The Obama Wreckovery: Unemployment Rate Jumps To 9.2% 2 1/2 Years After Obama Promised It Would Never Go Above 8%; Labor Participation Rate At All-Time Low, Hiring Freezes

The only thing shocking about the new numbers is the shock throughout the establishment MSM that liberal policies do the opposite of what liberals claim they will do. Obama promised that the stimulus boondoggle would create 3.5 million NEW jobs. Instead 3 million jobs have been lost, putting him at a jobs deficit of 6.5 million. Worse yet, 100,000 jobs need to be created each month just to keep up with population growth as teenagers age into the job market. So the jobs deficit created by Obama is somewhere around 9 million jobs. From CNBC via memeorandum: Jobs Picture Gets Even Worse as Rate Swells to 9.2%

U.S. employment growth ground to a halt in June, with employers hiring the fewest number of workers in nine months, dousing hopes the economy would regain momentum in the second half of the year.

Nonfarm payrolls rose only 18,000, the weakest reading since September, the Labor Department said on Friday, well below economists' expectations for a 90,000 rise.

The unemployment rate climbed to a six-month high of 9.2 percent, even as jobseekers left the labor force in droves, from 9.1 percent in May.

"The message on the economy is ongoing stagnation," said Pierre Ellis, senior economist at Decision economics in New York. "Income growth is marginal so there's no indication of momentum.

And the sadly obligatory downward revision for the previous month:

The government revised April and May payrolls to show 44,000 fewer jobs created than previously reported. (Slideshow: Disappearing Jobs)

Obama claimed 54,000 jobs created last month. But at least CNBC is honest about this:

The economy needs to create between 125,000 and 150,000 new jobs a month just to absorb new labor force entrants. ...

The real unemployment rate by the way is 16%, not 9%. The way the government calculates the unemployment rate makes Enron look honest by comparison. Obama promised that 3.5 million NEW private-sector jobs would be created by the $1.2 trillion stimulus bill ($800 billion + interest over 10 years since the US is bankrupt) by 2010. Instead, more than 3 million jobs have been lost. Here is what has been happening with Biden's 3-letter word since Obama took over:

Obama is the halfway through the 2nd term of Carter

January US jobs lost: 598,000 jobs
February US jobs lost: 706,000 jobs
March US jobs lost: 742,000 jobs
April US jobs lost: 545,000 jobs
May US jobs lost: 345,000 jobs
June US jobs lost: 467,000 jobs
July US jobs lost: 247,000 jobs
August US jobs lost: 216,000 jobs
September US jobs lost: 263,000 jobs
October US jobs lost: 190,000 jobs
November US jobs lost: 11,000 jobs
December US jobs lost: 85,000 jobs
January US jobs lost: 20,000
February US jobs lost: 30,000
March US jobs lost: -162,000
April US jobs lost: -290,000
May US jobs lost: -431,000
June US jobs lost: 125,000
July US jobs lost: 131,000
August US jobs lost: 54,000
September US jobs lost: 95,000
October US jobs lost: -151,000
November US jobs lost: -39,000
December US jobs lost: -103,000
January US jobs lost: -36,000
February US jobs lost: -196,000
March US jobs lost: -216,000
April US jobs lost: -244,000
May US jobs lost: -54,000
June US jobs lost: -18,000

Total US jobs lost under Obama: 2,930,000 jobs

Essentially 3 million fewer jobs to lose, and that's neglecting the corrections that were made to the jobs numbers from 2009 and more recently that showed even bigger losses. Recall that the stimulus package was supposed to stop the unemployment rate at 8%! A crisis could become a calamity? Remember that? Obama promised the unemployment rate would not exceed 8% if Congress gave him a $1.2 trillion (including interest) slush fund in the form of the stimulus boondoggle:

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