Jobless rate bolts to high not seen since Clinton Administration – Unemployment 14 year high of 6.5 percent

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.

http://news.yahoo.com/s/ap/20081107/ap_on_bi_go_ec_fi/economy

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.

http://www.deptofnumbers.com/unemployment/michigan/

The 2008 average inflation rate 4.3%. http://inflationdata.com/inflation/inflation_rate/CurrentInflation.asp

Under Jimmy Carter – 14% inflation. 

http://economics.about.com/od/useconomichistory/a/stagflation.htm

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

3 Responses

  1. Despite all the recent unemployment stats, I see thousands of high paying jobs posted on employment sites –

    http://www.linkedin.com (networking)
    http://www.indeed.com (aggregated listings)
    http://www.realmatch.com (matches you to high end jobs)

    Good look to those looking for work!

  2. ……. and 6.5 % unemployed implies 93.5 % employment.

  3. No reference given for the statement “Under Jimmy Carter unemployment was a double digit – 11.3%” Wonder why?

    To Mary:
    1). This post was originally published in November 2008 – you might have noticed – unemployment has gotten much worse since then. The headline of this post notes a whopping 6.5% unemployment rate ….. now 13 months later, in certain states (Michigan for one) the unemployment rate more than twice that amount ….. 14.6%.
    2). The reference is sited ….. you might have noticed that the reason for the post … a warning that Obama’s economic policies, which mirror Carter’s economic policies, would result in skyrocking unemployment. Gee, guess I was correct.
    3). Revised figues, which are posted at the site, reflect that unemployment under Carter actually blew past 11.3% in several states (Michigan as an example) topping out at a revised 11.8% in Michigan, however, note that the Obama Administration’s policies have, as warned, produced an unemployment rate, both Nationally and in particular States (like Michigan), that dwarf the horrible unemployment rates reached under good ole Jimmy Carter. Imagine that, in Michigan, the homeless can pine for the “good old days” of Jimmy Carter. Same policies, same outcomes. Michigan’s unemployment rate, as of December 2009, stands at 14.6%. The National Unemployment rate at the close of 2009, 13 months afterthis post, stood at 10.2%. Rates even higher than those seen under Clinton or Carter. I rest my case. Obama delivered exactly as predicted …. prolonged double digit unemployment. Eevn “cooking the books” with this “saved or created” nonsense hasn’t provided any long term “cover” for the President. Remember this, it is the American people who are suffering because of this foolish “tax and spend” philosophy. Obama will drown the Country in red ink.

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