Obamanomics: Unemployment over 10%

Obama Returns To White House From Trilateral Summit In Mexico

Obama has a gift you see.

WASHINGTON – The unemployment rate has surpassed 10 percent for the first time since 1983 — and is likely to go higher.
Nearly 16 million people can’t find jobs even though the worst recession since the Great Depression has apparently ended. The Labor Department said Friday that the economy shed a net total of 190,000 jobs in October, less than the downwardly revised 219,000 lost in September. August job losses were also revised lower, to 154,000 from 201,000.

Counting those who have settled for part-time jobs or stopped looking for work, the unemployment rate would be 17.5 percent, the highest on records dating from 1994.

The jobless rate rose from 9.8 percent in September.
Friday’s report is the first since the government said last week that the economy grew at a 3.5 percent annual rate in the July-September quarter, the strongest signal yet that the economy is rebounding. But that isn’t fast enough to spur rapid hiring, raising the specter of a jobless recovery.

The third quarter 2009 increase in GDP was driven by government spending and won’t carry into other quarters. The 2nd quarter 2008 was pretty good as well, but that was because of the Bush stimulus checks. While the money was appreciated (we bought a new washer and dryer) it didn’t do anything really to turn the tide against the liberal mismanagement of the housing industry.
Update: I’ve been reading around the net that unemployment rose higher than the “experts” expected. If they’re always wrong, why do they call them experts?

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  • http://SayAnythingBlog.com The_Whistler_ofnd

    I think he’s a phony just trying to muddy the waters. He’s from GF.

  • Brent

    “If they’re always wrong, why do they call them experts?”

    Because they have degrees / jobs given to them by “experts” who, in turn, received degrees / jobs from “experts” who, in turn…

    Circular arguments may be illogical, but when has that ever stopped anyone who wanted to expand the role of government from being deemed a super genius?

  • sayanything-4625

    What went wrong?

    We elected a Democratic Congress in 2007, Duh.

  • http://fu.com/ robert108

    Fiscal conservatism means living within our means and making profits. When was the last time that happened?

  • studakota

    Imagine what would have happened if, instead of shoveling money into the car makers coffers, to insure Union employment, the big banks, to insure their precious solvency, we’d have let the free market take it’s course. We’d be roughly five trillion less in debt, that’s what. Remember the Friday night financial panic the money had to be released over the weekend or all was lost. Remember what big ears did? He took a trip to Iowa to do some campaigning and didn’t sign till next thursday. Lies, Lies, Lies… Vote every last one of them out, we’ll clean up the carnage later. The building must be torn down.

  • HG

    It’s a good thing Obama saved or created 650k jobs or the rate would be even higher.

    /sarcasm

  • http://fu.com/ robert108

    The chickens of Dem wasteful social spending, punitive taxation and regulation are coming home to roost. If it were only about labor costs, no business would locate in the US; it’s the greedy govt that forces businesses out of our country. American workers are the most productive in the world.
    The free market had nothing to do with it; it was the costs imposed by a greedy govt.

  • sayanything-2

    Ah, I see it seesawing all over the place. No real comments, just nonsensical blahblah. Figured it may be dinothefakehomo or sanni, their are good ones for suckpuppetry.

  • sayanything-3430

    This is clearly a failed President. We have a country talking about nuking one of our allies, yet Odumbo, Lurch Kerry, and Barney’s Frank continue to talk about global warming. They blindly follow a madman in Al Gore. Who would have thought that playing science fiction would make you rich? Hey American Taxpayer, the Klingons are coming to get us, can I have 10 billion dollars.
    We can’t cure Cancer or AIDS but you better believe we’ll cover illegal immigrants, pay for abortion, and bankrupt the country with Pelosi/Odumbo care.
    The Federal Govt. has infilitrated every part of the State government and taken away all leverage.
    It’s time to start the march and vote this Congress out. North Dakota might be screwed with our liberal moustache in Bismarck and Pinnochio Pomeroy but maybe the rest of this country can be saved. I’m hoping California turns the corner in 2010 (or starts to) and we make some inroads in the NE.
    Obama and his team are a mess. I never thought I would see the day when I actually say a Clinton would do a better job, but that day is here.

  • http://fu.com/ robert108

    Actually, I’m speaking economic truth, which you are obviously not able to realize.
    I notice you didn’t reply to the truth, which is that if it were only about low overseas wages, no business would remain in this country. The greedy govt plays favorites, as you should already know. At times, local and State govts give some businesses relief from their punitive control policies, while penalizing others.
    I already told you what the problem is; you just have to know enough to understand it.
    I suggest a beginning econ course at your local community college.

    It is common sense to know that businesses seek a favorable environment, and avoid an unfavorable envronment. Duh.

  • sayanything-2

    Lurk, you nail it. How many millions of people work in the medical insurance and billing industry, and where will they find work once their industry is made illegal? Will they simply be put in prison, thereby avoiding all that unemployment? Sounds like a Democrat Party plan right from the desks of Nanny and Pinky.

    boba, we done told you to take your racist sh%t elsewhere.

  • http://SayAnythingBlog.com The_Whistler_ofnd

    Hit the send to quick.

    But the point is that normally you wouldn’t count the part time workers.
    But if they really would take full time but can’t find a job then they are a
    casualty of the Obama recession.

  • sayanything-9974

    The problem wasn’t the tax cuts it was the social engineering and the leave no minority behind programs like the community re-investment act. If Obama had a plan that worked, positive things would be starting to happen. Never waste a crisis is the plan. Make the crisis worse and blame Bush. Bush is to blame is all you have – and that is easier than looking at the Democrap failures. You have not been right about anything for so long that the only thing you can remember how to do is blame Republicans.

    If it goes up to 20% there will be change all right. Your guys better do something about the 2nd amemdment before you pray for Socialism. The people will be forced to take back the country from commies like you. There will likely be fighting in the streets. I will guarantee that the military won’t back Obama. And Street Gangs, Unions and Acorn Groups won’t last very long when America has had enough of your sh*t. Be careful what you ask for – you may surely get it. Maybe that is what you really want. I guess that will be Bush’s fault too.

  • http://fu.com/ robert108

    Unemployment, especially rising unemployment, is a leading indicator. If the economy were really “recovering”, unemployment would remain static, and start decreasing a few months later, but rising unemployment shows that the private sector investment required to create real, sustainable and profitable jobs is shrinking. Very bad news.

    Any economist who is not an Obamabot knows that “stimulus” doesn’t work. It’s like taking blood out of one arm, and pumping it back into the other arm; there is no net gain.

  • http://SayAnythingBlog.com The_Whistler_ofnd

    Nancy Boy Earl said he wasn’t going to support the bill. Then he said he’s
    support the bill that has abortion funding in it. I heard on the radio
    Nancy Boy says he wants to take the abortion funding out after he said he’d
    support it.

  • http://SayAnythingBlog.com The_Whistler_ofnd

    Yes our freedom has allowed innovation that’s allowed us to the best place
    in the world to do business even while supporting the highest living
    standard.

    Liberals hates freedom.

  • lock’m'up

    “settled for part-time jobs” That’s not unemployed or discouraged, that’s doing what you need to do. That’s the American way.

    I’m talking about those workers who quit looking. Now they are looking, and that’s the way it should be. They shouldn’t be sitting on their butts, they should be out trying to pull themselves up by the bootstraps.

    Spinning is fundamental for whistlers.

  • http://SayAnythingBlog.com The_Whistler_ofnd

    Um, wasn’t unemployment around 5% a few years ago? Weren’t we buying a ton
    of stuff from China then?

  • http://fu.com/ robert108

    “I still don’t understand!”

    Of course you don’t, dino! You don’t understand how all the wasteful social spending programs, some dating back to FDR, have drained investment capital from the private sector, thus limiting the potential for future growth. You don’t understand how the restrictive energy policies initiated by Carter, and still carried out by Obama, have cost us trillions in lost income and millions of jobs in the past thirty years.
    You don’t understand that high spending and high taxes are a double whammy for our economy. You don’t understand how the regulations mandating affirmative action home loans ruined the real estate and financial sectors, after going on for thirty years.
    You don’t understand how the govt should be limited, rather than expansive, and that it should only regulate to facilitate the doing of business, not effect punitive, class envy based limitations, while fattening govt and increasing govt power over our free citizens.
    There are so many things you don’t understand, because they don’t appear in your Soros talking points.

  • lock’m'up

    Hey armchair economists, 10.2% is actually good news for the Country. It means that those discouraged workers are now optimistic enough to go look for a job again, so now they are counted in the unemployment number. When they weren’t looking, even though they were not employed, they were not counted in the unemployment number.

    Congrats to President Obama on setting us on the right course.

  • http://SayAnythingBlog.com The_Whistler_ofnd

    No, it’s a survey. But I covered the number of people that are discouraged
    and not looking so you can see the true unemployment number is much higher.

    Why does Obama hate working people?

  • http://SayAnythingBlog.com The_Whistler_ofnd

    That wasn’t me, that was the article. LMAO!

  • sayanything-4625

    “I still don’t understand!”

    That’s the only thing 100% accurate thing you’ve ever said on this blog.

  • http://SayAnythingBlog.com The_Whistler_ofnd

    Different businesses have different cost advantages/disadvantages in moving
    off shore. You can’t compare a factor that makes rubber dog poo with an
    high tech company that needs to react fast to the customer needs for
    example.

    There is no one sized fits all. However government interference can be a
    drag to the economy as a whole.

  • lock’m'up

    Aww come on wiso wooo. I didn’t even argue with you. I just want to know what robert108 meant.

    I thought your post was very very clever when you avoided clarifying the “point” by saying, “Anyone with an IQ would realize that you just disqualified your own point
    with your faulty logic.”

    Isn’t part of being a great American educating us who don’t get it? Come on now, maybe I can be converted into a conservative flag bearer. Right now I consider myself a conservative realist and lover of freedom. But my freedom stops where the countries best interests start.

    So, what’s up with the statement, “If it were only about labor costs, no business would locate in the US; it’s the greedy govt that forces businesses out of our country”? Does it make sense to you? Clue me in. Please wiso wooo, pwease?

  • sayanything-4625

    Read Walter Williams regarding the result of goverRead Walter Williams regarding the result of government meddling and the Depression. It may help dispel your delusions.ent meddling and the Depression. It may help dispel your delusions.

    Jvette, I can do you one better. Henry Morganthau, conceded this fact to Congressional Democrats in May 1939: “We have tried spending money. We are spending more than we have ever spent before and it does not work. And I have just one interest, and if I am wrong … somebody else can have my job. I want to see this country prosperous. I want to see people get a job. I want to see people get enough to eat. We have never made good on our promises … I say after eight years of this Administration we have just as much unemployment as when we started … And an enormous debt to boot!”

    Henry was FDR’s Sec of the Treasury. He was in charge of the New Deal and all its programs. He thought it was a failure. Of course, facts have never bother Dino or his ilk.

  • http://ru.com/ robert108

    You lie again, dino! We had modest tax rate cuts

    Obama’s fascism has already caused massive unemployment; more of the same will only make things worse.

    The problem with all forms of collectivism is that they require some amount of free enterprise to pay the bills, as the Chicoms discovered.

  • http://SayAnythingBlog.com The_Whistler_ofnd

    Duh 17.4 % counting the discouraged workers.

    Reading is Fundamental.

  • http://SayAnythingBlog.com The_Whistler_ofnd

    Robert, I’m sure you’ll agree that there’s a lot of leakage in your
    analogy. It’d be more like the government taking 2 pints out of one arm and
    putting 1 pint in the other.

  • sayanything-2

    Hey, Toot? Whose suckpuppet is ” lock’m'up “?

  • sayanything-9974

    What a glittering jewel of colossal ignorance. I suppose I could just make up lies and time lines but I find it easier to stick with the truth. I doubt if anyone could compete with you in lies or ‘Fairy’ tales. The people that are fooled by your BS deserve to have their freedom taken away. Dino I hope you can assume your rightful place among the proloteriate so you can truly live the utopian life you so desire and deserve.

  • lock’m'up

    robert108,

    If it was the greedy gubment, wouldn’t “no business” “locate in the US”? You gotta work on your arguments. We can’t just keep parroting ideology. We need common sense.

    Try again if you like. I’d like to know what the real problem is, if it’s not free trade.

  • http://SayAnythingBlog.com The_Whistler_ofnd

    Anyone with an IQ would realize that you just disqualified your own point
    with your faulty logic.

    But thanks for being you.

  • sayanything-2819

    Read Walter Williams regarding the result of government meddling and the Depression. It may help dispel your delusions.

  • lock’m'up

    Are you sure they aren’t a casualty of our willingness to ship manufacturing jobs overseas in the name of free market and in search of cheap products? Could we have been wrong about that. Are our conservative chickens coming home to roost?

  • sayanything-2819

    Hey armchair economists, 10.2% is actually good news for the Country. It means that those discouraged workers are now optimistic enough to go look for a job again, so now they are counted in the unemployment number. When they weren’t looking, even though they were not employed, they were not counted in the unemployment number.

    That is some convoluted logic there. I thought the unemployment rate was based on the number of people receiving unemployment benefits.

  • sayanything-4625

    Lock ‘em up. So all those business’ moving oversea’s and cite the high cost of business are wrong?

    http://goliath.ecnext.com/coms2/gi_0199-169714/White-collar-jobs-move-overseas.html

    http://video.foxbusiness.com/3173548/?category_id=1292d14d0e3afdcf0b31500afefb92724c08f046

    Wall Street Moving Overseas?

    http://www.zdnetasia.com/news/business/0,39044229,39101240,00.htm

    U.S. firms move IT overseas

    Why do you think business’s will stay in the US or locate in the US if high labor costs, high taxes and the cost of regulatory compliance is astronomical? Take for instance the vaccine manufacturers. Government forced them to accept prices below production costs so we went from 26 manufacturers in the ’60′s to one today. Why is it so hard to understand? Its common sense. If I tax, regulate and force the cost of business to high they will go away. Either to stay in business or because they are out of business.

  • http://fu.com/ robert108

    I don’t think “logic” is the right word for that confused babble.

  • http://fu.com/ robert108

    Good point! More like 50% loss in taking samples, spillage and setting aside some of your blood for the doctor’s union blood bank. A forced contribution. My point is that even without the costs of govt overhead, redistribution doesn’t “stimulate” anything; your addition proves that it stimulates govt only.

  • http://SayAnythingBlog.com The_Whistler_ofnd

    Unions, environmentalist wacko’s, tort lawyer and high business taxes all
    have driven certain jobs away. We’re lucky that our economy has been
    vibrant enough to absorb those losses so far.

    Now Obama’s going after the vibrancy that’s pulled us through.

  • sayanything-4416

    But we just ended 8 years of republican rule that ushered in huge tax cuts! I thought they were supposed to create a vibrant economy? What went wrong?

    I hope it goes to 20%. Then we might see some real socialist change.

  • sayanything-7610

    Wait until gubmint healthscare passes and all the insurance folks are out of work too…..
    And if they cram this Crap and Tax thing through, watch out baby!

  • sayanything-4416

    I still don’t understand! We cut taxes greatly over the last 30 years, instituted free market reforms, did away with much financial sector regulation, ended welfare. I thought all those things were supposed to create a near-blissful state of Utopia?

    What was the Conservative Revolution about? What about all those elections republicans won in the 80s and 90s? The “death of liberalism”? The “era of big government is over”?

    Tell me what went wrong. Was it just that we haven’t given conservatism enough time to work? Maybe 30 more years will do it? LOL

  • sayanything-7610

    Which of the three stooges promised recently they would not vote for a healthscare bill with abortion funding in it?! Was that Dorkin or Conehead? Pretty sure it wasn’t Cross-my-palm- eroy, as he’s never made a promise without checking with Nasty Pillousy first….what a man. (Hard to tell who’s the more limp-wristed….Obey-me or Earl..)

  • sayanything-7610

    And we all know UNIONS had nothing to do with shipping manufacturing overseas, right?! Oh yeah, I forgot….the whole purpose of ANY business is to provide jobs and benefits to its workers….NOT to make a profit!!!
    /sarc

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