By Hans Bader
Unemployment averaged about 5.2 percent under both Clinton and Bush, but rose to an average of 9.43 percent under Obama (the current rate is at least 9.6 percent, and may rise to over 10 percent next year).
See this graph.
The unemployment rate began rising in 2007, after House Speaker Nancy Pelosi (D-Calif.) and Senate Majority Leader Harry Reid (D-Nev.) took charge of Congress (their control of Congress led to massive increases in federal spending). It rose further after passage of the $800 billion stimulus package under Obama. 48 out of 50 states have lost jobs since passage of the stimulus package. The Obama administration mistakenly said the stimulus would keep unemployment under 8 percent.
As noted earlier, the stimulus package contained wasteful “green jobs” funding, 79 percent of which went to foreign firms, effectively sending American jobs overseas. A recent biofuel program actually wiped out jobs rather than creating them as intended, while costing taxpayers a lot of money. New EPA rules are expected to wipe out at least 800,000 jobs, and the EPA is considering new ozone rules that could wipe out 7.3 million jobs.
The stimulus package contained provisions that wiped out thousands of jobs in America’s export sector. New laws backed by Obama, and Obama Administration regulations governing employers, have discouraged employers from hiring new employees.