Obama’s reality is 10% jobless rate

WASHINGTON – For months, he had warned it was coming, but that didn’t ease the political shockwaves for President Obama when unemployment topped 10 percent.

A year after his election, Obama finds it increasingly difficult to blame the sour economy on George W. Bush or offer reassurances that jobless Americans will find work.

Never mind that the economy itself grew in the past quarter, that the recession by most accounts is over and that the number of jobs lost in October was less than one-third the number of job losses at the start of his presidency.

At 10.2 percent, the October unemployment climbed to chart-topping heights unseen in more than a quarter century. The bottom line is that more than 15 million Americans are out of work and 3.5 million lost their jobs while Obama was president. Expected or not, this is Obama’s new reality.

“I won’t let up until the Americans who want to find work can find work, and until all Americans can earn enough to raise their families and keep their businesses open,” the president declared Friday.

That’s a hopeful promise but not very realistic.

And it shows that, for the time being, action to tackle record budget deficits will have to wait.

Obama, appearing at the White House Rose Garden on Friday three hours after the jobless numbers were made public, said his administration was looking at additional spending for roads and bridges and energy efficient buildings. Additional tax cuts for businesses and steps to increase credit for small businesses were also on the bill.

The new unemployment rate also came on the same day Obama signed a $24 billion bill to extend jobless benefits and spur homebuying.