The US unemployment rate rose from 7.6% to 9.7% under Obama… the highest rate in 26 years.
Bureau of Labor Statistics– via Sweetness and Light
Obama said with the Stimulus Bill the unemployment rate would not go over 8% but the unemployment rate is currently at 9.7%.
Today, the Obama Administration admitted that their economic policies will keep unemployment rate “unacceptably high” for years to come.
The Politico reported:
The president’s chief economic adviser warned Friday that the nation’s unemployment rate could stay “unacceptably high” for years to come — a situation that would seriously complicate Barack Obama’s ability to convince Americans that he’s beating back the recession.
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“The level of unemployment is unacceptably high,” National Economic Council Director Larry Summers said Friday. “And will, by all forecasts, remain unacceptably high for a number of years.”
Summers’ comments came in a briefing with reporters ahead of Obama’s speech in New York City on Monday, marking the one-year anniversary of the collapse of Lehman Brothers, an event widely regarded as having created a panic that caused the global economic meltdown.