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Not much needs to be added to the somber statistic except to wonder how it will effect waivering Democratic votes on the House health care “reform” bill, given that all but the most far-left of the Dems must understand that the measure will be extremely destructive to American employment.
Canadian unemployment made a similiar unexpectedly high jump during October.
I’ve written in the past, about the so-called “stimulus” plan, that it was never intended to stimulate the economy at the time it was passed. Instead, the Administration has been keeping its powder dry so that it could pump hundreds of billions of dollars of your money into temporary, mostly-union, jobs in the middle of 2010 in order to minimize Democratic election losses next November. I stand by that prediction of their intent.
However, just as nobody but the far left puts any credibility in the “jobs created or saved” statistics put out by the Administration, these make-work jobs – most often in places which already have relatively low unemployment and on projects which are not the most necessary – will not work into beneficial economic news for Obama. (If employment begins to rise noticeably in the next 6 months, it will be in spite of, not because of, his economic policies. And most of the nation knows it.)
Speaking of “jobs created or saved", did you see this story about a community organization which reported more jobs created or saved than they have in total employees at the place? When even the AP is shredding Obama’s numbers, you know they must be unbelievably blatant lies.
With the persistent uncertainty about what productive sector of society the Democrats will target for tax increases, regulation, or just threats, and the upcoming barrage of tax hikes, anywhere from fairly large to a tsunami of economic destruction (if the tax hikes in the House health care “reform” bill were to pass), very few businesses will be looking to expand. I see no reason for any substantial improvement in unemployment until these issues are resolved in a way that’s better than anything the Democrats are currently proposing. If anything were to lower the unemployment rate, it would probably be discouraged would-be workers simply giving up on finding a job.
Nothing says “vote out the party in power” like high unemployment. If I were a Democrat in a conservative or even moderate district, I’d be extremely nervous for my political future right now. All the more so with the GOP domination in Wednesday’s most important elections. Again, I wonder if today’s news will make it more difficult for Nancy Pelosi to come up with 218 votes for her takeover of 1/6th of our economy.