The recession is over? Tell that to the American worker …
The U.S. unemployment rate jumped higher than expected in September, with another 263,000 jobs disappearing from the economy.
According to the U.S. Department of Labor, that puts the current rate at 9.8% – the highest mark in over a quarter century. It would have been higher, too, had 571,000 employees not dropped out of the labor force because of their inability to find work.
In pushing for a massive “bureaucratic bailout” of federal and state governments earlier this year, the administration of President Barack Obama claimed that the unemployment rate would peak at 8%. It is now nearly two percentage points above that mark – and still climbing.
But percents are one thing – the losses in human terms (under both the Bush and Obama administrations) are staggering.
Over the course of America’s 23-month recession – which the Federal Reserve claimed last month was “technically” and “very likely” over – 7.5 million American workers have lost their jobs. A total of 15.1 million Americans now find themselves out of work.
For the second straight month, job losses were higher than analysts predicted – this time eclipsing the estimate by nearly 100,000.
The American workweek is also down to 33 hours – an indication that those Americans who do have jobs aren’t necessarily receiving “full-time” pay.
Amazingly, state and local governments have actually added jobs during the current recession, although it’s safe to say there’s been a hefty price tag associated with that.
By larry October 2, 2009 at 5:47 pm
Just last week Obama said the recession was over. He said he saved America from the financial brink.
That’s what Obama said.
By madcock October 2, 2009 at 7:16 pm
I learned long ago that the way you can tell a conservative is lying is to see his lips are moving. But, there has seldom been a better example of this than their claim that the Obama administration predicted the stimulus would allow the uneployment rate to “peak” at 8%.
Obama was inaugurated on January 20, 2009.
According to the US Dept. of Labor the unemployment rate in the US for February was 8.5%.
The stimulus was passed in March.
According to the US Dept. of Labor the unemployment rate in the US for March was 8.9%
Would have been quite a trick for the stimulus to allow the unemployment rate to PEAK at .9% HIGHER than it was the day it passed.
It’s always fun to use that most scarce of commodities in GOP circles, the truth, against the right-wing liars and haters.
And BTW, Obama wasn’t born in Kenya either.
By Make it up as you go. October 2, 2009 at 8:48 pm
Quote:
“I learned long ago that the way you can tell a conservative is lying is to see his lips are moving. But, there has seldom been a better example of this than their claim that the Obama administration predicted the stimulus would allow the uneployment rate to “peak” at 8%”.
While you are correct in your unemployment numbers for Feb 09, the simple fact of the matter is the Obama administration used this report:
http://otrans.3cdn.net/45593e8ecbd339d074_l3m6bt1te.pdf
and it’s associated graphs to pitch the “stimulus”.
Keep on believing whatever the hell you want.
Here, I’ll help you. The unemployment rate in Feb. 2009 was 7.6%.
By Make it up as you go. October 2, 2009 at 8:50 pm
The above comment has a last sentence that is incorrect. The unemployment numbers were above 8%. My bad, too many beers.
By madcock October 2, 2009 at 9:48 pm
“Make It up as you go” thanks for making my point at how dishonest cons are. The link you provided is a report issued January 10, 2009, TEN days before the President was inaugurated,using figures compliled in December, 2008.
Try reading the links you provide. The Obama adminstration underestimated the unemployment rate they would inherit from the imcompetent chicken hawk Dubya, NOT the effects of the stimulus package.
Why don’t you post some links about death panels, how the cash for clunkers program won’t boost car sales,or how the New Deal caused the Great Depression.
By Make it up as you go. October 3, 2009 at 7:13 am
I guess you didn’t read the very first page of the report. See, you guys who love “the Agenda” like to act like stuff just never happened. That report WAS used to sell the “stimulus”. A quick glance at the report would have provided that it was written by the chair nominee-designate of the council of economic advisers, and a guy from “the office of the vice president elect”. To me, that pretty much means the current administration.
The only time I personally have ever heard anyone “claim” that the administration predicted unemployment to peak ~8% is in reference to the now famous graph associated with that report.
If I were an “Agenda” man, I would NOT bring up “Cash for Clunkers”. See, we have “future” on our sides with that one, as evidenced by current car sales. But hey, if getting people into highly leveraged imported cars was the goal, WIN!
By hsr0601 October 3, 2009 at 11:53 am
I think the “early adoption” of 21st energy and health care reform is capable of putting the job market on a solid ground.
As a major driver, IT industry stalled and stranded in a game industry for the lack of 21st energy policy over the stretch of two petrol wars needs to evolve into the all but indefinite energy, medical, and academic industry where the investors are eagerly waiting for policy-makers to act now ((100s of Companies (with $13 Trillion) Are Demanding Strong Climate Deal in Copenhagen just like environmental activists)), which I guess is why the far-reaching and long overdue health care and 21st energy bill have come into focus.
I still think the densely populated countries are consuming such incredible natural resources right now that inefficiency as it is is not allowed any more. In the face of drastic dent in fossil fuels, supposedly computer came up as a primary and the most efficient substitute for them.
We are now living in a digitalized society, and those energy, medical, and academic industries are the last remainders to work out and the most expansive, potential arenas as they are involved in all generations, unlike a game industry.
In respect to the adoption of two crucial changes, the sooner, the much better because reinstating the jobless costs far more than lay-off, as is often the case. I’d say it is past time to end bickering around common sense : A public health policy, contemporary energy, and financial normalcy.
Thank You !
By icterus October 4, 2009 at 10:56 pm
What has Obama done to stimulate new jobs?
NADA.
Obama has only grown government on the backs of the taxpayers.
He’s not missing any opportunity to exacerbate this crisis and destroy capitalism.
Read his books. It’s all in there, man.
By Joe May 7, 2010 at 9:50 pm
LOL…it never fails…when libs get hit squarely in the jaws with facts – that this president and his policies have done NOTHING to help the economy but rather they have exacerbated the problem – they pull out the old, time-worn playbook and….that’s right….change the subject!
Death panels, car company bailouts, blah, blah, blah….let’s don’t talk about rising unemployment, a still-failing economy, health reform which does nothing to reform health care….let’s just talk about Bush! This is his fault!