President Obama’s Stimulus Package promise of “creating or saving 3,000,000 jobs” has taken another hit. The ADP reports that the US Economy has lost 473,000 jobs in June alone. This is slightly down from May’s figure of hemorrhaging 485,000 jobs. Unemployment has also skyrocketed to 9.4%. We haven’t seen those kind of numbers since August of 1983. You can read the full story here.
For those who wish to compare our current situation to the Great Depression, here are the numbers. According to WikiAnswers, the unemployment rate from 1923-1929 was 3.3%. In 1931 it jumped up to 15.9%. In 1933 it was 24.9%. It then steadily decreased to 9.9% in 1941. With the onset of WWII, the unemployment rate fell to 4.7%.
The highest unemployment during the Bush 43 Administration was 6% in 2003. The highest under the Clinton Administration was 6.9% in 1993. The highest under Bush 41 Administration was 7.5% in 1992. You can view past annual unemployment rates here.