U.S. Unemployment Goes Double Digit; Obama Will Sign Benefits Extension
Categories: Featured, The New Depression
As usual, New York got there first, recording 10.3 percent unemployment in September. Now the nation at large is catching up. The Department of Labor today reveals that U.S. unemployment is at 10.3 percent, up from 9.8 and the highest rate in 26 years. "The economy is recovering," insists an expert, "but it is a very soft recovery." That's one way of putting it.
Fortuitously, President Obama is preparing to sign the unemployment benefits extension bill that gives the hundreds of thousands of ex-workers whose checks stopped coming over the past few months another 14 weeks of dole if their applications are granted. But it doesn't apply to the hundreds of thousands of unemployment newbies, who just get the usual 26 weeks, unless another extension gets passed down the road.
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