Unemployment Hits 10.2 Percent!

Remember when Obama was selling his Trojan Horse Stinkulus Package and said that if Congress passed it—which they did, of course—unemployment would not go above 8 percent, but if Congress did nothing, unemployment would reach a whopping  *gasp* 9.2 percent?

Well, I think we could have  saved some jobs and saved ourselves about a trillion dollars if Congress had done nothing:

Jobless rate tops 10 pct. for first time since ‘83
Unemployment rate tops 10 percent for first time since 1983; 190,000 jobs lost in October
By Christopher S. Rugaber, AP Economics Writer
Friday November 6, 2009 – via Yahoo Finance News

WASHINGTON (AP) — The unemployment rate has surpassed 10 percent for the first time since 1983 — and is likely to go higher.

[...]

The Labor Department said Friday that jobless rate rose to 10.2 percent, the highest since April 1983, from 9.8 percent in September. The economy shed a net total of 190,000 jobs in October, less than the downwardly revised 219,000 lost in September, but more than economists expected.

[...]

Economists say the unemployment rate could climb as high as 10.5 percent next year because employers remain reluctant to hire.

Counting those who have settled for part-time jobs or stopped looking for work, the unemployment rate would be 17.5 percent, the highest on records dating from 1994.

“It’s not a good report,” said Dan Greenhaus, chief economic strategist for New York-based investment firm Miller Tabak & Co. “What we’re seeing is a validation of the idea that a jobless recovery is perfectly on track.”

[...]

Yeah, “a jobless recovery is perfectly on track.”  Way to spin it, buddy!  LOL!  What a load of crap!

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