Obama Admits US Unemployment Will Reach Record 10%
The US lost over 2.5 million jobs in the first four months of this year under the Obama Administration.
The US unemployment rate rose from 7.6% to 9.4% under Obama… the highest rate in 25 years.
Bureau of Labor Statistics– via Sweetness and Light
The US has lost 16,000 jobs each day since Democrats passed their non-Stimulus bill, the largest redistribution of wealth from the private sector to government officials in US history. Obama promised the Stimulus bill would bring down unemployment.
Barack Obama admitted today that the engines of the economy are turning and that the US unemployment rate will reach 10% this year.
President Barack Obama said the U.S. unemployment rate will reach 10 percent this year, even as the economy begins to emerge from the recession.
“You’re starting to see the engines of the economy turn,” Obama said today in an interview with Bloomberg Television at the White House. “It’s going to take a long time — we had a huge de-leveraging that took place.”
Obama acknowledged that unemployment lines may keep growing despite government efforts to boost economic growth, saying he’s confident an expansion will begin “shortly.” His outlook mirrors the forecasts of private economists who predict a jobless rate of 10 percent — a level unseen since 1983 — by the final three months of the year.