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This Just In: Obama Lost 824,000 More Jobs Than Previously Reported
Start Thinking Right ^ | February 3, 2010 | Michael Eden

Posted on 02/03/2010 11:32:44 AM PST by Michael Eden

Whenever numbers look bad for Democrats, the media invariably reports them as "unexpected." Well, report THIS, mainstream media:

Barry Hussein just broke his own record for failure.

Previously, it had been reported that Obama had lost 4.1 million jobs - presiding over the greatest number of job losses under any president in any year since the Bureau of Labor Statistics started reporting jobless numbers in 1940.

But now we're finding out that Obama pointed to the center field wall, took a radical swing, and sent unemployment soaring to nearly FIVE MILLION jobs lost with his disastrous failed policies.

There's not much being reported about this yet, but what there is is BAD for Barry:

Feb. 3 (Bloomberg Multimedia) -- The U.S. may lose 824,000 jobs when the government releases its annual revision to employment data on Feb. 5, showing the labor market was in worse shape during the recession than known at the time.
The Drudge Report filed this story under the headline, "MANIPULATE: FEDS MAY LOSE 824,000 JOBS IN 'REVISION'." Which creates the sense that something very suspicious was going on to "manipulate" job numbers to make them look less awful than they actually were.

We have this found via Zero Hedge:

From the BLS:In accordance with usual practice, the U.S. Bureau of Labor Statistics is announcing its preliminary estimates of the upcoming annual benchmark revision to the establishment survey employment series. The final benchmark revision will be issued on February 5, 2010, with the publication of the January 2010 Employment Situation news release.

Each year, the Current Employment Statistics (CES) survey employment estimates are benchmarked to comprehensive counts of employment for the month of March. These counts are derived from state unemployment insurance tax records that nearly all employers are required to file. For national CES employment series, the annual benchmark revisions over the last 10 years have averaged plus or minus two-tenths of one percent of total nonfarm employment. The preliminary estimate of the benchmark revision indicates a downward adjustment to March 2009 total nonfarm employment of 824,000 (0.6 percent).

If you read the conclusion of the Zero Hedge article, you will see an example as to how extreme the disconnect between the actual state of the economy and the stock market has become.

In any event, we find that normally the error that requires correction/revision is .02; but for some reason under Obama the error is .06 -- which is 300% larger than the previous ten year average.

Rush Limbaugh said that he had previously stated that he thought unemployment was higher, and that the Obama White House was monkeying with the numbers to make it appear that unemployment was at or under 10%.

Having watched Obama create a category of "created or saved jobs" out of thin air that no economist had ever seen before, and watching the mainstream media report that made-up statistic as if it were gospel; having watched Obama's "created or saved" job numbers being based on such asinine data that a single $1000 lawnmower was recorded to have saved 50 jobs; having watched the White House engage in rampantly dishonest reporting on its job numbers; having discovered that those bogus job numbers were reported as having been "created or saved" in phony congressional districts and in phony zip code regions, well, let's just say that I have every reason to believe that this incredibly dishonest White House is capable of anything.

I'm not one iota surprised that the BLS is dumping this news on the typical government bad-news dumping day of Friday.

In any event, you can bet that our 10% unemployment rate is about to take a monster hit.

From a quick calculation, the unemployment rate could all of a sudden be as high as 12%.

It was only yesterday that I wrote this without knowing how right I was:

I continue to believe that unemployment will continue to get worse in agreement with famed analyst Meredith Whitney:
Unemployment is likely to rise to 13 percent or higher and will weigh on the economy for several years, countering government efforts to stabilize the banking industry, analyst Meredith Whitney told CNBC.
I just didn't know that I would literally have my instincts proven right within a matter of three days.


TOPICS: Business/Economy; Government; Politics; Society
KEYWORDS: 824000; bhoeconomy; democrats; economy; obama; revision; unemployment
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To: Michael Eden

This story is all over the wires today. Combine this with the ham-handed attempt at pulling that Reuters story on back-door tax increases, and you get the feeling this is the most incompetent bunch of cover-up artists since Nixon’s Plumbers.


21 posted on 02/03/2010 12:06:52 PM PST by Buckeye McFrog
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To: Michael Eden

And you all scoffed at the Jobless Recovery strategy....


22 posted on 02/03/2010 12:19:55 PM PST by WinMod70
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To: Michael Eden

I also believe some with big money are manipulating the markets to make it appear we are out of the recession. (Soros, Buffett)


23 posted on 02/03/2010 12:27:50 PM PST by ez ("Abashed the Devil stood and felt how awful goodness is..." - Milton)
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To: Michael Eden

So as I read this, The Obama (Liar in Chief) is going to take 824,000 not saved or created jobs from 2009 and put those LOST jobs in the Bush time frame numbers (April 2008 to March 2009)....History then can bash Bush some more because no one will know of this TRICK they are deceiving people with.

Obama good - Bush Bad...just look at the numbers. Less jobs were lost under The One.... yet the truth is 824,000 people plus are hurting NOW but Obama is waving his wand and making them disappear.
Joe Wilson is still right!


24 posted on 02/03/2010 1:04:49 PM PST by blueyon (The U. S. Constitution - Read it and weep)
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To: Michael Eden
This story is getting heavey rotation coverage in all the major news media outlets:
25 posted on 02/03/2010 1:05:33 PM PST by JewishRighter
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To: Buckeye McFrog
This story is all over the wires today. Combine this with the ham-handed attempt at pulling that Reuters story on back-door tax increases, and you get the feeling this is the most incompetent bunch of cover-up artists since Nixon’s Plumbers.

A quick look at the Drudge Report today shows how incompetent and out of control the Obama administration is.

26 posted on 02/03/2010 1:26:50 PM PST by Senator_Blutarski (No good deed goes unpunished.)
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To: Michael Eden

Hearings and documentation now Republicans; WTH are they waiting for?


27 posted on 02/03/2010 2:00:07 PM PST by AliVeritas (IStolen from the best site ever: http://directorblue.blogspot.com/)
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To: Michael Eden

28 posted on 02/04/2010 5:53:26 AM PST by rhema ("Break the conventions; keep the commandments." -- G. K. Chesterton)
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