The official unemployment numbers are just out for October, and the data reinforces all of the worrisome surveys that have been coming out all week:
- The unemployment rate rose to 10.2% in October, from 9.8% in September.
- The unemployment rate was 4.9% at the start of the recession in December, 2007.
- There were 15.7 million unemployed persons in October. The number of unemployed persons has risen by 8.2 million since the start of the recession.
When will the government give up and stop digging the economy into a deeper hole?
We need new government leadership. We need smart entrepreneurals to run for congress and take control of the uncontrolled spending.
Government stimulus has a limit, govt do not have infinite printers! God helps those who help themselves, go out and setup a business! What can be done is more measures to encourage entrepreneurship. Entrepreneurs do not need stimulus, just give us a suitable and less restrictive environment for us to grow our business. It won't take a long time, we can smell an opportunity a mile away. One other advantage is that entrepreneurs do hire when they gets bigger and more successfully. That is a two prong attack on unemployment.
I think everyone has a false sense of security because the stock market is doing so much better than last year when the government started the bail out process.
After an entire year is there anyone in congress that can look around and see consumer spending spurs the economy NOT government spending.