The numbers—from Bureau of Labor Statistics
The unemployment rate in the U.S. rose to 7.9% in October:
—total unemployed as counted by the government: 12.3 million versus 12.1 million in September, a net increase of 170,000
—total number of people not in the labor force (and not counted in the government unemployment rate because they’ve given up searching for jobs): more than 6.6 million. If you add these people to the counted unemployed, the true unemployment is 18.9 million or a true unemployment rate of 11.6%
—involuntary part-time workers decreased from 8.6 (Sept) to 8.3 million (Oct): 269,000 people switched to full-time work.
—total non-farm employment payroll rose by 171,000
—the unemployment rate for African-American rose to 14.3%, for Hispanics remained at 10.0%, and for Asians was 4.9%
—number of long-term unemployed (27 weeks or longer) remained at 5 million (or 40.6% of the counted unemployed)
There are still:
—12.3 million unemployed as counted by government
—6.6 million unemployed but not counted by government
—8.3 million part-time workers who could not find a full-time position last month
So a total of 27.2 million who could find a full-time jobs last month.
October was a month that retail stores began to hire for the holiday shopping season. So the increase of these temporary jobs helped the employment number until January—same scenario with the period of Oct-Dec of 2011.
Is there light at the end of tunnel yet?
Do you believe finally there is light at the end of the tunnel?
Obama-Biden would like you to believe so.
Let us just suppose the long overdue recovery is finally coming.
Let us just suppose that 18.9 million unemployed finally see light at the end of the tunnel—however small or dim that may be.
One must wonder what the effects of Obama’s tax plan on the rich will cause to this “recovery”.
Obama’s tax plan on the rich—jobs killer
The reason why Obama’s tax plan would not affect a majority of the 20 million small businesses (as defined by IRS) is because more than 90% of these small businesses don’t earn more than his $250,000 threshold—but most of these are solo entrepreneurs with no employees anyway.
The rest of the 20 million small businesses would face a tax rate as high as 39.6%. These businesses employ up to 60 million people—half of the private sector employees.
Obama’s high tax bill would prevent business growth and hence jobs growth.
A study by The Ernst and Young estimated that 710,000 jobs will be lost if Obama’s tax plan is implemented.
Obama’s high tax bill would only bring in addition of $89 billion a year in federal income tax revenue—a drop in his annual trillion dollar deficit.
Obama’s tax plan will surely put out that light at the end of the tunnel—if it’s really there now—for the 18.9 million unemployed.
Vote for the real recovery next Tuesday—a 5-step plan that will bring energy independence, small business jobs growth, a balanced budget for the nation, training to prepare the workers (including) the unemployed for tomorrow’s jobs, and leveling the playing fields for American companies versus the currency manipulator China. Vote for Romney-Ryan.