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.
“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.