Obamanomics: US Unemployment Rate Climbs to a 26 Year High at 9.5%

 

Obamanomics you can believe in … More Obama change you can believe in … Jobless claims higher than expected as 467,000 jobs lost in June, driving the unemployment rate up to a 26-year high of 9.5 percent. The economic carnage continues and everything that Obama has done or proposed has not helped, in fact it might have made matters worse.

The Labor Department report, released Thursday, showed that even as the recession flashes signs of easing, companies likely will want to keep a lid on costs and be wary of hiring until they feel certain the economy is on a solid ground. June’s payroll reductions were deeper than the 363,000 that economists expected.


All told, 14.7 million people were unemployed in June.

Estimates U.S. Companies Cut Payrolls by 473,000

Where is that $787 billion stimulus package now? As previously reported, consumer confidence is down as unemployment continues to rise. As Americans continue to lose jobs, Obama continues to talk about healthcare and “cap & trade”, both of which will provide even more taxes on people who cannot afford it.

As people continue to lose jobs, U.S. mortgage applications fall to 7-month low.

It appears that the 74% of Americans that their own judgment more than that of Congress when it comes to economic issues facing the country are correct.

UPDATE I: From The Jawa Report, Obama Stimulus Plan Saves or Creates 467,000 More Jobs. Oh wait, The Rusty’s boys just had an Emily Litella moment, never mind.

Oh, wait…did I say “saves or creates,” as in, the imaginary voodoo number crunching the Obama Administration mistakes for “measuring job creation?”

Oops! I guess I did. In reality, which bears little resemblance to the utopian, unicorn-populated, sunshine-laden rainbow smiles of Obamaworld, we’re down another 467,000 more jobs in June. The stimulus is working so well that government jobs are increasing as the private sector burns (adding to the cost of running the government, by the way, which will have to be paid for by…the private sector).

UPDATE II: Obama’s economic policies hard at work … Employers cut 467,000 jobs in June, the jobless rate hit a 26-year high of 9.5 percent and wages shrank to their lowest in nearly a year.

Others discussing Obama’s fine handling of the economy:



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  • 9.1% US Unemployment … How About the Teen 24% Unemployment Rate?
  • Nevada’s Unemployment Rate rises to 13.4% in August 2011 … Up From 12.9% in July
  • President Obama’s Senior Political Adviser David Plouffe Says, “People Won’t Vote in 2012 Based on the Unemployment Rate”




  • Comments

    33 Responses to “Obamanomics: US Unemployment Rate Climbs to a 26 Year High at 9.5%”

    1. nurturer on July 2nd, 2009 3:25 pm

      From the books I’ve been reading on the subject, the world will be in an full economic depression by 2012. I guess the Mayans were right.

      Next year will be the greatest indicator of what to expect down the road, as many more companies close and unemployment rises. This is ‘expected’ to happen every 70 – 80 years, and should have happened already. But due to government interference, from both parties starting decades ago, the correction has been held back to where only extended recessions have been endured.

      Unfortunately, Obama being the economic genius he is also, the correction is expected to be much more severe than it needed to be. Obama didn’t start these events, but he is adding to them greatly. And the popular appeal he’s enjoyed the last couple of years will surely turn sour, as more and more Americans become and STAY unemployed.

    2. wg on July 2nd, 2009 4:25 pm

      The stimulus seems to go to big banks, and those connected with the treasury and Federal Reserve.

      Audit the Federal Reserve.

    3. St Stephen on July 2nd, 2009 4:28 pm

      I posted this as an answer on another thread, but it kinda belongs here so I repeat:

      There are the many here who do not castigate President Obama as evil.

      His policy being faulty and self-destructive toward the country does not make him evil. It is only that we need to bring our nation to the plateau where we know it belongs, and all he has done was give money to those who know only how to bankrupt huge banks and conglomerate companies.

      He has done nothing, repeat, nothing to provide employment for millions out of work and now we learn that hundreds of thousands more are unemployed and the propect is bleaker than when President Bush was in office.

      And with the ensuing energy bill he will coax more companies to move to foreign countries and more will be unemployed.

      Are you really happy with that prospect? Where are the jobs that he said he would provide? I do not see it, nor do millions of others, for that matter.

      Health insurance? Let’s get the country working, then we can address that. WE need jobs NOW, not when he decides that we need them.

      I feel that is one of the reasons so many voted for him to begin with. His smoke and mirrors is losing its drama, and people are actually getting more worried, not less worried about their futures.

      So where is President Obama taking us, in reality? Will there be employment or will their be more taxes to those that still cling to the jobs they have?

      Is that promise of NO TAXES for those making less than $250,000 gone by the wayside? Is he, in the final analysis, just another “read my lips”, one-term politician that the people naively put their trust and audacity of hope in?

      There is an answer and we have it. I am not waiting for the other shoe to drop, and I hope that some fiscal Republican is starting the move NOW so we can get a grip and salvage what we can out of this. My republican candidates have to address unemployment, since the President seems to have lost his focus on it. This is our starting point.

      IS THERE ANY SEMBLANCE OF INTELLIGENT LIFE ON THIS BOARD AT ALL???

    4. buster on July 2nd, 2009 5:30 pm

      Lil off topic but:
      Judge tentatively acquits woman in MySpace case
      A federal judge on Thursday tentatively threw out the convictions of a Missouri mother for her role in a MySpace hoax directed at a 13-year-old neighbor girl who ended up committing suicide.

      U.S. District Judge George Wu said he was acquitting Lori Drew of misdemeanor counts of accessing computers without authorization but stressed the ruling was tentative until he issues it in writing. He noted the case of a judge who changed his mind after ruling.

      THIS TOTALLY SUCKS !!!

    5. john on July 2nd, 2009 8:35 pm

      How short are your memories? This is a Bush/Rove/Cheney mess caused by republican deregulation and corporate corruption. This administration will dig us out.

    6. katablog on July 2nd, 2009 8:38 pm

      IS THERE ANY SEMBLANCE OF INTELLIGENT LIFE ON THIS BOARD AT ALL???

      on this board? yes. In the congress? Not a chance. They are all (either party) in it for themselves.

    7. Michelle Smith on July 2nd, 2009 9:19 pm

      @#5 mmmm….RIGHT!

    8. Michelle Smith on July 2nd, 2009 9:22 pm

      And the unemployment numbers are still climbing but hey it’s Bush’s fault. Obama has quadrupled what Bush spent but hey, it’s Bush’s fault.

      Where are all the jobs Obama promised? How is my tax money being spent? Where is Obama’s birth certificate?

    9. Solange82200 on July 2nd, 2009 11:21 pm

      So Obama is supposed to fix 8 years of idiocy in what, 6 months? Really realistic people. It must be nice to be that delusional. What’s it like living in Lala Land?

    10. buster on July 3rd, 2009 12:14 am

      #8 there is no birth certificate because monkeys are not issued any at birth !!!

    11. rightknight on July 3rd, 2009 12:52 am

      Our Servants are not doing right by us. They are
      making mistakes and doing bad things that cost
      money. It’s not their money ’cause they don’t have
      any. It’s our money they are carelessly wasting. It’s
      our children’s lives they are splurging away. It’s our
      grandchildren’s futures that are being spent.

      We cannot do worse for ourselves than throw every one
      of them out and vote in a batch of inexperienced (if
      need be) honest learners who love and respect our
      Constitution and will swear to uphold it! Vote for
      people that LOVE America and it’s laws, not a bunch
      of self serving pseudo elites that are bent on Big
      Government Control.

    12. Erik on July 3rd, 2009 1:26 am

      WOW!

      buster you just passed SUPER DAVE for the most ignorant poster on SM! SM: You lose credebility when you allow racist comments like that to stand without challenging them!

      Now back to adult conversation without juvenile name calling:

      26 years ago?

      Who was president then?Reagan

      Whose mess was he cleaning up supposedly?
      Carters

      So that means Obama is just cleaning up Bush/Cheney era disaster policies
      I think that
      ______________
      SM: You mean like the recession that GWB inherited from Clinton as well?

      The difference is that Reagan did not try and do a socialist govt take over calling it a stimulus package. Reagan also didn’t need a teleprompter.

      A better comparison is Obama to Carter. Both blindly and ignorantly elected as a knee jerk reaction called change. One as change from Nixon and the other as a change from GWB. Funny that Helen Thomas would compare the other day Obama to Nixon.

      Obama, when all the dust settles and the press comes clean will go down in history as a one term abject failure as a President.
      R

    13. katablog.com on July 3rd, 2009 7:54 am

      John, Michelle and Solange: it must be very hard on you to see promises made have failed, be shoved under a fleet of buses with Grandma and a collection of other people. But don’t blame Bush or us for promises O made and money he’s spent.

      It was O who spent $756 Billion in “stimulus” that was promised to hold unemployment under 8%. It was O whose congress passed a $40 billion omnibus spending bill. It was o who begged Bush to bail out the auto makers and then threw money and more money at them before outright taking them over. It was O who promised jobs with his reckless stimulus bill. It was O who back-tracked on his promises of no new taxes for those making under $250,000. It’s O who wants to allow Barney Frank to take our TARP money and re-spend it like a giant slush fund. It’s a Democratic Congress that has increased travel costs by 50% while their constituents end up in unemployment lines. It’s Democrats who gave a Ohio Representative $3.5 billion for a unneeded water administration so they could get her vote for crap & traitor. It’s the O administration that wants to spend billions on Crap & Traitor where under the BEST of circumstances we could reduce temperatures by an entire, whooping 9/100th of one degree Fahrenheit! It’s O who wants to take over the health care system while taxing workers for their employer paid plans (something he ridiculed John McCain for suggesting). It’s O who is going to sign and executive order for undetermined detention of terrorists (after rescinding Bush’s order). It’s O keeping Gitmo open after promising you he’d close it. It’s O supporting a guy who broke the Honduran Constitution while saying little about innocent Iranians being murdered in the streets. And it’s O who thinks there are 57 states and still trying to socialize them.

      You must be very disappointed.

    14. Dolf on July 3rd, 2009 8:26 am

      presidents come and go

      they tend to switch…republican, democratic

    15. Trevor on July 3rd, 2009 8:46 am

      “You mean like the recession that GWB inherited from Clinton as well?”

      Nice try Red.Put the rnc kool aid down and take a deep deep breath.

      Bill Clinton reversed Reagan’s course, raising taxes on the wealthy, and lowering them for the working and middle classes. This produced the longest sustained economic expansion in American history. Importantly, it also produced budgetary surpluses allowing the government to begin paying down the crippling debt begun under Reagan. In 2000, Clinton’s last year, the surplus amounted to $236 billion. The forecast ten year surplus stood at $5.6 trillion. It was the last black ink America would see for decades, perhaps forever.

      George W. Bush immediately reversed Clinton’s policy in order to revive Reagan’s, once again showering an embarrassment of riches on the already most embarrassingly rich, his “base” as he calls them. He ladled out some $630 billion in tax cuts to the top 1% of income earners. In true Republican fashion, they returned the favor by investing over $200 million to ensure Bush’s re-election. Do the math. A $630 billion return on a $200 million investment: $3,160 for $1. I’ll give you $3,160. All I ask is that you give me $1 back so I can keep the goodness flowing. Do we have a deal? Republicans know return on investment

      Thanks also for denouncing busters comment which im sure you agree with.
      ______________
      SM: Do not pretend to even think you speak or know what I agree or do not agree with troll. You libs think you know it all I guess. It must just be so hard being you with all that knowledge.

      Sorry Charlie, but it is proven fact that the economy was in a minor recession at the end of the Clinton Administration … the .com bubble hit and every one lost their collective asses. Many of the mortgage issues we face today were hatched during boy Clinton’s admin. Do not lie. However, I must say, as much as I disagreed with Clinton, at least he was not a socialist.

      Clinton turned a blind eye to ever corporate scandal during his 8 years so that the fraudulent .com economy would continue in the face of his scandal with Monica so that he could retain his job.

      Arthur Anderson, Global Crossing, WorldCom, Tyco, Enron were all scandals under whom?

      GWB and Cheney had warned that the economy was in a tailspin at the end of Clinton’s admin and was discussed during Al Gore debates.

      The point to you Kool-Aid drinking liberals is that each President inherits good and bad from the previous. However, it is each new President’s job to fix the bad and maintain the good.

      Not blame the previous admin for ever problem and make it worse.

      Obama will go down in history along Hoover and Carter. Sorry. He is an green and naive as it gets to the point of being dangerous.
      R

    16. Reaganite Republican on July 3rd, 2009 9:24 am

      The foolish $700B+ “stimulus” legislation has already crapped out: these figures are far worse than the ones the White House warned us about if we DIDN’T pass the bill- but it was passed, and still unemployment soars?

      Instead of creating jobs, interest rates were bumped up, the dollar slid… while there are little actual economic benefits from this spending. Much of this is due to the fact that Obama’s anti-business agenda has mortified almost every machine of job-and-growth creation in the country. The Democrats just HAD to insist on tax-n-spend, rather than a tax holiday for, say, six months… can you imagine how things would be doing with a $700B tax cut instead?

      And the One couldn’t deliver the type of “temporary, targeted, and timely” bill that he promised for weeks, either. Irregardless of his beautified image, in reality Obama lacks the the political stature to control Pelosi and Reid… who hit the trough hard, while bickering like siblings.

      The lack of GOP co-conspirators exposed Obama politically… this legislation now looks to be a HUGE gamble. And when all this pork-n-welfare fails to generate any real economic gains… the Democrats could face a bloodbath in 2010.

      One could make the argument that Obama knows his legacy will be in tatters by 2012, and could care less how much damage his radical programs do to the economy. He’s therefore ramming-through as much of his far-left agenda as he can before the day comes when people cringe at the mere mention of his name-

      Sure seems like it.

    17. ANewGirl on July 3rd, 2009 10:13 am

      Poster #3 Points out:

      Are you really happy with that prospect? Where are the jobs that he said he would provide? I do not see it, nor do millions of others, for that matter.

      True, so true! A few months back the big O tried to take credit for some 150,000 new jobs created…Uhhhmmmmm….WHERE would these jobs be, specifically, Mr. President???

      There has to come a point in time when the American public tires of all the rhetoric and complete OVER EXAGERATION OF THE FACTS—-unemployment rate the highest in 26-yrs @ 9.5% is not very encouraging. While Obama is not 100% to blame—the time for him to stop referring to the former Administration and doing all the finger pointing was the first day he took his oath of office.

      As to #9 Solange’s question as to what it’s like living in LaLa Land—most of us can’t really respond to a question like that since we saw this one coming before THE CHOSEN ONE WAS ELECTED!

      Guess our question back to Solange might be:

      What’s it like living with your head buried under the sand? You wouldn’t know you’re Moonbat arse from your elbow if you hit yourself upside the head with it!

    18. yoyo muffintop on July 3rd, 2009 10:14 am

      #10 – Why am I not shocked you would make such a racist comment. I’m sure you’ll be applauded by the likes of #8.

      #15 – Yeah, notice how “R” never denounced #10′s racist post?
      Btw – that same poster #10 called for the murder of President Obama…and “R” didn’t say a peep either.
      Telling on both counts.

      btw “R” – Reagan used teleprompter all the time and unemployment was at 10.7% under Reagan in 1982.
      Not sure why you’re bashing Obama at all since, according to you and most of your rightwing partisans that post here, the Presidency doesn’t start until 9/12……..At least that’s the pass you give the republican Bush.

    19. St Stephen on July 3rd, 2009 11:59 am

      #11 rightknoght – Very good post. All those that put the interest of the United States first MUST get an opportunity to lead, which is what I have been advocating on a few threads.

      #16 Reaganite Republican – I appreciate the summary you have posted and hope that those who put trust in words get a clue of what happens when the smoke clears and the mirrors crack.

      buster only makes the ScaredMonkeys board appear cheap with those off-color comments and hard to be taken seriously by many with true conservative values.

      That being said, there are still too few boards that maintain the conservative philosphy that is so sorely needed on the internet. Scared Monkeys is a rarity in that we may be able to express freely the values that this country has missed since President Reagan was in office.

      My only desire is that this board and others like it become more popular and our message of fiscal conservatism and sound and sane leadership principles spreads to a new and willing generation of Americans tired of the “change” that President Obama deceived them on.

    20. Michelle Smith on July 3rd, 2009 5:56 pm

      #13 I was being sarcastic in my #7 post. I do not agree with Solange or Trevor or YoYo. They still blame Bush for everything and it’s been 6 months now and Obama hasn’t fixed anything. I am a conservative American and do not like the direction we are headed in.

      Thanks…Just want to clear that up….

    21. Solange82200 on July 3rd, 2009 8:43 pm

      Can you believe it? It’s been a WHOLE SIX months! It’s not like he has THAT much to fix, he only inherited a country involved in two wars, and the worst recession in years. Damn that man for not performing miracles!

    22. Solange82200 on July 3rd, 2009 8:46 pm

      Michelle, did you seriously ask where Obama’s birth certificate is? Please, I beg of you, tell me YOU ARE JOKING? For the love of god, restore my faith in humanity and tell me you are NOT serious?

    23. Solange82200 on July 3rd, 2009 8:53 pm

      “As to #9 Solange’s question as to what it’s like living in LaLa Land—most of us can’t really respond to a question like that since we saw this one coming before THE CHOSEN ONE WAS ELECTED!”

      Yeah, you guys had it all figured out! Palin was going to be our savior wasn’t she? Please, give me a break. Tell me this. Who was in power when 9/11, the worst terrorist strike in US history occurred in this country? Answer another one for me. Who was in power when we began experiencing the worst recession in years?

      Ok, now that you have thought about it, tell me how anything that the Republicans stand for can possibly be good for this country? And IM the one with my head in the sand?

      Let me guess, are you one of the folks who was going to Palin rallies with little monkey dolls and shouting “sit down boy!” to black reporters? And IM the one with my head in the sand? Guess what, we are in 2009, and you guys are NO LONGER RELEVANT. Why do you think everyone is talking about what to do to “bring back the republican party”. In order to bring something back, it must be dead to begin with lol.

    24. Solange82200 on July 3rd, 2009 8:55 pm

      Psst. Michelle. Let me whisper something in your ear….

      Next time you hear something on Rush, you can always use this thing called “Google” and actually research it, to see if it’s true!:

      http://www.snopes.com/politics/obama/birthcertificate.asp

    25. Solange82200 on July 3rd, 2009 9:02 pm

      “#8 there is no birth certificate because monkeys are not issued any at birth !!!”

      And they wonder why even moderates are voting democrat, and want nothing to do with them lol

    26. Scared Monkeys on July 4th, 2009 7:56 am

      The fact of the matter is that Obama is an abject failure when it comes to the economy. What he passed was not a stimulus, it was pork!

      Now we are seeing the lack of fruit from the tree. I would ask the Libs who are carrying the Kool-Aid for The Chosen One, why they were not so patient with rescue efforts for Hurricane Katrina? Suddenly Obama get 4 terms to turn the economy around. Billions have been pumped in and the Markets see no light at the end of the tunnel.

      Any form of real stimulus would have stemmed the tide. Instead, more and more people have lost jobs. Obama has created ZERO, NADA jobs. The result of people losing jobs is more mortgage foreclosures.

      Jimmy Carter is actually looking like a brilliant economist next to Obama. When will people ever learn … no where in history has socialism ever succeeded.

      As for the birth certificate … do I think there is one yes. Then the question is, why is it not produced? The answer is similar to the reason why Bill Clinton’s medical records never were … there was something on it that Obama wanted to hide. That’s a no brainer.

      R

    27. Solange82200 on July 4th, 2009 4:22 pm

      What do you mean by “produced”? It was produced. Please point me to a legitimate source stating that is hasn’t been produced.

      http://www.factcheck.org/elections-2008/born_in_the_usa.html
      __________
      SM: There was controversy as to its authenticity. The jury is still out as to what the actual original looks like.

      I believe he has one, i just think the original will never be prodcued as it most likely had religion on it or something that Obama would find hurtful to him. Otherwise, there never would have been any delay.

    28. Obamanomics: VP Joe Biden Admits They (Obama) Misread the Economy & Pork Stimulus Bill was Never Going to Create Jobs this Year | Scared Monkeys on July 6th, 2009 6:32 am

      [...] the unemployment rate would peak at 8 percent as part of their effort to sell the stimulus package. The national unemployment rate has ballooned to 9.5 percent in June — the worst in 26 [...]

    29. Michelle Smith on July 6th, 2009 12:32 pm

      Solange82200

      Do you really believe that is Obama’s actual birth certificate?

      How many birth certificates DO NOT list a doctor, a hospital, birth weight, height, etc. etc. You know all the vital information that goes on a birth certificate?

      That Certificate of Live Birth that is posted on Obama’s website and at factcheck.org is not a Certification Of Live Birth. There is a difference. This document only states that he was born alive and is not accepted as a certified birth certificate. At the time Obama was born a person could have a certificate of live birth issued for a child born out of the states. His mother was only 18 and not old enough to pass on citizenship to her son and we know that his dad was not a U.S. citizen so he needs to provide proof that he was born in the U.S.A. Where is that proof? Why are all his records sealed from the public? Funny, that I, you have to show our birth certificate to get a license to get married to enter school but he doesn’t. I’m sure you don’t care but it’s our right to know if the man is illegible to hold the office for which he has been elected. He is not upholding the Constitution. It’s as simple as that. What is he hiding? For your information, I don’t listen to Rush Limbaugh, I research things for myself and make up my own mind because I can think for myself. Maybe you should check websites that are not drinking the Obama kool-aide if you want me to take you seriously.

      You say that Obama can’t fix in six months what Bush did in 8 years. Then why has Obama spent 4 times the money in only 6 months that it took 8 years for Bush to spend? With all the money Obama is throwing around you would think we would see some kind of improvement even if only slightly but I’m not seeing it. People are still losing their jobs, their homes. Where are all the jobs that Obama was going to create? Also, last time I checked we are still in two wars. Where is the change? I thought he was going to bring the troops home. I thought we were going to see change. The only change is see is what is left of my paycheck.

      So tell me, what has Obama done in six months that has helped us (The taxpayers)?

    30. Scott on July 7th, 2009 8:07 am

      Oh yeah, I’m also tired of this “only six months” crap. Obama’s stimulus and TRILLIONS of dollars is and has been at work and nothing has changed; only gotten worse. It does not matter. His first stimulus did not create jobs. It was election payback.

      Obama said unemployment would NOT get past 8% if we passed the stimulus. It’s now almost 10% WITH THIS STIMULUS ALREADY OUT!

      Just think, a second stimulus is coming.

      How are we going to pay for all this?

      He is going to have to TAX the middle class! Another campaign lie.

      It’s simple economics you stupid liberal twits!

    31. Change the Republican Party Can Believe In … Voters Trust Republicans more than Democrats on 8 of 10 Key Issues | Scared Monkeys on July 11th, 2009 1:25 pm

      [...] With the economy being the number one issue on voters minds, Republicans are trusted more by voters than Democrats. Could this be a direct cause an effect from the fact that Obama’s folly of a pork stimulus package has received no positive actions as Americans continue to lose jobs as unemployment has reached 9.5% . [...]

    32. Same Old Tired Blame Game from Obama: Support for Obamacare is Crumbling … Moderates and Democrats Running from Socialized Healthcare | Scared Monkeys on July 18th, 2009 11:23 pm

      [...] bill? The Pork barrel spending plan that was supposed to create jobs and has done nothing as unemployment is at 9.5%. Or live in Michigan where the unemployment rate in over 15%. Remember when Barack Obama forced [...]

    33. The Obama Slide … It’s Electric … The One Sees Poll Numbers Continue to Trend Downward | Scared Monkeys on July 19th, 2009 10:48 am

      [...] pushing the President’s numbers lower? Unemployment, the lack of jobs created from the rush to judgment stimulus package and nationalized [...]

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