Unemployment Rate Jumps to 10.2%; AP Reports ‘Economy Is Rebounding’

The October unemployment rate has just been released and it has jumped to  double digits at 10.2%, nonfarm payroll employment continued to decline (-190,000), the worst rate since 1983. Any higher unemployment rate would make this the worst recession since the Great Depression.The full BLS press release is here.

So how is the Associated Press reporting the growing unemployment numbers? “The economy is rebounding.” I kid you not …

The economy is rebounding from its deepest slump since the 1930s, but it probably won’t seem that way when the government releases its monthly employment report on Friday.Employers aren’t expected to start adding jobs for several more months. Many are skeptical about the strength and sustainability of the recovery,

The nation’s economy probably lost a net total of 175,000 jobs in October, pushing the unemployment rate to 9.9 percent, according to a survey of Wall Street economists by Thomson Reuters. The Labor Department report is scheduled for release at 8:30 a.m. EST.

Most economists think the rate will eventually surpass 10 percent, a level last seen in June 1983.

The real unemployment number is available here and its now … 17.5% (table A-12, item U6). How’s that hopey changey thing working out for you?

Jack Welch blasts President Obama, Barney Frank

Thomas Grillo of the Boston Herald writes about Jack Welch’s speech:

Jack Welch, the former CEO of General Electric, blasted the Obama administration and Congressman Barney Frank this morning telling a banking audience that the Democrats’ actions to restructure the entire economy are “insane.”“I hope that the New Jersey and Virginia governor’s race will put some realism into this administration,” Welch told an enthusiastic crowd at the Bank Administration Institute convention at Boston’s Convention and Exhibition Center. “I hope it will cause them to pause and not just jump into anything they encounter.”

Welch was referring to the races on Tuesday where Republicans bested Democrats, a sign some say that voters are unhappy with President Barack Obama’s handling of the country.

If We Have Some Global Warming

It’s a spoof of the song “If I Had A Million Dollars”, by the Barenaked Ladies alternative rock band.

Fox played a short clip of this spoof today on Megan’s show, and the leftards went nuts.

As they should, the only thing left is to intimidate and lie, becuase AGW science has gone bye bye. Hey even Al Gore is trying to convert from science to church doctrine.

Obama’s Star Crash Lands

Writing in the Los Angeles Times on October 25, Peter Nicholas framed the problem perfectly:

Now tack on a trio of state and local political races. With an off-year election fast approaching, Obama is stepping up his commitment to Democratic candidates in hopes that an infusion of campaign charisma might pump up turnout.

What the party is finding, though, is that the electricity of 2008 is tough to recapture.

Some Democratic candidates running for local office around the country call the phenomenon the “Obama hangover.” It is proving tougher to recruit volunteers and get people to vote.

Despite an all out effort in New Jersey and Virginia, with Obama in ads calling on voters to get “fired up once again” the collective yawn coming from his supporters must be a frightening silence drifting down the halls of the White House.

The real story is the independents walked out on the Oba-Mao, well they more likely ran, but they were gone, 2:1 in both states. Looks very much like the realignment of voters lasted one whole year.

Fool me once. Obammunism is dead.

It Really Is All About The Economy Stupid

Obammunism isn’t for everyone — Most didn’t buy the Pelosi line “we won”. The Hill reports:

Vulnerable House and Senate Democrats want their leaders to skip the party’s controversial legislative agenda for next year to help save their seats in Congress.

In the run-up to the 2010 midterm elections, they don’t want to be forced to vote on climate change, immigration reform and gays in the military, which they say should be set aside so Congress can focus on jobs and the economy.

“It’s hard; the most important issue in front of us is the economy right now, and that’s where most of us really want to stay focused, the economy and jobs, that’s what our constituency is concerned about,” said Sen. Blanche Lincoln (D), who is facing a tough race next year in Arkansas.

Rep. Bob Etheridge (D), a centrist contemplating a run for Senate in North Carolina, helped Democratic leaders in the summer by voting for climate change legislation on the House floor.

He now wants Democratic leaders to narrow their focus on jobs and the economy.

Blue Got You Down, Just The Thing

Going to take more than one rinse cycle to get the Obammunism off though.

Yeck! Can’t get this crap off me fast enough.

Tea Party Sign Of The Week

Perfectly describes people’s sentiments.

Anybody have any idea how this new Pelosi government rationed health care will cost less and deliver more?

GOP Blue-Prints Health Care Plan

The GOP plan is a plan aimed at the problem, improving health care for America, not at creating a whole new set of incomprehensible problems. And this GOP plan, Leader Boehner has made clear “our proposal will focus on the No. 1 concern of the American people—reducing health care costs, and we do it at a price tag our nation can afford”. Salient points:

• Number one: let families and businesses buy health insurance across state lines.
• Number two: allow individuals, small businesses, and trade associations to pool together and acquire health insurance at lower prices, the same way large corporations and labor unions do.
• Number three: give states the tools to create their own innovative reforms that lower health care costs.
• Number four: end junk lawsuits that contribute to higher health care costs by increasing the number of tests and procedures that physicians sometimes order not because they think it’s good medicine, but because they are afraid of being sued.

A 230-page draft was obtained Tuesday by The Associated Press. A spokeswoman for Minority Leader John Boehner, R-Ohio, said changes were still being made before the bill would be finalized in time to offer as an alternative when Democrats begin floor debate on their bill, possibly at the end of this week.

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The bill leaves out a number of the dumb high cost features of the Democrats’ 1,990-page legislation, such as new requirements for employers to insure their employees and for nearly all Americans to purchase insurance. It also doesn’t block insurers from denying coverage to people with pre-existing health conditions, as Democrats would do.

Instead, the Republican plan increases incentives for people to use health savings accounts, tort reform — caps non-economic jury awards in medical malpractice cases at $250,000, provides various incentives to states with the aim of driving down premium costs and allows health insurance to be sold across state lines.

“As Leader Boehner has made clear, our proposal will focus on the No. 1 concern of the American people—reducing health care costs, and we do it at a price tag our nation can afford,” said spokeswoman Antonia Ferrier, though Republicans have not said how much their bill would cost.

“Our proposal will help struggling middle-class families and small businesses by increasing access to affordable, high-quality health care,” Ferrier said.

The AGW Consensus Is Fake

BTW: Did You know the United States has largest energy reserves on Earth, according to a report from the Congressional Research Service.  So what is this energy independence lie the Democrats are pushing on us about ? Lies, damn lies.

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Eminent Professors of Science have taken the extraordinary step of writing another open letter to Congress to warn them again that there is no consensus about AGW and that they are being deceived. The brand name ‘Science’ is being used for a power grab. Decades of good-will has been stolen by the hunters from big finance and wannabe autocrats.

Pelosi-Care $1.5 Trillion For The First Ten Years Is More Like It, Says Heritage

Nancy Pelosi has unveiled the new health care bill in the House after merging together three different versions of legislation. To appease moderate Blue Dog Democrats and to meet President Obama’s oft-stated promise that reform wouldn’t cost more than $900 billion in the first ten years, Speaker Pelosi sought to reduce the $1.5 trillion total cost of the bill. Newsflash: she failed.

The Congressional Budget Office released its preliminary score of the bill and while some in the media have been reporting its net cost of $894 billion, the total cost of health reform legislation is more like $1.5 trillion. So, Speaker Pelosi is essentially right back where she started—with a huge 2,000 page plan that carries a hefty price tag.

Donald Marron, former acting director of the Congressional Budget Office, calculates that through a variety of provisions there is about $217 billion in additional spending in the House bill. The additional spending in the House bill brings the total cost of the House bill to $1.273 trillion, or almost $1.3 trillion in a ten year budget window.

And let’s not forget the infamous “doc fix” which prevent cuts in Medicare payments to physicians that would otherwise automatically take effect under the “sustainable growth rate formula” (SGR). Despite the Senate’s unsuccessful attempt to pass a permanent fix without paying for it, the House legislation also attempts to pull out the same $245 billion dollar plus provision from the legislative package to create the illusion that the price tag of the legislation is lower than it really is. The American people saw this budget gimmick before when it was tried in the Senate, who do the House leaders think they are fooling?

The House bill costs more than the President’s $900 billion dollar promise and its costs are in excess of $1 trillion. All told, the cost of “reform” legislation is still more than $1.5 trillion.

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