Home > posts > Obamanomics Failing: Unemployment Rises Again to 9.8%
December 3rd, 2010 9:13 am
Obamanomics Failing: Unemployment Rises Again to 9.8%
Posted by Print

Moments ago, the Labor Department announced that the nation’s unemployment rate, which had stagnated at 9.6% for three consecutive months, actually rose to 9.8%.

Alarmingly, this means that unemployment has now stood above 9% for 19 consecutive months, a post-World War II record.  Analysts had predicted 150,000 new jobs for October, but it turned out that only 39,000 were added, far below the number necessary to reduce the unemployment rate.

No American should take pleasure in others’ blight, but we simply must face the fact that the Obama-Reid-Pelosi Keynesian economic agenda has failed, and a course correction is critical.  In the 20 months since Obama signed the budget-busting $1 trillion “stimulus,” unemployment has only risen from 8.4% to 9.8%.  In contrast, in the 20 months following the effective date of the Reagan tax cuts, unemployment plummeted from 10.4% to 7.3%.  The facts speak for themselves.  It’s time for remedial free market action.

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