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US might be in jobless recovery as unemployment hits 10.2%

For the first time since the early days of the Reagan presidency in 1982, the US unemployment rate hit double digits in October, sending critics of President Barack Obama’s economic policy into the orbit. Although the economy is already officially out of the recession, job creation will remain Obama’s big headache. Many of the jobs lost are permanently shipped out to countries with cheaper labour and will have to be replaced by an entirely new generation of high-end businesses. On top of that, the broader unemployment measure, which includes under-employed and people not looking for a job anymore, is at 17.5%, a truly colossal figure. While critics blame excessive government involvement and record deficit, the forces to the left of Obama demand even greater spending to create jobs. Read more: New York Times


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