Posted on 02/03/2012 8:57:18 AM PST by libertarian neocon
I've written about this quite a few times before (most recently here). Essentially, the unemployment number reported by the Bureau of Labor Statistics is complete fiction as millions of workers have been thrown out of the labor force, artificially lowering the unemployment rate. If you look at the labor force participation rate, it is now at multi-decade lows:
As you can see, the labor force participation rate is now down over 2% since Obama has taken office. Some would argue that this is due to demographics, as baby boomers leave the labor force as they reach retirement. The problem with this argument is that if you look at the participation rate for those 55 and up, it is slightly up since Obama has taken office. All the decline in due to those who would be considered to be in their peak working years. If you keep the rate at 66%, where it was at right before Obama was elected it appears that there are 5 million people missing from the unemployment data, and it seems to be spiking right now:
What does this mean for the unemployment rate itself? By my calculations, if you keep the missing people in, it is 11.4% right now, up 0.1% from last month when it ws 11.3%. The whole thing about it being down to 8.3% is absolute hogwash. Below you can see the striking difference between the real unemployment rate and the official one:
It's really a striking divergence isn't it? While the official rate seems to show a 1.7% improvement in the unemployment rate since the peak, the improvement is really a paltry 0.4%! And if you don't believe me, check out the government's own employment to population ratio which is also at multi-decade lows:
bump
Right on!
1,200,000 people fell out of the labor pool, or in other words
gave up looking for jobs, and 243,000 found jobs!
You do not have to be a rocket scientist to realize the truth.
FRAZIER
The blatant dishonesty of nobama and his leftist asshat minions is truly breathtaking and unrelenting.
“1,200,000 people fell out of the labor pool, or in other words
gave up looking for jobs, and 243,000 found jobs!”
Over 5 million fell out since Obama got elected. Eventually he will get to 0% unemployment because nobody will be considered to be in the labor force!
Great analysis.
There were so many things I did not udnerstand but you made things clear
Question, have we always used the dropped out of labor force number to adjust the numbr of workforce
If we have always adjusted the number in the labor fore then the unemployment number is apples to apples.
right?
“Question, have we always used the dropped out of labor force number to adjust the numbdr of workforce
If we have always adjusted the number in the labor fore then the unemployment number is apples to apples.
right?”
Well in the survey they have always asked households if people are employed or if they are unemployed and looking for work (though I believe there is a time cutoff with that one, if you are unemployed for 2 years, you are kicked out whether or not you are looking for work). Does that answer your question?
Once again proving the old saw that goes “Figures don’t lie but liars sure can figure!”
... and 113,000 of those 243,000 came from "low-wage jobs", per Bloomberg.
Thx...just posted on my FACEBOOK....
Anytime anyone starts throwing around statistics based in percentages, you know it is a lie to hid actual numbers. They don’t define the percentage basis. Just like advertising which says 50% off. Off of what? Just give the facts, let people make their own decision.
“Thx...just posted on my FACEBOOK....”
Thanks! I appreciate it.
Numbers cooked to favor the administration are now common. I stopped trusting the numbers years ago when Los Angeles crime numbers magically plummeted. Then I started paying closer attention to fed stats. Mostly meaningless, with small pockets of honesty.
I remember during the GWB years, all the jobs created were “hamburger-flipping jobs.” I bet the official story now is that these are all high paying, highly skilled jobs.
The fact that the Fed's jobs numbers were later revised *upwards* 51 out of 52 weeks last year says to me that the books are being cooked.
And,thanks to the unnamed FReeper who was keeping track of this. Wish I could remember his (or her) name, I was talking with them on a thread recently.
LLS
US jobless rate falls, but labor force shrinks (Labor Dept. fudges numbers)
Record 1.2 Million People Fall Out Of Labor Force In One Month
Final Nail In Today's NFP (Economic report) Tragicomedy: Record Surge In Part-Time Workers
This is so sad on many levels. I thank God that my wife and I are both holding down decent full time jobs and I pray for those poor folks that have lost everything during these tragic times. We have got to get this man out of office.
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