The Bureau of Labor Statistics released numbers showing that the unemployment is currently at 9.4% and climbing. The Obama administration previously said unemployment would peak at 8 %, significantly different than reality. Yet he is claiming that 150,000 jobs have already been created or "saved" by his stimulus. These are phantom numbers since there is no way of proving his claim. Further, he is further claiming that 600,000 jobs will be created or "saved". Again no credibility to his numbers.
Now let's look at reality. The chain reaction of unemployment due to the auto industry hasn't taken full effect yet. This includes not only closed down plants, but dealerships, auto parts suppliers, and all the others that supply the auto industry with either products or services. This is a huge number of workers in itself. In addition to that there are continuing cut backs with many businesses, as well as others going out of business due to the economic crisis and other factors. All this has yet to hit the labor force numbers.
I would venture to say that unemployment will go well over 11%. The only thing that can slow this down are the creation of new jobs at the federal government level, government jobs, just the opposite of what we should do.
Why isn't the media and those who claim to be financial experts questioning and actually drilling the Obama administration over their employment claims that are obviously way off the mark?
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