Unemployment rate hits 10.2 percent!

The U.S. unemployment rate has now topped 10 percent. This has been predicted for a couple of months now, but still YIKES! Of course Obama warned us that if we did NOT pass the stimulus bill our unemployment rate would reach 9 percent. Too bad he didn't tell us that if we DID pass it, it would exceed 10 percent.

Update: Mark Tapscott makes the argument that unemployment is now a leading indicator.

Unemployment has hit 10.2 percent, the highest level since the 1983 recession. Obama administration officials will no doubt try to spin this latest bad economic news by noting that unemployment is typically a "lagging indicator." That was true in the old days, but it won't cut it in the age of the global economy and Internet-driven 24/7 news cycle. Unemployment may now be something of a leading indicator because business executives make decisions about whether to invest in new jobs much more quickly and based on vastly more data.

This is crossposted at Wizbang where Kim Priestap adds an interesting (and scary) thought.

Comments

[bondwooley]

Since the government can't solve the problem, it's time the people start facing unemployment with their own ingenuity:

http://bit.ly/ozqT6

(satire)