Analysis: 10 percent jobless is Obama's new world

Associated Press ^ | 7:45 am EST, Saturday November 7, 2009 | Jim Kuhnhenn,

[BenLurkin]

A year after his election Obama finds it increasingly difficult to blame the sour economy on George W. Bush or offer reassurances that jobless Americans will soon find work.

Never mind that the economy itself grew in the last quarter, that the recession, as measured by the precise formulas used by economists, is over and that the number of jobs lost in October was less than one-third the number of job losses at the start of his presidency.

Those claims about the recession's end do not convince people who remain painfully aware of the unemployment rate.

At 10.2 percent, October unemployment climbed to chart-topping heights unseen in more than a quarter century. The bottom line is that more than 15 million Americans are out of work and 3.5 million lost their jobs while Obama was president. Expected or not, this is Obama's new reality.

Obama, appearing at the White House Rose Garden on Friday three hours after the jobless numbers were made public, said his administration was looking at additional spending for roads and bridges and energy efficient buildings. Additional tax cuts for businesses and steps to increase credit for small businesses were also on the bill.

Republicans were quick to pounce on the proposals. Internal polling by the Republican National Committee after Republican gubernatorial victories in New Jersey and Virginia showed that Republican candidates could do well by arguing against additional spending while promoting job growth through tax cutting alone.

Many economists predict the jobless rate will rise again, peaking at 10.5 percent sometime next year before employment makes a turnaround in the spring. That still means unemployment will remain high for some time. The administration's own projections still see unemployment at 8 percent by the end of 2011.

[Leo Carpathian]

The situation is much worse, and getting worse.
“Unemployed” count relates to salaried people, what about the 80% of small businesses that are sinking? (Screw them capitalistic pigs - says POtuS)

[sinanju]

After acknowledging the hard fact of unemployment the author seems to bounce around aimlessly, more-or-less taking the statist tack of even greater government involvement in the economy.

I can’t see how this can get any better considering that “double-down” seems to be the unofficial motto of this administration. Slick Willie was willing to chuck his sacred principles and triangulate to stay popular but Obama is a true believer, taught and conditioned from childhood to believe in a statist solution and yes, I do believe he wants to bring us evil Amerikkans down a few notches. The electorate is certainly catching on fast. It’s just too bad that electoral retribution is a “lagging indicator”. The dems can stand to lose 40 blue dogs and still ram this through but the smart money seems to think senate approval would take another year. I don’t like having this hang over my head (and the economy’s) that long. Nobody is going to hire with this sword of Damocles hanging over them.

[headstamp 2]

“Many economists predict the jobless rate will rise again, peaking at 10.5 percent sometime next year before employment makes a turnaround in the spring.”

Great comedy.

[FormerACLUmember]

It was NEVER Obama and his Communist Czars intention to lower unemployment to 4% Republican levels.

15% unemployment is the European socialist norm. Keeps the proliatariat passive and dependent on the democrat party dole.

[GeronL]

Its going to get worse.

The looting of America has just barely started

[uncbob]

Never mind that the economy itself grew in the last quarter, that the recession, as measured by the precise formulas used by economists, is over and that the number of jobs lost in October was less than one-third the number of job losses at the start of his presidency.

Is this true ?

[pallis]

It is more than 10 percent, and it will get much worse. Obamao’s world is all about creating a new world, and that is going to require more destruction of this one. As I said in another post, Obamao is going to hurt us worse than Hitler or any foreign enemy ever could. He is the enemy within, and he hates us more than any of our previous enemies ever have.

[Cicero]

Anyone who believes that the recession is over is smoking something pretty potent.