>>Unemployment now up to 10%! But don’t worry our Congress is fixin’ to make it go higher.

Unemployment now up to 10%!  Gee Whiz and Golly just think what it would have been if President Obama hadn’t thrown all that stimulus money at the economy!!    Just think  of all those “saved ” jobs—saving their job by giving people a raise in pay is the Obama Way.   And all that new hiring or job creation which included so far hiring 120 thousand more federal bureaucrats who will be needed to administer the Pelosi Abomination ( otherwise known as Obamacare) and the Cap & Trade Monster Tax.  It will take a lot of little clerks in little offices in Washington to make more paperwork  for the one hundred and eleven 111 new agencies the House Democrats  Health Care  Bill will create.  Aren’t we all so happy to have far seeing and carefully planning Congressmen looking out for our interests?    Because with 10% unemployment and still growing monthly we sure are going to need all that “free” health care.  This is especially true as we start to see more homeless people as people who lose their jobs also lose their homes or are thrown out of their rented apartments.  Homeless people tend to get sick more than people with roofs over their heads.

 

Oh, but wait!  All this free health care is not slated to start until 2013.  What are all these people who the Dems claim are “dying in our streets” going to do until then?  Especially if a whole lot more dying people get added to those already there?  BB

Stimulus Job Report Filled With Errors Stimulus Watch: Salary raises counted as saved jobs White House Tally Appears to Overstate Stimulus Jobs Reports Show Conflicting Number of Jobs Attributed to Stimulus Money Stimulus Watchdog: job counters confused, need guidance Why stimulus jobs aren’t here to stay Many California jobs ’saved’ by stimulus funds weren’t in jeopardy

Luckily the American people do not need to count on phony new jobs studies to provide the objective data necessary to hold President Barack Obama accountable for his economic policies. The Bureau of Labor and Statistics has been collecting accepted and standardized data employment data since the 1940s. When President Obama was selling his $787 billion stimulus to the American people he promised unemployment would never rise above 7.8% and that by 2010 the U.S. economy would employ 138.6 million jobs.

Today, BLS released its monthly jobs report and the numbers speak for themselves. The economy shed another 190,000 jobs in October, bringing the number of jobs lost since Obama was sworn in to 3.8 million. Worse still, the unemployment rate rose from 9.8% to 10.2% percent. With only 130.8 million jobs in the U.S. economy, President Obama is now 7.8 million jobs short of what he promised the American people. That makes President Obama’s stimulus an objective failure.

The Obama stimulus failed because it was based on faulty Keynesian beliefs. Heritage fellow J.D. Foster explains:

The Keynesian stimulus theory fails for the simple reason that it is only half a theory. It correctly describes how deficit spending can raise the level of demand in part of the economy, and ignores how government borrowing to finance deficit spending automatically reduces demand elsewhere.

Fortunately, the economy’s natural recuperative powers may be ending the recession. Last week the Commerce Department reported that the economy grew at 3.5%. But if this recovery is going to include job growth along with GDP growth, then job killing initiatives like Obamacare and cap and trade will have to be abandoned.