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July 02, 2009

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

Posted in: Barack Obama,Business,Economy,Great Depression,mortgage,Obamanation,Obamanomics,Politics,Pork,Taxes

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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