Friday, December 3, 2010

Obama and 9.8% Unemployment




As mentioned last month, the media can make up stuff to paint a rosy picture, but realistically, the numbers do not lie. Last month, the good news on consumer sentiment and economic figures are always short lived. The media and the government tend to manipulate the narrative. America continues to live in a deep recession. The current state of the economy is not Bush's fault. During the Bush era, unemployment was on average 5.3%. In 20 months under Obama rule, unemployment remains over 9%. If voters want another Obama term, expect this recession turn to a great depression.

Wall Street Journal U.S. employers added just 39,000 payroll jobs in November, a sharp slowdown from the prior month, the Labor Department said. The unemployment rate jumped to 9.8% from 9.6% in part due to more people joining the labor pool.

But with 15.1 million people classified as unemployed, and millions more on the sidelines who have given up searching for work, the road to finding a job remains bleak for many Americans. More than 6.3 million people in November had been out of work for six months or more, up 100,000 from the prior month.