Apparently, all this “Hope and Change” in the Age of Obama isn’t working too well for the 9.7% unemployed in this country. This figure represents a loss of almost 1 million jobs this summer alone and is the highest unemployment rate in 26 years. Read more below and watch a video.
The unemployment rate in the U.S. is 9.7% which is the highest rate in 26 years. It is certainly now inevitable that unemployment will surge past 10% by the end of the year. This is another poke in the eye for a grossly incompetent Obama administration who rammed, as you recall, the $787 billion porkulus bill down Americans’ throats with the false promise of ‘Jobs, Jobs, Jobs’!
These of course are the “official” numbers. The real ones are much worse but rarely reported because of the Labor Department’s very narrow definition of what an unemployed person is. If unemployed people haven’t actually sought jobs in the past four weeks, such as submitting applications or actually interviewing for positions, they’re not included in these numbers. Also not included in the 9.7% are those who want and need full-time jobs but can find only part-time work or are under employed. The unemployment rate would be a whopping 16.5% if those people were included. Completely out of the loop are those who, after benefits ran out, gave up looking for a job – we have no data on them. And as a sidebar, the teen unemployment rates is at 25.5% which is the highest level ever since the Labor Department began keeping it back in 1948.
Was it just 3 months ago that The One himself promised all of us — especially the unemployed — that he would speed up the “shovel ready” yet lagging stimulus projects and “create or save 600,000 jobs”? Heh. More proof positive that when government says they’re the answer (especially this one) they aren’t.
For those who have suffered deeply from the loss of your job or those among us who may feel particularly helpless, pray that in spite of what the feckless Obama administration has done to this country, this 26 year high unemployment rate will be for a short period, and that entrepreneureal spirit that is in America’s DNA and is the backbone of our economic structure, will not be diminished in the process.
Unemployment Reaches 26 Year High Video
Photo: The 405 Club