If you've noticed a new emphasis on the numbers behind the figures in the latest unemployment figures for August released yesterday, you aren't alone.
Nearly every mention I heard of it on the airwaves also mentioned that a paltry 96,000 jobs were added. Reporters also noted that the labor force participation rates reached a new 30-year low. We have about as many people working today as we did thirty years ago.
The amazing part (to me, anyways) is that we're hearing this at all. It's about time we did.
The way the numbers are calculated don't include those who have dropped off the rolls and have given up looking for a job. What's the point? There is nothing out there.
If the unemployment figures were accurate and included the workforce numbers from Obama's first day in office, our actual U-3 rate would be a whopping 11.7%. The U-6 figure would be around 19%.
That's what this administration doesn't want you to know.
From the link...
Have 4.5 million new jobs been created under President Obama, as several speakers in Charlotte have claimed this week?So the next time you hear this "4.5 Million jobs created" line, understand that what you're being told is a lie.
A fact check shows that under President Obama, the U.S. economy has created a net 415,000 private-sector jobs—less than 0.2 percent of the 155 million-member American workforce. But even that statistic does not tell the full story, since the workforce itself has shrunk dramatically in size since Obama took office. Labor force participation is at 63.5 percent, its lowest level since 1981. In other words, a large chunk of Americans have simply given up looking for work. A significant number are collecting disability insurance instead...
And don't get me started on the inflation figures either. Those numbers are cooked even more worsely that the unemployment numbers. That's running around 9% and will begin to rise dramatically in the coming months.
Brace yourself, Effie. The Progressives aren't through turning us into a third-world country by their irresponsible spending just yet. Remember that we still don't have a Federal budget, and haven't had one during Obama's reign of economic terror, despite there being a law that requires it.