Unemployment hits 9.8%, a twenty-six year high

Strangely overblown story.. . We all knew this would happen. The writing was on the wall for even the dimmest adult to fathom. We have had (over the last ten years) too many real-estate agents, too many whirlpool salesmen, too many people selling shite we really don't need, and too many medicore graduates from average schools with B.A.'s with 2.3 averages who simply do not have any serious marketable skills in a global economy. I'm actually shocked the unemployment rate isn't higher.

Yes.The economy sucks.Very significant.It effects most of us,obviously some more than others.I love the way the spin artists pretend that everything was just hunky-dory right up until Bush finally got his sorry ass out of the Whitehouse.Want to know the REAL reason we're up shits creek with no paddle? I R A Q ....Are we shocked and awed yet?

So if you do the math, it's hit the level that it was during the - anyone? anyone? - the Reagan Administration, which was the - anyone? anyone? - the Golden Age of Civilization.

I think this animated map of U.S. unemployment by county over time is relevant to understanding the scope of this great recession. http://cohort11.americanobserver.net/latoyaegwuekwe /multimediafinal.html

I thought the recession was over? UPDATE: Hey, I saw this great report on how we saved or created 30 jobs in Arizona's 9th Congressional District with a mere $750,000 in stimulus money. Arizona only has 8 Congressional Districts, by the way...

No big surprise. Come on Obama...change it! Your for change right, or are you?

Now 10.2% and it will get higher. What confluence of factors creates jobs? Is it government spending? We've just (irresponsibly) spent billions of dollars. Zero job growth. The unemployment rate has soared as the administration plays fast and loose with the term "created or saved" when it comes to jobs. I wonder how many jobs they credit Bush for having "saved." No, the confluence of factors necessary for job creation are quite simple. First, investors (usually high net worth individuals) have capital to invest. This usually materializes through a drop in capital gains taxes, a precipitous drop in the marginal interest rate, a sudden upward spike in productivity or a sudden loosening of the available borrowing pool. With the US government crowding out all borrowers, even though interest rates are artificially low, there are not many takers at the trough, except one big taker. Productivity is up but most high net worth individuals feel the target being painted on various ... Read more

Very significant event, but as I've pointed out in other comments, the methodology which the Labor Department uses to calculate the unemployment rate is highly dubious to say the least. Since 1996 the government doesn't count people who have given up and left the labor force as "unemployed", nor do they count people who are underemployed. However those losses of income do impact private spending, which has a very real impact on the economy. On October 2, statistician John Williams of shadowstats.com reported that the Labor Department had announced its preliminary estimate of 2009's unemployment rate. Labor reported that unemployment had been overstated by about 1 million jobs. Williams believes that it was overstated by 2 million jobs, primarily because the modeling they use adds about an extra million "phantom" jobs per year. The headline 9.8% unemployment rate consists of a bare bones measure that fails to account for several other variables. When you work into the equatio... Read more

This does not come as any surprise. It's not his exact words, but even President Obama stated that unemployment and the economy was going to get worse before it gets better. He can't be expected to clean up the mess right away that was left for him in Washington. Give him a chance. I think 7 out of ten people are judging him on his race, and others his politics. All a person has to do is listen to what others are saying before they figure this one out. I think people should give him a chance as he hasn't even been in a full year.

In my county, they're admitting to 15%. They don't count those whose unemployment benefits have expired. Meanwhile, "conservatives" will blame "liberals" and vice versa, whilst we pay no attention to the fact that the jobs were shipped overseas by rapacious multinational corporations, Hell-bent on killing the goose that laid the golden eggs. BTW Dollars to Donuts?

Unemployment is a lot higher than 9.8% It's horrible out there. Getting better? Yeah, right.

Government tinkering will only make it worse. I don’t blame Obama for not “creating jobs” Government can’t create wealth, but they sure know how to take it. The poor will stay poor; it’s only seems fair that under Obama the rest of us join them.

Hmmm! The ol' Stimulus Bill is REALLY working!