Unemployment Climbs to 9.2%

Friday, July 8, 2011

U.S. employment ground to a halt in June, as employers hired the fewest number of workers in nine months, dashing hopes the economy would regain momentum in the second half of the year.

The unemployment rate climbed to a six-month high of 9.2%, as jobseekers abandoned the labor force in droves.

Perhaps most shocking, there are 500,000 fewer Americans working for the Federal  government since President Obama’s inauguration.

This despite the president’s $787 billion economic stimulus package which included an extension of all the Bush-era tax cuts.

The U.S. economy needs to create a quarter of a million new jobs each month through November 2016 — roughly 5 million new jobs, or the end of Obama’s unlikely second term for the unemployment rate to get back to where it was before the president took office.

After nearly three years in office, it should be abundantly clear that America’s chronic unemployment will not improve as long as Barack Obama is president.

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13 Responses to Unemployment Climbs to 9.2%

  1. Joe in Colorado says:

    Obama’s America: new wars in Libya and Yemen, slash Social Security and Medicare, extension of the Bush-era tax cuts for the rich, extension of the USA Patriot Act, GITMO still open for business, and a worsening employment landscape. I thought it couldn’t get any worse when Bush II was in the White House but I was wrong.

  2. Robyn says:

    Obama should look into the current rates for moving vans. He’ll need them in about eighteen months. I’ve had it with him and his “Grand Bargain”. Throwing Granny under the bus to appease Republican economic terrorists is not how you negotiate.

  3. Woodcliffe says:

    The business community isn’t inspired by Mr. Obama’s leadership. I’m reminded of the last two years of George W. Bush’s term. Business backed away from him and decided to run the clock out until the next election. I think we’re seeing the same behavior now with Obama. I might add, stuffing his administration with former Goldman Sachs employees wasn’t terribly smart either.

  4. Marcus Ybanez says:

    We don’t need another stimulus. They don’t work and they increase the ballooning deficit.

    What we need to increase in taxes on the wealthy. Wage earners making more than $250,000 a year, the marginal rate should be 40%. Also, let the fucking Bush era tax cuts expire. Return to the marginal rates during the Eisenhower years. High tax rates didn’t seem to impede business development then. Also, begin phasing out NAFTA. NAFTA is killing the US economy.

  5. Brigadoon says:

    I’m not an economist but over the July 4th weekend, I watched a program about Boeing. I was struck to learn that most of the pieces and parts of the airplanes we fly on aren’t manufactured in the USA but in Canada, China, Mexico and South Korea. The pieces of the airliners are flown to Everett, WA and assembled there. Now think about it? Why are we off-shoring manufacturing jobs to a cadre of foreign nations to manufacture pieces of airliners when those jobs could easily be performed by the 9.2% unemployed in America?

  6. Mets Fan says:

    However, CEO pay rose 23%, and combined profits of the Global 500 increased 59%. Is this a case of revenue hoarding in anticipation of the coming collapse if the U.S. financial system, a la Greece?

  7. Debbie Banuelos says:

    I think Mets Fan is onto something. I had never thought of corporate revenue hoarding.

  8. Pechanga says:

    I happened to catch Mr. Obama on TV a few minutes ago and he seemed to suggest his failure to create new jobs is somehow the fault of Greece.

    I guess this is what you might call the roving blame-game. Just point a finger at any world event and say as professorially as possible, “Due to events in Greece, the jobs report in the US sucks.” Obama is shrinking before our eyes. Soon we can take turns feeding him to the cat.

  9. DMason says:

    You realize this is the “official” unemployment number? Real unemployment which includes people who have given up finding work and who work multiple, part-time jobs push unemployment to 22%. Obama is an utter failure on jobs and now even his supporters admit it.

  10. fran says:

    Seriously though, we ned to remember that the vehicle that landed us in this smoldering heap of financial ruin is “the Decider”…. if we are to point fingers at who made this mess- you can put that blame directly on Bush 2. It would be a republican wet dream if they could blame this all on Obama, and use it to win back the White House.
    Remember George @ the podium, telling us just before he exited office of the impending financial ruin?
    He ignored the economy while spending & borrowing to pay for wars.
    He cut the taxes for the rich.
    His admin & the lockstep repugs who approved all his supplemental requests racked up the $13 trillion dollar historical debt.

    Once you care that deeply in debt… the interest alone is staggering.
    The National Debt has continued to increase an average of
    $3.87 billion per day since September 28, 2007!

    Bush 2 did this.

    Granted, Obama has a long list of items people have already commented on– most noted are the wars & war budgets. Why are that not on the bargaining table?

    No they go to Social Security & Medicare for cuts.
    Not Afghanistan, Libya, Iraq & Gitmo expenditures.

    I am hearing a s@#tload of discontent…
    but honestly who here thinks any repug running would do any better???

  11. Adirondacky says:

    Fran – With all do respect, at what point does this become Mr. Obama’s economy? Year number three? Year number four? Never? I know it is popular among Mr. Obama’s supporters to reach back and blame the Chimp but for goodness sake, tell us how it matters? We have record unemployment and the American people are hurting. Mr. Obama is president so fixing what ails this country is up to him. If he isn’t interested, he needs to do an LBJ and announce he’s not running for a second term.

  12. feminazi says:

    No president in modern history was reelected with unemployment above 7%. Obama has better get busy or he and the wife will be packing for the long drive back to Chicago.

  13. Obama doesn’t care what happens. He, his wife and kids will wont for nothing. He’s a neoliberal monster. The best outcome for 2012 is to let Romney get the white house and have teh dems take the house. Pelosi is the best national democrat we have (low bar)–she’ll at least keep the caucus together and gridlock DC. That’s the best outcome we can hope for.

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