The US unemployment rate is now at 9.4%… the highest rate in 25 years.
The unemployment rate has now jumped nearly 2 full percentage points since Obama became president.
The US has lost 16,000 jobs each day since Democrats passed their MASSIVE Generational Theft Act, the largest redistribution of wealth from the private sector to government officials in US history.
That doesn't stop the media from cheerleading, though:
With companies in no mood to hire, the unemployment rate jumped to 9.4 percent in May, the highest in more than 25 years. But the pace of layoffs eased, with employers cutting 345,000 jobs, the fewest since September.
The much smaller-than-expected reduction in payroll jobs, reported by the Labor Department on Friday, adds to evidence that the recession is loosening its hold on the country. It marked the fourth straight month that the pace of layoffs slowed.
“This tide is turning,” said Richard Yamarone, economist at Argus. “We expect this trend of slower job loss to continue throughout the year.”
Obama! Obama! He's our man! If he can't do it, No one can!
Meanwhile, back to reality:
Despite the recession he inherited, 9-11, stock market scandals, Hurricane Katrina and two wars in Iraq and Afghanistan, the unemployment rate during the Bush years averaged out to 5.27%. (Misery Index)
The US economy lost 598,000 jobs in January.
The US economy lost 706,000 jobs in February.
The US economy lost 742,000 jobs in March.
The US economy lost 545,000 jobs in April.
And, in May the US economy lost 345,000 jobs.
Another interesting thing to note can be found at Innocent Bystanders (h/t Ace of Spades), where the blogger compares the rosy budget projections of the Obama administration — what they used to sell the budget in the first place — with the reality of hard numbers. Notice that even the worst case scenario from Obama isn't nearly as bad as what's actually happened:
Remember, Obama's budget projections were full of so many holes that they'd make a cheese grater jealous. Add in the actual numbers, and his rosy projections become ludicriously laughable. That translates to greater hardship for the American people, probably in the form of even higher taxes and inflation than previously expected.
The American people may not pay a whole heckuva lot of attention to these details, but they're not stupid, either. As things continue to get worse, more and more are starting to question whether or not Obama's hope-n-change message is legit or not. I guess that's why Obama's popularity is continuing to erode:
Obama approval index number is at a new low. 34% approve and 34% disapprove of the president's performance. That’s the highest level of strong disapproval and the lowest overall rating yet recorded.
Gotta love what Obama's done with the place, huh?
There's my two cents.