Obamanomics: July Unemployment Rate Up to 8.3% … 42 Straight Months Over 8%
The 2012 Presidential election is all about the economy and Barack Obama just got another bad jobs report. As reported at the WSJ, unemployment ticked up to 8.3% for July as only 163,000 jobs were added and a broader measure ticked up to 15%. This is the 42nd month in a row that the unemployment rate under President Barack Obama has been over 8%. This from the same President who stated that the $787 billion stimulus package would keep unemployment below 8%.
Nonfarm payrolls rose by a seasonally adjusted 163,000—the largest monthly gain since February—the Labor Department said Friday. The politically salient jobless rate, derived from a separate survey, ticked up to 8.3% from 8.2%.
Markets welcomed the news, powering the Dow Jones Industrial Average to its third-largest percentage gain of the year. The Dow, which had been down four consecutive days, rose 217.29 points, or 1.69%, to 13096.17 on Friday, its highest close since May 3. It was the largest one-day point and percentage gain since June.
As stated at the American Thinker, the jobs report gave Obama fodder to tout his awesome leadership and job creating. Sadly, the bar has been set so low for this presidents pathetic excuse of an economic recovery that people gush if job creation is over 100K. However, that paltry number does not even prevent the unemployment damn from leaking. Let’s put the meager jobs numbers into perspective, 163,000 represents an increase of 53 jobs per county in the United States in one month.
President Obama’s response to the uptick in the unemployment rate was to say that it really was only 8.254%. Really, is that all you got? That is the response to the millions of American out of work, who have lost their homes and businesses? If you want to get technical Barack, the real unemployment rate is much higher than 8.254% as the underemployment rate is 17%, those Americans who were foorced to take lesser and part time jobs to survive. Mull that over while you are golfing this weekend.
Posted August 4, 2012 by Scared Monkeys
2012 Elections, Barack Obama, Economy, Jobs, Obamanation, Obamanomics, Presidential Election, Unemployment | 9 comments
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9 Responses to “Obamanomics: July Unemployment Rate Up to 8.3% … 42 Straight Months Over 8%”
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RE: “This from the same President who stated that the $787 billion stimulus package would keep unemployment below 8%”
If you would have read the BLS stats presented as a comment on an SM 7-30 blog post (http://goo.gl/G98g3), you would now know that claiming significance to the Obama campaign prediction (estimate) on UE and the stimulus, is not meaningful.
This sound bite has no shelf life to it, and should be retired as something lacking any relevance, IMO.
SM: RK, you are delusional. Much like the sound bite of GHWB, “Read my lips, no new taxes”. Yea, that one had no shelf life either, did it?
How about these words from Obama’s lips that will be played over and over and over in political ads in Sept and Oct … “I will be held accountable, I have four years … If I don’t have thi sdone in three years, this is going to be a one term proposition”.
Translation= Economy is STILL STRUGGLING.
Four years in and no real improvement. The Housing Market has not yet recovered, and inflation continues to rise.
Meanwhile at 1600 Pennsylvania Avenue, the spending continues to put the US further in debt, and Recipients of Welfare in my great State of Mass may continue to use their EBT Cards to purchase Beer, Lottery Tickets and visit Tattoo Parlors.
What? Thanks for NOTHING, President Barack Obama and NO, I do not want your stinking HealthCare Plan to be federally shoved down my throat either.
**** ROMNEY 2012 ****
#1: I’m glad to see you do not dispute the point of my comment; that the terrible job losses in 2009 due to the Bush recession were not easily predictable, and were much worse than anyone even began to imagine. Taking us from 5% UE up (down?) to 10% UE was a great burden.
So, with the presidents policies, we have climbed back to 8.2-8.3%, with no help from the do-nothing GOP bench warmers. McConnell: “Our goal is to make Obama a 1 term president”; if only the GOP goal was to actually do something about “Jobs, Jobs, Jobs” as Boehner repeated until he was red (no longer orange) in the face!
Can someone please point to anything the GOP did to help Americans out during this crisis PLEASE!!! I shudder to think of the total calamity if UE rates would have continued to climb beyond that 10% limit.
So that is my story; with everything taken directly from the BLS statistics. No spin can avoid these facts; to try will just be a matter of reality avoidance or “look mover there” syndrome.
P.S. – although I ask, I doubt that anyone can reasonably explain why the 8% claim mans anything with UE in the 7.8-8.3 range before the stimulus was passed, much less ever had any actions enacted. I still am amazed this nonsensical talking-point is trotted out over and over again with no regard for the facts involved.
SM: Don’t think that just because I do not comment on every word you write, I agree with you. Sorry, I do not have enough time in the day to disagree on every point. You can assume that I agree with you when I say, I agree. If not, its safe to say that I don’t.
#2: From the stories I find about EBT limitations, they primarily seem to be talking about state-level problems and new laws proposed to limit purchases (Deval Patrick for 1, as I’m sure you’re aware).
So far, it isn’t clear to me of the relationship as to how the EBT cards are used in terms of the Federal Govt?
BTW, did MA fail to pass anything on this? Isn’t it obviously, then, a state problem?
#3: The word “agree”, or any synonym, does not appear in my comment; What I used was “do not dispute”, which is not the same.
Unless I’m mistaken, you didn’t speak to my only point that, due to the unanticipated and rapid rise to UE in early 2009 (as well as before and beyond), that the Obama team prediction of staying below 8% was moot, and repetition can’t change the facts of it’s irrelevance.
A response to someone that avoids mention of the subject being replied to is, IMO, significant. Sometimes, not disagreeing with an idea can be interpreted as tacit agreement, although again, I’ve never applied that in this thread.
Do not play semantic games, you said … “I’m glad to see you do not dispute the point of my comment … “. Once again I will say that unless I agree with you, it does not mean I do not dispute what you are saying.
Don’t play games, I could say you are an A$$bite, if you do not respond, does that mean you agree? Don’t play Harry Reid games, you are a better person than that.
You make some good points. To be fair, all I know is what is actually said by each and every responder to my comments. I won’t assume anything from things unsaid, which is why I carefully chose to use “do not dispute” in this case, which is demonstrably true.
When you said “unless I agree with you, it does not mean I do not dispute what you are saying” is understandable. However, a private and unspoken dispute is information blog readers can’t assimilate, and remains unknown until revealed.
At least, in my case, that is the logic I was taught and follow; which may not be the case elsewhere.
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