How is that $787 Billion Obama Stimulus Plan Looking Now to Create Jobs & Lower Unemployment … Joblessness Rose in 29 States
How is that “hope and change” looking now on the Obama job creation front? Hey Obama Administration, It’s about the jobs, stupid …
California, Delaware, South Carolina and Florida registered record rates of unemployment in October, 2009. Worse yet, joblessness rose in 29 states in October as compared to 22 states the previous month. What happened to all those shovel ready jobs from the $787 billion stimulus plan?
Jobs created because he said he did
Joblessness rose in 29 U.S. states last month compared with 22 in September, the Labor Department said today in Washington. Michigan had the highest jobless rate at 15.1 percent, followed by Nevada at 13 percent and Rhode Island at 12.9 percent.
The national rate last month reached a 26-year high of 10.2 percent, weighing on consumer spending that accounts for about 70 percent of the economy. Federal Reserve Chairman Ben S. Bernanke said Nov. 17 that joblessness “likely will decline only slowly,” a reason policy makers will keep interest rates near zero to ensure growth is sustained.
The United States is staring at a 10.2% unemployment rate; however, that does not reflect that actual number of unemployed workers. The real unemployment number is 17.5%.
The unemployment rate is technically defined by people who are in the labor force – i.e. still looking for a job – but can’t find one. The 10.2% official rate is bad enough, but the real figures may be worse.
According to the BLS, the number of ‘discouraged workers’ rose to 2.4 million. 1.6 million of those have simply given up looking for a job and have not actively looked for work in more than 4 weeks. As such they are not counted in the unemployment rate.
Remember when Barack Obama said that the passage of the $787 billion stimulus plan was going to create or save 3.5 million jobs and keep unemployment at 8%? But Joe Biden says to all you that have lost your jobs, “In my wildest dreams I never thought it [the stimulus plan] would work this well.” Of course Biden has also been on the other side of the fence covering all bases stating that, The truth is, we and everyone else misread the economy.”
Worse yet, the Obama Administration falsely reported that number of jobs “created or saved”. The fuzzy porkulus math by the Obama Admin stated that more than 650K jobs were created or saved thanks to The One. Oh, REALLY???
From the Washington Examiner, 76,779 jobs ‘not really created or saved’ by the Stimulus (and counting)
With the first $787 billion pokulus plan being such a colossal failure, Obama recently saying that more deficit spending would cause a double dip recession, what are some Democrats talking about? Yes, that is right, you guessed it … a second stimulus plan.