Obamanomics Continues to Fail: Unemployment “Unexpectedly” Jumps to 9.8% for November, Obama’s Approval Index Is at Minus 18 (video)
Posted By Vicki McClure Davidson on December 3, 2010
How's the golf game, Mr. President? Despite his expensive, unpopular trillion-dollar stimulus, Obamanomics continue to fail... unemployment jumps to 9.8 percent in November
Economists, Republican leaders, and conservative pundits like Rush Limbaugh (on August 16, 2010, per Rush on today’s EIB broadcast, if you’re keeping track) predicted this… the left-wing media pooh-poohed or ignored it and are now stunned. Despite Obama’s trillion-dollar stimulus bill (which included spending millions of taxpayers’ dollars on self-congratulatory stimulus signs), the nation’s economic stability is still at grave risk.
Unemployment has jumped to 9.8 percent for the month of November, but at least, to quote POTUS when he spoke in July at a Wisconsin townhall gathering, unemployment didn’t go up to “12, 13, or 15 percent,” right?
Well, not yet, Mr. President.
Video encore…
Racine, Wisconsin Townhall: Obama on His Failed Stimulus Plan and Record Unemployment: “At Least It’s Not at 12, 13, or 15 Percent” | July 2010
From Big Government, How’s That Stimulus Working, Mr. President?:
The Bureau of Labor Statistics announced this morning that the unemployment rate jumped to 9.8 percent last month. As you can see from the chart, the White House claimed that if we enacted the so-called stimulus, the unemployment rate today would be about 7 percent.
Obama's Unemployment Projects vs. Actual Results chart, through November 2010
It’s never wise to over-interpret the meaning on a single month’s data, and it’s also a mistake to credit or blame any one policy for the economy’s performance, but it certainly does seem that the combination of bigger government and more intervention is not a recipe for growth.
Maybe the President should reverse course and try free markets and smaller government.
From Forbes, Unemployment Rate Hits 9.8% Knocking Stocks Lower:
November’s non-farm payroll numbers came as a disappointment to investors, with the U.S. economy adding only 39,000 jobs, compared to expectations of around 150,000. Pre-market indicators for all three major indices were down as the unemployment rate edged up to 9.8%.
US Unemployment Rate Comparison by President chart, through November 2010
From Doug Powers at Michelle Malkin’s blog… Jobless Rate Jumps (altogether now) ‘Unexpectedly’:
These guys must be shocked every morning when the sun rises in the east. How many times does this have to happen before it’s not unexpected?
WASHINGTON (Reuters) – Employment barely grew in November and the jobless rate unexpectedly hit a seven-month high, hardening views the Federal Reserve would stick to its $600 billion plan to shore up the fragile recovery.
Nonfarm payrolls rose 39,000, with private hiring gaining only 50,000, a Labor Department said on Friday. However, data for September and October was revised to show 38,000 more jobs were gained in those months than previously estimated.
According to White House logic (now there’s something “unexpected”), more people on unemployment means fewer people will lose their jobs (huh?), so what’s the problem?
From Gateway Pundit, Worst. Jobs. President. Since Great Depression. THANKS BARACK… Unemployment Rate Jumps to 9.8% in November:
Miserable Failure.
Guess that Trillion dollar stimulus didn’t work out so well, huh?
Associated Press: Unemployment Rises | December 2, 2010
From Rasmussen Reports for today, December 3, 2010:
The Rasmussen Reports daily Presidential Tracking Poll for Friday shows that 22% of the nation’s voters Strongly Approve of the way that Barack Obama is performing his role as president. Forty percent (40%) Strongly Disapprove, giving Obama a Presidential Approval Index rating of -18 (see trends).
Rasmussen: Presidential Approval Index is at negative 18, December 3, 2010
Distribution of wealth fails, tax cuts work.
Socialism is a failure, free market principles without government meddling work.
Soon-to-be-flying-commercial Nancy Pelosi still believes that unemployment creates jobs… maybe for employees in unemployment offices, but nowhere else, you moron.
Great post at RedState boils it down to common sense, something Team Obama lacks — Another punch to the gut of Keynesian economic “stimulus”:
I’m no economist, nor do I play one on TV. However, the argument about Keynesian vs. supply-side economic stimulus has fascinated me since the Good Ship Obama sailed in January. To free-marketeers and small-government adherents like myself, it seems intuitively obvious that reducing the taxes be handed over the government, allowing Americans to keep more of their own money, and reducing the amount that DC bureaucrats have to waste would be far more likely to stimulate the economy than growing an already-bloated government bureaucracy and incurring more unnecessary spending.
[...]
As long as businesses and individuals foresee a future of big increases in taxes and health care expense (my health care increased 25% next year, by the way…Thanks, Barack), they will not part with their money, which means little or no investment and little or no private sector job growth…
The Spendthrift in Chief just doesn’t get it, his minions don’t get it… and as a result, more Americans are without jobs this Christmas season.
THANK YOU, MR. PRESIDENT.
Pres. Obama to Americans: 'You should be thanking me' | Graphic credit: The Anchoress
Additional reading:
RedState: Pelosi Pulls One Last Political Stunt
A Charging Elephant: Obama’s and his lame duck congress what to expect
Michelle Malkin: 33 Dems vote against Pelosi tax-hike procedural stunt; Boehner on Pelosi move: “Chicken crap”
Gateway Pundit: Sacrifice: Obama May Delay Hawaii Vacation To Push Tax Hikes and US Senate Votes to Giving Sweeping Powers to FDA
Frugal Café Blog Zone: Bipartisan Meeting with Obama: “American People Did Not Vote for Gridlock”… No, We Voted Against Your Socialist Agenda, Mr. President (video) and “Being Lucky Is Not a Strategy”: Gov. Bobby Jindal Slams Obama’s Precarious Terrorist & Security Stances, Wants Congress to Be Part-Time (video) and Obama’s Failing Economy: Lesbian Landmark Hotel Pearl’s Rainbow in Key West Went Co-Ed During Thanksgiving Because of Poor Economy (video) and “Weatherproofing” Failure: Newsweek Tries Using Same, Lame Excuse for Obama’s Failures as ’80s Media Did for Carter: Claims Presidency Too Big for One Man
Mcnorman’s Weblog: It’s about time!
Voting American: Here comes the Obama/Democratic Party induced Financial Meltdown and The Bush recession was better than the Obama recovery
NewsBusters: CBS Frets Over Obama’s Liberal Base Being Upset By Possible Tax Deal
The Lonely Conservative: GOP Leader Says Tax Deal Will Be Reached and Obama: I Am the Tax Man — Video
Repubican Redefined: Mitch McConnell on Extending Bush Tax Cuts “This Debate is Over”
Motor City Times: More Evidence That Government Should Not Meddle With Economy and Mike Pence Proposes Flat Tax
Nice Deb: Hump-Day Link-Around and Video: Steve King Says NO To Reparations and Video: House Republican Press Conference
On My Watch – The Writings of SamHenry: Rep Steve Buyer Blasts Acting Speaker’s Tactics “That’s Why You Were Thrown Out of Power”
Pundit & Pundette: Threatened filibuster: So far, so good
About the author
Obama on his statement,
Uh, no.
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