The Department of Labor announced today that the unemployment rate fell from 9.0 percent in October to 8.6 percent for November.
DOL estimates that 120,000 jobs were created last month. However, nearly 315,000 people dropped out of the labor market in November and the labor participation rate fell to 64 percent (from 64.2 percent in October). Further, the number of long-term unemployed (27 weeks or more) increased to 43 percent. The unemployment rate has been over 8 percent for nearly three years. The unemployment rate has never been so high for so long since World War II.
Four years ago, the unemployment rate was 4.7 percent.When your $814 billion stimulus bill passed nearly three years ago, you promised that the unemployment rate today would be approximately 5.8 percent.
If you are reelected next year, what will the unemployment rate be three years from now? What’s your specific plan to bring the unemployment rate down to that level? Why will that plan be any more successful than any of your previous ones?