Hows that stimulus bill working? Unemployment rate now at 9.8%

9.8% is a higher number than 8% right? Because we were promised by Obama and the rest of the corrupt liberal democrats that once the stimulus passed, the US jobless rate would NOT go above 8%. IF we didn’t pass the bill, it would hit 9%. With the employment rate at 9.8% percent in September employers cut far more jobs than expected, despite the “recession being over” like Obama and Ben Bernanke claimed. More from Fox News:

The official jobless rate stopped short of topping 10 percent only because the Labor Department doesn’t count people who have given up looking for work or settled for part-time jobs.

More than a half-million unemployed people gave up looking for work last month. If laid-off workers who have settled for part-time work or have given up looking for new jobs are included, the unemployment rate rose to 17 percent, the highest on records dating from 1994.

The Labor Department said Friday that the economy lost a net total of 263,000 jobs last month, up from a downwardly revised 201,000 in August. That’s above Wall Street economists’ expectations of 180,000 job losses, according to a survey by Thomson Reuters.

The unemployment rate rose from 9.7 percent in August, matching expectations.

All told, 15.1 million Americans are now out of work, the department said. And more than 7.1 million jobs have been eliminated since the recession began in December 2007.

Obama is calling the latest jobless figures a sobering reminder that progress to reverse the recession comes in fits and starts.

He says the new unemployment numbers also serve as a reminder that the country needs to “grind out this recovery step by step.”

The president says employment is often the last indicator to show that a recession is over, and he is promising that his administration is doing everything it can to accelerate that process.

But figures pose a serious problem for Obama, who had claimed his $787 billion stimulus bill would keep the unemployment rate below 8 percent in an effort to get it passed earlier this year. Now Republicans, who were nearly unified in opposing the spending package, are using the latest figures as evidence that the stimulus failed.


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October 2, 2009 · Filed Under Porkulus

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