“I don’t want the folks who created the mess to do a lot of talking. I want them to get out of the way so we can clean up the mess” –Obama 7/6/09
So does that mean you want all the Democrats that contributed to this mess to shut up too? How about the Fed including Bernanke and Geithner and Volker? How about Larry Summers? Do you want them all to shut up too? What did you do to stop the foreclosure crisis while you were in the Senate Obama? What did you do to prevent Wall St from ruining America? I’ve got an idea Obama. How about if you stop creating an even bigger mess with your idiotic massive deficit economic policies. Irresponsible deficit spending is one of the main causes of our current economic crisis.
Obama makes the claim that unemployment dropped to 9.4% during the last quarter. This is a completely dishonest manipulation of numbers by the “liar in chief.” He could not make this bogus claim if the Dept of Labor had any integrity left in it. Under the guiding hand of his new Labor Czar Hilda Solis (D-CA), they have managed to manipulate the numbers enough to make the outrageous claim that the recession is ending and Obama’s stimulus saved the economy. It is amazing how he can crow about false numbers. You watch, the numbers will go up in the revised figures as they always do. The real unemployment number is closer to 15%. The fact that he willing twist the numbers this far is a sign he is getting desperate for some sign of improvement in the economy. So far all his promises of economic recovery have been a lot of partisan rhetoric and empty campaign promises.
Here is a more realistic picture of the unemployment number from Mish’s blog spot:
“Grim Statistics The official unemployment rate is 9.4% and rising. However, if you start counting all the people that want a job but gave up, all the people with part-time jobs that want a full-time job, all the people who dropped off the unemployment rolls because their unemployment benefits ran out, etc., you get a closer picture of what the unemployment rate is. That number is in the last row labeled U-6. It reflects how unemployment feels to the average Joe on the street. U-6 is 16.3%. Both U-6 and U-3 (the so called “official” unemployment number) are poised to rise further although most likely at a slower pace than earlier this year. Looking ahead, there is no driver for jobs and states in forced cutback mode are making matters far worse. Unemployment is likely to continue rising until sometime in 2010.”
The labor Dept was able to arrive at this self serving rosy figure of 9.4 by claiming a decrease in the labor force. I guess they are counting all the illegals have left to return to Mexico……..
To be sure, the drop in the unemployment rate was a surprise, but it was all due to the slide in the labour force — the employment-to-population ratio gives a more accurate picture of the slack in the labour market and the hidden secret in today’s report was that this metric slid to a 25-year low of 59.4% from 59.5% in June and 61.0% at the turn of the year. Of those unemployed, 33.8% of them have been unemployed now for over 27 weeks — a record amount (was at 29.0% in June and was at 17.5% at the start of this recession).
The reality is that these claims are as ridiculous as Rahm claiming Obama had “rescued the economy from the worst recession.” It is self serving absurdity…… Obamanomics doesn’t work. Unfortunately for America it is going to take a lot more suffering until that economic nightmare becomes a reality.
Monkeying with numbers by the government is not new as is shown here. Bush did it all the time as well. They always revise them upward. I guess they figure we won’t notice.
In June, the Bureau of Labor Statistics said the civilian labor force was 154,926,000 people.
In July, 796,000 of those were taken out of their definition of the workforce, and thus their unemployment calculations for this month, because they have stopped looking for work “because they believe no jobs are available for them.” Ten percent of the June workforce would be 15.4 million, 1 percent would be 1.5 million, and so 796,000 is roughly one half of one percent.
In other words, BLS took .5 percent of what you and I would consider unemployed and took them out of their total. And with that, unemployment went down one tenth of one percent.
Of course, if you take the July number of unemployed, 14.5 million, and add that 796,000 of discouraged workers, you get a total of 15,296,000.
In a work force of July’s number of 154,504,000, that’s an unemployment rate of 9.9 percent.
In a work for of June’s number of 154,926,000, that’s an unemployment rate of 9.8 percent.