama on jobs: ‘I won’t let up’
Please, let up; the country can’t stand anymore buffunery from you or your minions.
I was a liberal until I learned to read, got a job and was mugged by weak-willed tax and spend politicians and their naive acolytes.
With the new high unemployment rate comes the next crisis
avgamerican Friday, November 6th at 8:52PM EST (link)The recession isn’t over, it’s deepening. WIth that there will be less buying. This will cause retailers to go bankrupt and fail to pay their rent on the commercial buildings. The owners of those buildings will default on their loans to the banks. This crisis is expected before long and it will cause another bank cash crisis.