Update: Innocent Bystanders has the most powerful picture of the disastrous Obamanomics:

 

Note the bottom, dark blue line which was the Democrats’ promise to America. While no one expects  a prediction to be 100% accurate, clearly these folks had no clue, and have no clue, what they are doing. It’s not even close.

One could even argue it would have been better if the Democrats had done nothing at all. Their fantasy liberal policies may have really made things much worse since we are now well beyond the ‘do nothing’ light blue line – and climbing.

One final observation: look at how long it will take to get us back to ‘normal’. The higher the peak the longer the recovery. We still have to top the hill and come back down. Therefore, we will be above 8% unemployment for months and months to come. It is a very powerful and sad picture. – end update

Update: Bloomberg notes:

Unemployment is projected to keep rising for the rest of the year just as the income boost from the stimulus package fades, undermining prospects for a sustained rebound in household purchases, analysts said. As companies fromGeneral Motors Corp. to Kimberly-Clark Corp. cut costs, the lack of jobs will restrain growth.

“This will be another jobless recovery,” said John Silvia, chief economist at Wachovia Corp. in Charlotte, North Carolina. “We may get positive economic growth driven largely by federal spending, but people on the street will say, ‘Where are the jobs?’”

…

The jobless rate was projected to climb to 9.6 percent from 9.4 percent. Forecasts ranged from 9.3 percent to 9.7 percent. By the end of the year, unemployment will reach 10 percent, according to the median forecast of economists surveyed last month.

…

The world’s largest economy has lost about 6.5 million jobs since the recession began in December 2007. That’s the biggest drop in any post-World War II economic slump.

…

Unemployment will “remain painfully high for several more years,” Federal Reserve Bank of San Francisco President Janet Yellen said this week. “I expect that we will turn the growth corner sometime later this year, but I am not optimistic that the economy will spring back to normal any time soon.”

So, where is the stimulus? Stuck in the constipated federal government wasting away. Here is the latest data I have been monitoring on the so called stimulus.

In the first graph there are 4 sets of columns showing: (from left to right) (1) the amount budgeted for stimulus programs, (2) the amount allocated to specific programs, (3) the amount spent creating jobs and (4) the amount unspent from the total budget. (click image to enlarge)

As everyone can see much of the money has not even been assigned to programs (an arduous but legally required process to make sure programs are valid). The second chart translates the dollar amounts for the last three sets of columns into percentages of the budgeted amounts. (click image to enlarge)

Bottom line: 99% of the job-creating money for these departments/agencies is stuck in the government coffers – doing nothing. Here’s the summary across all 6:

• $105 billion was budgeted across the organizations to start new programs and create jobs (the largest amounts going  to the Departments of Energy and Transportation)
• Of that, only $22.7 billion as even been allocated to programs to be spent (21.5%)
• The total amount spent to date on stimulus programs: $0.350 billion has been spent stimulating the economy. A paltry 0.33%.

One could also ask where is the transparency. The stimulus reporting, which was coming out weekly, is now two weeks overdue. Apparently someone doesn’t like the fact we can measure the failure of the Obama-Pelosi-Reid liberal economic experiment week by horrible week. – end update

Well, the unemployment numbers are out and it is no surprise that the failed liberal economic stimulus policy of government funded stimulus is still a shocking failure:

The pace of job losses quickened in June after slowing just a month earlier, casting a shadow over the Obama administration’s attempts to stanch months of declines in the labor market.

The American economy shed 467,000 jobs last month, and the unemployment rate rose to 9.5 percent from 9.4 percent, the Labor Department reported on Thursday.

The failure is emphasized by the number of lost jobs per month (click image to go to larger, interactive graphic):

No stimulus money is coming out of the bloated federal bureaucracy, so no jobs are being created. The actual unemployment is actually closer to %12.8 because the government only counts 75% of the folks on the primary unemployment benefits, those on extended unemployment benefits are not counted (as we noted here). Is it any surprise the job losses jumped 100,000 (33%) in one month? And as I have said many times (all my posts on monitoring the lack of a recovery), this will continue through the summer and well into the fall.

Tags: Stimulus Bill, Unemployment