“According to a Bureau of Labor Statistics breakdown, there were 139,296,000 people working in July, compared to 139,334,000 the month before, or a drop of 38,000.”
Did you catch that? There are less people working now, than before. LESS! And yet, the unemployment number fell…how is that possible? I will explain.
In my post yesterday I failed to mention the only way the government could show a falling unemployment number…if the number of people who have given up hope and stopped looking for a job rose substantially. See, people who have stopped looking are people our government simply…removes…from the calculation for the unemployment rate. They ignore them. They don’t exist. In other words, if everyone who was unemployed said they stopped looking for work, our unemployment rate would drop to 0%.
I’m not kidding.
So as reported by CNBC this morning, something really bad happened in the number of people who have given up hope and have stopped looking for work. Their numbers showed “a really big spike” upward, “from 982,000 to 1.119 million, a difference of 137,000 or a 14 percent increase. These folks are generally not included in the government’s various job measures. ” (emphasis added)
So the people who have tossed in the towel rose an incredible 14%, to 1.1M people, and since the government simply considers those 1.1M people to be, in effect, “employed” this of course raises the unemployment rate. Only the government could take 1.1M people that stopped looking for work and ADD them to the number of people who are employed to calculate total unemployment.
And there’s more bad news, “The average duration of unemployment rose for the third straight month and is now at a record 40.4 weeks—about 10 months and now double where it was when President Obama took office in January 2009. The total number unemployed for more than half a year now stands at 6.18 million, 130 percent higher than when the president’s term began.”
And what is Obama’s answer to this? Tax breaks to hire Vets. Come ON. Seriously? Oh, and he wants to borrow some more money from the Chinese and throw it at the unemployed by extending the unemployment insurance coverage. How does going into more debt and handing it to someone create a job?
This guy is a complete waste. He knows nothing about economics, job creation, the Constitution…he just needs to leave.
Unemployment rose, not fell last month but…our government will never tell you the truth, you’ll need a Unicorn or Leprechaun for that.
Categories: Headlines, Unemployment & Labor Law
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