Did you know that Obama actually has German blood in him?and fuck you if you want to see a link.
Job losses were actually very small (relatively speaking) for the month of May, only ~375,000 (the number will later be revised ~80,000 higher, however) but unemployment jumped all the way to 9.4% probably as the result of recent graduations. The highest that unemployment has ever been in America post WWII was 10.8 percent during Reagan's first term but the unemployment rate was determined somewhat differently then and using today's methodology the early 80's UE would have been around 10.3%, which we should pass in about 3 months.
What is interesting about this latest job loss report is that it provides the first clear evidence that the rate of job losses are slowing. It is my belief (and hope) that this is only a momentary stabilization which will be followed by yet another plunge, but even if that does not happen we are faced with two inevitable sources of huge job losses in the coming months. They are:
1. The Bankruptcy of GM and Chysler which is estimated to cost around ~800,000 jobs by the time all is said and done
2. Massive job cuts at the State and Local level where budgets are in horrible shape. It is unknown what type of job losses we can expect from State and Local layoffs but I will conservatively estimate the number to be ~500,000 nationally.
Just those two factors right there will take US Unemployment to 10.7% even assuming there are no other net job losses in the rest of the economy whatsoever.
I liken the election of Obama to the Nazi capture of Kiev in 1941. At the time, the Nazi's appeared invinsible, but it turned out that their victory in Kiev was their high water mark although that didn't become clear until their defeat at Stalingrad in 1943.
Similarly, the Feminist/Liberal axis achieved it's biggest victory ever with the election of an uber liberal, anti American, "person of color" to the office of President of the United States. On the surface, it appeared the Liberal/Feminist juggernaugt had won the war, but actually their defeat was already certain. I knew it at the time, which helped me keep my sanity while having to witness the whores at Feministing practically orgasming over Obama's victory.
As smooth a speaker as Obama is, no words can save him from this type of employment situation. His popularity is already beginning to greatly suffer and the Democrats are going to get creamed in the 2010 elections. After that, he'll be a lame duck and we will be ready for our own Stalingrad in 2012.