Friday, March 09, 2012

Regarding Those New Unemployment Figures...

The mainstream press continues to tout the "8.3% and falling" unemployment rate, knowing this will help boost Obama's re-election efforts. However, as is usual with this administration, there is what you're told and there is the truth:

"The (official) jobless rate has fallen to 8.3 percent because the percentage of adults participating in the labor force fell from 65 percent to 63.7 percent," said Peter Morici, a labor economist and business professor at the University of Maryland in College Park.

"During this recovery, the most effective jobs creation program has been to convince more adults that they don't want a job, or it's futile to look for a decent position, and they simply quit looking," said Morici.


By comparison, Gallup's unemployment rate (without seasonal adjustments the government uses) is 9.1%. The total unemployment rate (unemployed plus people who are working part-time but want fulltime) is 19.1%!

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