When President Barack Obama was pitching his $787 billion economic stimulus package, the White House produced a report claiming their plan would keep unemployment under a peak of 8%.
Reality has not been kind to President Obama’s promises. On November 6, the Bureau of Labor Statistics released their Employment Situation Summary showing that the nation’s unemployment rate had soared from 9.8% to 10.2% in October. You can see how President Obama’s promises compare to reality to the right.
Reading the BLS report more closely, Heritage fellows Rea Hederman and James Sherk note:
Jobs losses in October–190,000–were higher than expected. … The unemployment rate for males is 10.7 percent while the teenage unemployment rate is 27.6 percent. These are the highest levels of unemployment for these groups since the Great Depression.
The unemployment rate increased even as 31,000 potential workers left the labor force. The labor force participation rate has now fallen to 65.1 percent–the lowest since 1986. When people reenter the labor market to find work, the unemployment rate will further increase.
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