Welcome to the unemployment magic show where millions of people who have ceased looking for work are magically stricken from the unemployed ranks in unimaginable feats of political prestidigitation. If those same people were in the labor force as were in the labor force the day President Obama took office, the unemployment rate would be 10.9%. This is according to American Enterprise Institute's James Pethokoukis who has
pretty pictures and everything:
And he has more fun facts over
here, including:
If the size of the U.S. labor force as a share of the total
population was the same as it was when Barack Obama took office—65.7%
then vs. 63.8% today—the U-3 unemployment rate would be 10.9%. Even if you take into account that the LFP should be declining as America ages, the unemployment rate would be 10.5%.
The broader U-6 unemployment rate, which includes “all persons
marginally attached to the labor force, plus total employed part time
for economic reasons,” is 14.9%, up a bit from May.
There's more
here.
Victoria,
ReplyDeleteThe bottom line is that this Administration with all its hope or more accurately hype has failed to produce the jobs it promised under its Stimulus and Alternative Energy agenda. And no wonder given that its green energy initiatives with massive subsidies shifted manufacturing jobs overseas to foreign companies, for example to A Power, a Chinese Company (a proposed solution to our foreign energy dependence problem???)which shipped some 2,000 wind turbine power manufacturing jobs overseas to China while creating less than 100 domestic jobs.
Say wasn't it Romney and Bain Capital that were lambasted in the Mass Media for shipping jobs overseas. Go figure. But if one looks seriously at Obama's pledged "nuevo milagro", his underlying promise for change has really only resulted in real change in employment overseas! Hummmmm, not much of a promise of hope at all?!!!!!!!!!!!!!! And it certainly undermines Obama's claim that his opponent is the real "Out-Sourcer-in-Chief".
WAY to look at a number when it's to your advantage to look at it. I'm sure that as soon as you guys swindle another country bumpkin Republican president into office, that number will magically and immediately jump back down to 8% to suit your needs. Rounding down of course.
ReplyDelete