Obama’s Economy: May Unemployment Numbers Worse Than Projected, Long Term Unemployment Sets Record
What’s worse, the number of people unemployed for 15 weeks or more has hit a level not seen at any time since the government began keeping track of that metric shortly after the end of the Great Depression.
The unemployment rate rose to 9.4 percent in May, the government says. That is bad enough, but we’ve seen worse.
What is more alarming is the long-term unemployment rate. The government says that 4.5 percent of the work force has been out of work for 15 weeks or more. The worst previously seen — at least since 1948, when the government began counting people that way — was 4.2 percent, in December 1982.
Put another way, 21 percent of those who are unemployed have been out of work for at least 15 weeks. That is also a record, exceeding the 19.6 percent proportion seen during the 1958 recession.
Since employment peaked in 2007, the number of total jobs is down by 4.3 percent, and the number of private-sector jobs is down by 5.4 percent.
Back when the Obama administration was selling the “stimulus” spending spree, they released a chart projecting what unemployment would be with the “stimulus” spending and what it would be without the “stimulus” spending. Here’s that chart updated (the red dots) with unemployment figures for each month since the “stimulus” passed.

Unemployment isn’t just worse than Obama said it would be with the stimulus. It’s even worse than he said it would be without the stimulus. Meaning Obama isn’t rescuing anything. He’s making things worse.
And yes, it is Obama’s fault. Our labor and business markets are proactive, not reactive. With Obama promising big new taxes on businesses, big new taxes on investment, and big new regulations on pretty much everything in the country why in the world would we expect businesses and entrepreneurs to engage in the sort of expansion and investment necessary to create jobs and prosperity? Obama isn’t giving anyone any incentive to invest, expand and/or profit.
What Obama is doing is spending us into a black hole of debt that is deeper and blacker than the one we were in before while simultaneously increasing the size of government and its intrusion into the economy and our day to day lives. And the effect of those policy moves can clearly be seen in the chart above and the just-released employment figures. Tags: Domestic Issues, Politics



