Unemployment Hits 10.2% – “Stimulus” Not Stimulating
As President Barack Obama said on Feb. 9 when touting the “stimulus”: “The biggest measure of success is whether we stop contracting and shedding jobs, and we start growing again.”
Well, guess what? Despite all the happy talk about the end of the recession, unemployment hit 10.2% today. And, as Dale and others have said constantly, if we were computing it like we did in the ’70s, it would be at 17+%.
So taking the President at his own word, something it seems this administration would prefer everyone not do, it would appears the “stimulus” is still chasing success.
That’s because despite his protestations to the contrary, the the “stimulus” was one, giant earmark. And it is not having the desired effect despite the bogus “jobs created and saved” numbers.
In fact, the reality of the situation is not at all good as the BLS noted in their press release today:
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.
And as for those “shovel ready projects” the “stimulus” was supposed to target?
The unemployment rate for the construction field keeps mocking those “shovel-ready” promises: Another 62,000 jobs in construction lost last month, with the average at 67,000 jobs lost per month for the last six months.
The solution? Watch for it – a second “stimulus”, something Paul Krugman has been whining about for months. Any guess what it would look like if it happened? Well the fact that this “stimulus” was used to track radioactive rabbit feces and subsidize golf cart purchases should give you a hint.
By the way, where is “Sheriff Joe” with his policing of the “stimulus” money and calling out those who are wasting it? Overwhelmed by the job, I guess.
Finally there is the economy killing legislation – health care which is front loaded with taxes and cap-and-trade which will raise the cost and price of everything – which the Democrats are determined to pass. Yup – they’ve got a real handle on this, don’t they?