11/6 News: America

Unemployment Rate Jumps To 26-Year High

The unemployment rate in the U.S. jumped to 10.2 percent in October, the highest level since 1983 (hat tip: BlackElectorate.com). Payrolls fell by 190,000 last month, more than forecast by economists. The jobless rate rose from 9.8 percent in September. Factory payrolls dropped by the most in four months, and the average workweek held at a record low. Obama signed into law a measure extending a tax credit of up to $8,000 for homebuyers and benefits for unemployed workers, and he promised to pursue further measures to create jobs. President Obama today signed a measure to add up to 20 additional weeks of unemployment insurance.

Since President Obama took office in January, the economy has lost 3.49 million jobs. The U.S. economy has lost 7.3 million jobs since the recession began in December 2007, when the unemployment rate stood at 4.9 percent. The so-called underemployment rate -- which includes part-time workers who’d prefer a full-time position and people who want work but have given up looking -- reached a record 17.5 percent from 17 percent in September, today’s report showed.

The black unemployment rate is 15.7 percent, up from 15.4%.

Report: 237 Millionaires In Congress

The Center for Responsive Politics is out with a new report describing the wealth of members of Congress. Among the highlights: Two-hundred-and-thirty-seven members of Congress are millionaires. That’s 44 percent of the body – compared to about 1 percent of Americans overall. CRP says Rep. Darrell Issa (R-Calif.) is the richest lawmaker on Capitol Hill, with a net worth estimated at about $251 million. Next in line: Rep. Jane Harman (D-Calif.), worth about $244.7 million; Sen. Herb Kohl (D-Wis.), worth about $214.5 million; Sen. Mark Warner (D-Va.), worth about $209.7 million; and Sen. John Kerry (D-Mass.), worth about $208.8 million. All told, at least seven lawmakers have net worths greater than $100 million. Senators’ estimated median reportable worth sunk to about $1.79 million, from $2.27 million in 2007. The House’s median income was significantly lower and also sank, bottoming out at $622,254 from $724,258 in 2007.

China Brands U.S. 'Protectionist'

China on Friday accused the U.S. of protectionist and biased trade policies less than a week before President Obama’s first visit to Beijing. In a stinging rebuke, China’s commerce ministry promised to take measures to protect its domestic industry after the U.S. slapped anti-dumping duties on $2.6 billion of Chinese steel pipe imports (hat tip: Drudge Report). The decision by the Commerce Department, which imposed tariffs of up to 99 per cent on some Chinese steel pipes, follows a move earlier in the week by the U.S., European Union and Mexico to file a formal complaint at the World Trade Organization against China’s restrictions on exports of specialized raw materials. Last month the Obama administration levied 35 per cent tariffs on Chinese tires. In response, the Chinese have opened probes into U.S. exports of poultry on safety grounds of and into cars and car parts because of state aid those industries have received.

GOP Mulls Stripping Dede Of Top Post

Dede Scozzafava, the Republican nominee who issued an election eve endorsement of Democrat Bill Owens in the November 3 special election in New York's 23rd Congressional District, will meet with Assembly Minority Leader Brian Kolb on Monday to discuss whether she will be stripped of her Assembly leadership position. Mr. Kolb will announce after the face-to-face meeting whether Ms. Scozzafava, the Minority Leader Pro Tempore, will remain as the GOP floor leader. “Fundamentally my members are very disappointed with her endorsement of Bill Owens and aiding him in helping achieve the Nancy Pelosi health care plan in Washington,” Mr. Kolb said. Ms. Scozzafava’s last-minute endorsement, issued one day after she dropped out of the race, gave Mr. Owens a key boost in the close race and helped deliver a congressional seat held by the GOP for more than a century to the Democratic Party. Mr. Owens defeated Conservative Party nominee Doug Hoffman 49 percent to 46 percent, with Ms. Scozzafava, whose name remained on the ballot, pulling in 5 percent. Mr. Kolb noted that Scozzafava is not in danger of being kicked out of the GOP conference. But New York Republican officials are still seething over what they say is a betrayal by the assemblywoman.