Unemployment up big time

Surprising absolutely no one with 4 functioning brain cells, the unemployment rate has shot back up. Prior to the election, there rate was stated as having dropped to under 8%. Well, guess what? The unadjusted rate is now at 8.3%.

According to Gallup:

U.S. unemployment, as measured by Gallup without seasonal adjustment, was 7.8% for the month of November, up significantly from 7.0% for October. Gallup’s seasonally adjusted unemployment rate is 8.3%, nearly a one-point increase over October’s rate.

Gallup has lots of pretty graphs which don’t mean a lot to me I’m afraid. I’ve never been a numbers guy. Of course, this isn’t what the government has reported. However, as I understand it, Gallup uses the same method the Labor department does when generating their numbers. They call around and ask people.

These results are based on Gallup Daily tracking interviews, conducted by landline and cell phone, with approximately 30,000 Americans throughout the month — 67.2% of whom are active in the workforce. Gallup calculates a seasonally adjusted unemployment rate by applying the adjustment factor the government used for the same month in the previous year. Last year, the government adjusted the November rate upward by 0.5 percentage points.

It is unclear what caused the increase in the unemployment rate in November, although some experts speculate that it was caused by jobs lost as a result of superstorm Sandy. It is also possible that lackluster holiday hiring is to blame.

How about I make a few suggestions? I think the main reason the unemployment rate is going up is simple and straightforward. Obama won reelection and the economy is heading for a major crash. Almost as soon as the results were finalized, companies big and small started laying people off. Thanks to Obama and the Progressive Democrats, it’s going to be to expensive to hire people or expand business. Now there is another number called “Underemployment.” These are people who can’t find a full time job so they are stuck doing part time and temporary work.

Underemployment, as measured without seasonal adjustment, was 17.2% in November, a 1.3-point increase since the end of October. The uptick in November also puts an end to the six-month trend of improvements or no change. Still, underemployment has improved 0.9 points since November 2011.

Now there are a few things missing from this report. One is the actual unemployment rate. This covers people who have exhausted their unemployment benefits as well as those who have just plain given up hope. The realistic rate is probably between 10% and 12% if not higher. It’s going to get a lot worse too.

First there is the massive Obama tax increase due to hit after the first of the year. Then there are the Obamacare tax increases that are already starting to bite. Then there is the inflation rate that is starting to climb thinks to that incompetent idiot Bernanke and his pals on the Federal Reserve board. (We’re just going to print money and inflate our way to prosperity!)

The odds of a complete economic crash in the next year or two are rapidly approaching unity. When that happens, it won’t be as bad as the “Great Depression” of the last century was, it will be far far worse.

Well Obama, guess what? You own this. It’s all yours. Feel free to lie about Bush as much as you want, but this is all your doing. This time, unlike the Great Depression, the odds of a full blown civil war are frighteningly good. Thanks a lot you putz.

Thatisall

~The Angry Webmaster~

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