Hey, remember when President Obama saved Detroit with an auto bailout?
Yeah, about that:
The mayor of Detroit, Mich., has hit the nation with an unemployment shocker.
Despite an official rate of 27 percent, the city's actual unemployment rate is closer to 50 percent, according to Detroit Mayor Dave Bing.
...
The Bureau of Labor Statistics estimated that for the year ending in September, Michigan's official unemployment rate was 12.6 percent, according to the Detroit News.
Yet, using the broadest definition of unemployment, the state's unemployment was 20.9 percent, or 66 percent higher than the official rate.
The unemployment situation is particularly severe in Detroit, where the official BLS unemployment rate was 27 percent, while the broader measure pushed the city's unemployment rate to 44.8 percent.
Source: World Net Daily
Fantastic. And this news comes a little more than a week after the Obama administration forecast a $30 billion loss on the auto bailout.
Meanwhile, GM has forced CEO Fritz Henderson to resign and Chrysler has announced that they won't be showing any new vehicles at the upcoming Detroit auto show.
Obama's auto industry bailout is a massive FAILURE. You can mark that down.
