Obamanomics: Unemployment Rate Shoots up to 9.5%
How’s that stimulus thing working out?
WASHINGTON — Employers cut a larger-than-expected 467,000 jobs in June, driving the unemployment rate up to a 26-year high of 9.5 percent, suggesting that the economy’s road to recovery will be bumpy.
However, the rise in the unemployment rate from 9.4 percent in May wasn’t as sharp as the expected 9.6 percent. Still, many economists predict the jobless rate will hit 10 percent this year, and keep rising into next year, before falling back.
All told, 14.7 million people were unemployed in June.
If laid-off workers who have given up looking for new jobs or have settled for part-time work are included, the unemployment rate would have been 16.5 percent in June, the highest on records dating to 1994.
If we want to end this recession we need to listen very carefully to Obama. Very carefully indeed. Then we do EVERYTHING opposite of what he says.
We’ve seen this graph before. You can see that unemployment is trending much higher with the stimulus than was projected without it. The June numbers haven’t been added to that yet, but at 9.5% they’re plenty high.
If only the founders had added in a provision to recall the President when he’s failed us so badly.
