Emperor Parties at White House as Left Spins Economic Statistics
Now, you’ve heard the news that the unemployment rate fell from 9.2 to 9.1%, and you’ve also heard that we added 117,000 jobs. Let me give you a little statistic that will put this all in perspective and explain it at the same time, in one sentence. Look at me, are you listening? The unemployment rate today, if the active labor force was as big as it was when Obama was inaugurated, would be 11.7%. In other words, what they’ve done here — and I’m sure there’s some monkeying around with this number today because of the crisis that happened yesterday in the euro zone and the market plummeting. I am positive there’s some monkeying with this number to try to stave off more of what is happening. I mean the NASDAQ is down, what, 90. It’s rallying a little bit, now it’s only down 70. But none of this has been warded off.
The word over from the euro zone is that the Germans are not gonna bail out the Italians or the Spanish. Angela Merkel is on a hiking vacation somewhere in the hills and isn’t coming home for six weeks, and that’s what she says. So there’s no confidence whatsoever. The only way that they can get to this number of 9.1%, the only way they can possibly do that is to reduce the universe of people working in this country, and that’s what they’ve done. Once again, if the labor force was as big today as it was when Obama took office, if there were as many jobs available today as there were then, the unemployment rate would be 11.7%, and the real unemployment rate, the U6 number, would be over 20%. This is a bogus number that’s been put out today.
What’s happening to this country is just a damn shame. Record number of people on food stamps. Race riots in Wisconsin at the state fair, in Wisconsin! I mean you expect race riots in LA. But at the Wisconsin state fair? So let’s look at some of the actual facts of this. Nonmanufacturing jobs, in the current report, nonmanufacturing jobs worse than expected. Manufacturing jobs far worse than expected, as in below even the lowest guess. GDP far, far worse than expected. We had a growth rate of 1.3% the second quarter, four-tenths of a percent in the first quarter. Consumer sentiment is worse than expected. Consumer confidence, and employment is unexpectedly up? This doesn’t work. The math doesn’t work unless you simply subtract from the universe of available jobs a sufficient number to give yourself a reduction from 9.2 to 9.1%. And, by the way, I don’t think they’re monkeying with this. I think this number of jobs actually has been destroyed. I think the number of jobs possible in this country, no question about it, has been destroyed.