Sunday, July 12, 2009

Obamanomics - Michigan May Hit 20% Unemployment - Great JOB BOZ

Congressman: Michigan could hit 20% jobless thanks to Obama

@ 2:19 pm by Michael O'Brien

Michigan's unemployment rate could hit as high as 20 percent with the Obama administration to blame, one Michigan congressman warned Friday.

Rep. Thaddeus McCotter (R-Mich.) said that Michigan's unemployment — already the highest in the country at 14.1 percent — could go even higher as General Motors and Chrysler continue to shed jobs after their government-financed bankruptcies.

"Sadly, we've seen estimates, because of the radical restructuring that the auto task force demanded, that this year, Michigan wind up over 20 percent unemployment," McCotter said during an appearance on a conservative news radio program.

The Wolverine State hasn't yet exceeded its previous record for unemployment in modern history, when it reached 16.9 percent in November of 1982.

McCotter warned that the effect of such a high jobless number could spread to other states and cities.

"That cascading effect throughout the entire economy — and throughout other states — that rely in many ways on the manufacturing base is going to have devastating effects not only to state government, it's going to have devastating effects for local government," McCotter explained.

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