America Hits “Barak Bottom” as Unemployment Rate Soars to 9.8%

economy2Even as the Obama-messiah’s economic team touts so-called “economic green shoots” as evidence that America is emerging from recession, the government’s own figures tell a contradictory story as unemployment continues to soar. 

In February, Obama signed a $787 billion stimulus bill while promising that the unemployment rate would not surpass 8% if the stimulus bill was passed.  He promised America the stimulus package would result in “a new wave of innovation, activity and construction” that would be “unleashed all across America.”

Obama also promised the stimulus would “save or create up to four million jobs.”

Vice President Joe Biden said the massive federal spending plan would “drop-kick” the economy out of the recession.

Instead, unemployment has soared to 9.8% — over 20% higher than what Obama said it would be if his stimulus was passed.  Indeed, it is now higher than what the Obama administration said it would be if nothing was done to revive the economy. 

In other words, far from saving the economy, Obama’s stimulus plan is instead sinking the economy.  There are now 3 million fewer American workers working than what Obama promised.

America is clearly hitting “Barak Bottom.” 

— Spencer

263,000 More Jobs Lost

http://finance.yahoo.com/news/US-Sept-nonfarm-payrolls-rb-589941939.html?x=0&.v=1

WASHINGTON (Reuters) – U.S. employers cut a deeper-than-expected 263,000 jobs in September, lifting the unemployment rate to 9.8 percent, according to a government report on Friday that fueled fears the weak labor market could undermine economic recovery.

Reuters - A worker constructs a new home in Geneva, Illinois, June 23, 2009. REUTERS/Jeff Haynes ...Reuters – A worker constructs a new home in Geneva, Illinois, June 23, 2009. REUTERS/Jeff Haynes …

The Labor Department said the unemployment rate was the highest since June 1983 and payrolls had now dropped for 21 consecutive months.

Analysts polled by Reuters had expected non-farm payrolls to drop 180,000 in September and the unemployment rate to rise to 9.8 percent from 9.7 percent the prior month. The poll was conducted before reports, including regional manufacturing surveys, showed some deterioration in employment measures.

The government revised job losses for July and August to show 13,000 more jobs lost than previously reported. Preliminary annual benchmark revisions, released together with September’s employment report showed that total non-farm payroll employment for March would have to be revised down about 824,000.

Stubbornly high unemployment is viewed as the missing link in the economy’s recovery from its worst recession in 70 years.

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