Peter Ferrara: Obama ... so much worse than Carter
[Peter Ferrara is director of entitlement and budget policy at the Institute for Policy Innovation and general counsel of the American Civil Rights Union.]
The most important fact to take from the September unemployment report released last week is that almost three years after the recession began the economy was still losing jobs! Almost 100,000 (95,000) additional jobs were lost last month from the economy overall. That makes 400,000 jobs lost since May. Moreover, in a regular annual benchmark revision to calibrate unemployment rates for updated data, the BLS reported a further 366,000 jobs lost for March. The total number of Americans unemployed stands at almost 15 million (14.8).
In addition, the number employed part time for economic reasons rose to 9.5 million in September. The Bureau of Labor Statistics (BLS) reports, "These individuals were working part time because their hours had been cut back or because they were unable to find a full time job."
The depression continues for African Americans with 16.1% unemployment, near that level for a year now. Hispanics suffer 12.4% unemployment, and Obamanomics is punishing teenagers the most with 26% unemployment.
The BLS reports the U6 unemployment rate, which includes the unemployed, those marginally attached to the labor force (discouraged), and those working part time for economic reasons, at 17.1%. That is the highest point over the past year, and probably since the Great Depression.
While the National Bureau of Economic Research declared the recession technically over last summer, for this poor performance to continue 33 months after the recession began indicates fundamental economic decline for America. What the numbers are telling us is that there has been no real recovery.
Sean Hannity's Caller
Last week, a young caller to Sean Hannity's radio program identifying herself as a liberal expressed the sentiment that still holds President Obama's job approval in the mid-40s. She said, "President Obama has just had two years to turn the economy around. Didn't the Republicans have 8 years to screw it up? Shouldn't we be giving the President more time?"
President Obama himself is out there on the stump milking this sentiment for all it is worth, still blaming George Bush and the Republicans for the economy. Without this sentiment holding up what support he still has, he would have already been run out of town. Here are the metrics by which the President's economic performance should be judged...
Read entire article at American Spectator
The most important fact to take from the September unemployment report released last week is that almost three years after the recession began the economy was still losing jobs! Almost 100,000 (95,000) additional jobs were lost last month from the economy overall. That makes 400,000 jobs lost since May. Moreover, in a regular annual benchmark revision to calibrate unemployment rates for updated data, the BLS reported a further 366,000 jobs lost for March. The total number of Americans unemployed stands at almost 15 million (14.8).
In addition, the number employed part time for economic reasons rose to 9.5 million in September. The Bureau of Labor Statistics (BLS) reports, "These individuals were working part time because their hours had been cut back or because they were unable to find a full time job."
The depression continues for African Americans with 16.1% unemployment, near that level for a year now. Hispanics suffer 12.4% unemployment, and Obamanomics is punishing teenagers the most with 26% unemployment.
The BLS reports the U6 unemployment rate, which includes the unemployed, those marginally attached to the labor force (discouraged), and those working part time for economic reasons, at 17.1%. That is the highest point over the past year, and probably since the Great Depression.
While the National Bureau of Economic Research declared the recession technically over last summer, for this poor performance to continue 33 months after the recession began indicates fundamental economic decline for America. What the numbers are telling us is that there has been no real recovery.
Sean Hannity's Caller
Last week, a young caller to Sean Hannity's radio program identifying herself as a liberal expressed the sentiment that still holds President Obama's job approval in the mid-40s. She said, "President Obama has just had two years to turn the economy around. Didn't the Republicans have 8 years to screw it up? Shouldn't we be giving the President more time?"
President Obama himself is out there on the stump milking this sentiment for all it is worth, still blaming George Bush and the Republicans for the economy. Without this sentiment holding up what support he still has, he would have already been run out of town. Here are the metrics by which the President's economic performance should be judged...