UPDATED HERE: https://mcauleysworld.wordpress.com/2009/09/05/unemployment-and-1st-time-unemployment-claims-are-on-the-rise/
Jobless rate bolts to 14-year high of 6.5 percent
By JEANNINE AVERSA, AP Economics Writer
WASHINGTON – The nation’s unemployment rate bolted to a 14-year high of 6.5 percent in October as another 240,000 jobs were cut, far worse than economists expected and stark proof the economy is deteriorating at an alarmingly rapid pace.
The new snapshot, released Friday by the Labor Department, showed the crucial jobs market quickly eroding. The jobless rate zoomed to 6.5 percent in October from 6.1 percent in September.
Let me see, 14 years ago. That would be 1994. The middle of Clinton’s first term. A Democratic Congress then and a Democratic Congress now – getting more liberal by the minute.
I thought the Clinton days were the days of “Milk & Honey” – things don’t get better than that.
Well, that is true compared with the Carter Administration days – where we seem to be headed.
The current (2008) “Prime Interest Rate” – 4% http://www.bankrate.com/brm/ratewatch/leading-rates.asp
Under Jimmy Carter Interest rates topped out at 21.5% in Decemeber 1980, 5 times higher than today. http://en.wikipedia.org/wiki/Jimmy_Carter
2008 Unemployment Rate: (4.9% January 2008 – 6.5 % October 2008) 2008 Average – 5.52% http://data.bls.gov/PDQ/servlet/SurveyOutputServletdata_tool=latest_numbers&series_id=LNS14000000
Under Jimmy Carter unemployment topped out at a whopping, double digit – 11.3% – in some states. Twice as high as the 2008 National Average.
The 2008 average inflation rate 4.3%. http://inflationdata.com/inflation/inflation_rate/CurrentInflation.asp
Under Jimmy Carter – 14% inflation.
One last comparison, “The media discovered and promoted Carter. As Lawrence Shoup noted in his 1980 book The Carter Presidency and Beyond:
“What Carter had that his opponents did not was the acceptance and support of elite sectors of the mass communications media. It was their favorable coverage of Carter and his campaign that gave him an edge, propelling him rocket-like to the top of the opinion polls. This helped Carter win key primary election victories, enabling him to rise from an obscure public figure to President-elect in the short space of 9 months.” http://en.wikipedia.org/wiki/Jimmy_Carter