10.2! This is a definite threshold moment, and Obama cant blame it on Bush any longer. Obama promised if we passed his stimulus package we would halt unemployment in its tracks. I said then, and again now, you cant dig yourself out of a hole.
The unemployment rate rose from 9.8 to 10.2 percent in October, and nonfarm payroll employment continued to decline (-190,000), the U.S. Bureau of Labor Statistics reported today. The largest job losses over the month were in construction, manufacturing, and retail trade.
In October, the number of unemployed persons increased by 558,000 to 15.7 million. The unemployment rate rose by 0.4 percentage point to 10.2 percent, the highest rate since April 1983. Since the start of the recession in December 2007, the number of unemployed persons has risen by 8.2 million, and the unemployment rate has grown by 5.3 percentage points. (See table A-1.)
Among the major worker groups, the unemployment rates for adult men (10.7 percent) and whites (9.5 percent) rose in October. The jobless rates for adult women (8.1 percent), teenagers (27.6 percent), blacks (15.7 percent), and Hispanics (13.1 percent) were little changed over the month. The unemployment rate for Asians was 7.5 percent, not seasonally adjusted. (See tables A-1, A-2, and A-3.)
The number of long-term unemployed (those jobless for 27 weeks and over) was little changed over the month at 5.6 million. In October, 35.6 percent of unemployed persons were jobless for 27 weeks or more. (See table A-9.)
The civilian labor force participation rate was little changed over the month at 65.1 percent. The employment-population ratio continued to decline in October, falling to 58.5 percent. (See table A-1.)
The breaking of the psychological barrier of double-digit unemployment is a watershed moment for the Obama administration. It has continued to claim success in its Porkulus effort with shell-game “saved or created” metrics for jobs while unemployment rises unabated. Meanwhile, Obama pushed Congress to spend trillions of dollars we don’t have on efforts that have nothing to do with employment or revitalizing the economy. Even the latest CNN poll shows a 17-point swing to the worse for Obama on economics.
This is now Obama’s economy. He owns the double-digit unemployment level, having bought it with the $787 billion stimulus plan that he promised would keep unemployment no higher than 8%.
Its time for Obama and Democratic congressional leaders Harry Reid and Nancy Pelosi to step back from their radical plans to vastly expand federal power, spending, deficits and taxes, and instead reach out to conservatives in both parties who understand how to make the economy grow with tax cuts, reduced bureaucracy, and lower government spending. They also understand the urgency of achieving U.S. energy independence by quickly adopting the all-of-the-above policy of freeing Americas abundant conventional energy resources while encouraging alternative sources. In other words, stop playing ideological games and get serious about restoring economic growth before millions more jobs are lost.
These unemployment numbers are just a ripple effect of all of this. Bush had a hand in it, as well as Obama. This is what happens when you elect faux Conservatives as Republicans and it is what happens when you elect Socialists.