Unemployment has exceeded 8 percent since February 2009, the longest stretch of such elevated joblessness since monthly records began in 1948.
Read the Bloomberg article here if your stomach can handle it. So Obama insists that trillions in bailout money was needed to keep the unemployment rate below 8% and it has resulted in the longest stretch ever of unemployment ABOVE 8%. Nice!!!
So how does Obama plan to spin that little fact into a more positive campaign talking point? Maybe he will say something like: “Americans are enjoying more time off than ever before”, or “We have helped to reduce rush hour traffic to an all time low”, or maybe “Under my leadership the family has grown closer together. In fact many moms and dads are spending all day with their kids”.
The net-net is that 55,000 workers joined the ranks of the unemployed, after Obama’s economists projected the rate would go down.
Sustained increases of around 200,000 a month are needed to bring unemployment down about a percentage point over a year, according to Eric Green, chief market economist at TD Securities Inc. in New York.
So we need 200,000 new jobs every month to drop 1 percent at the end of the year, and we are actually losing 50,000 or more. Nope, no recession here folks, nothing to see. Y’all can go home. Everything is cool….