In a stunning announcement that the mainstream media and the Obama Administration are using to tout the 'success' of the Administration's jobs growth program, the labor board's statistics show a dramatic improvement in the jobless rate for December, down to 8.5%. The figures show that 200,000 jobs were created in December, which points to the fact that the Obama plan is 'working.'
But not so fast. A quick fact-check will reveal serious problems with the numbers released by the government.
From Zero Hedge:
One does not need to be a rocket scientist to grasp the fudging the BLS has been doing every month for years now in order to bring the unemployment rate lower: the BLS constantly lowers the labor force participation rate as more and more people "drop out" of the labor force for one reason or another...It won't surprise anyone that as of December, the real implied unemployment rate was 11.4% (final chart) - basically where it has been ever since 2009.
Thus, the unemployment rate has not changed since 2009, despite the numbers being released by the Obama Administration. And the ruse will only get worse from here as we draw closer to the 2012 Presidential election. Again, from Zero Hedge:
...extending this lunacy, America will officially have no unemployed, when the Labor Force Participation rate hits 58.5%, which should be just before the presidential election.
These figures, however, still do not reflect the actual percentage of Americans who are out of work. If the rate were reported using the same methods the government used during the 1930s at the height of the Great Depression, the real number would be a whopping 23%.
Why? Because in 1994 the government changed the way it calculates unemployment by ceasing the practice of counting those who drop out of the work force in despair. That number has been skyrocketing ever since Obama took office due to the ever-lengthening amount of time it takes for most people to get a job when they are out of work.
Thus, ever since 1994 the government has grossly under reported the unemployment rate. And with the Obama Administration's blatant 'cooking of the books,' the problem has been greatly exacerbated, resulting in a rosy picture when there isn't one.
Just in time for November election...
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