10.2% Unemployment = 15.7 million Americans out of work
The unemployment rate has hit double digits for the first time since 1983 (26 years) — and is likely to go higher.
The 10.2 percent jobless rate for October shows how weak the economy remains even though it is growing. The rising jobless rate could threaten the recovery if it saps consumers' confidence and makes them more cautious about spending as the holiday season approaches.
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According to Newt Gingrich:
On Friday, we learned that the unemployment figures rose by 558,000 in October. This follows President Obama’s announcement that the White House saved or created 1 million jobs with the stimulus.
So who is telling the truth? The problem is that there is no economic model to calculate “jobs saved.”
AEI fellow Allan Meltzer said, “One can search economic textbooks forever without finding a concept called ‘jobs saved.’ It doesn’t exist for good reason: How can anyone know that his or her job has been saved?”
There is no way of knowing whether a firm that completed a stimulus-funded project would have been without work in the alternative.
We also have to question what will happen to those workers once the government funding is gone. Since February, the month the stimulus bill was passed, 3.2 million people have lost their jobs. How many more people will have to lose their jobs before President Obama and the White House realize that jobs saved is a lot less important than jobs created?
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Well Newt, I can tell you what is going to "happen to those workers once the government funding is gone". Just ask any salesman at a car dealership how their sales were in October. . . . .the government funded "Cash for Clunkers" program stimulated their sales for a couple of months, but now they have plummeted. . . .
The 10.2 % jobless rate doesn't include all those American's whose unemployment has already ran out or people like me that have taken a $5.00 cut in pay just to have a job to keep food on the table. . . .The unemployment percentages would be significantly higher if these figures were part of the equation. . . . .
http://www.msnbc.msn.com/id/33713864/ns/business-stocks_and_economy/
http://blog.american.com/?p=6923
