Not Even State-Run AP Can Hide That the Unemployment Number Went Down Because Fewer People are in the Labor Force
Let me just tell you about the unemployment number. You’ve been paying attention to this. I want to remind you, for the past two or three months, when I have been trying to explain the correlation between the shrinking labor force to the unemployment number, I have had, I can’t tell you, how many people sending me notes saying, “You’re wrong. You’re missing this. You’re using the wrong calculation. You don’t know what you’re talking about.”
I’ve tried to say the reason the unemployment number can go down when they add people to the unemployment rolls is that the universe of jobs is shrinking. There are fewer jobs against which to compare those out of work, the labor force participation rate. And now not even the AP and the other State-Controlled Media can hide it. They’re all admitting it now. We’ve got this number, there are fewer people looking for work, fewer people in the labor force. We’ve got an unemployment rate that fell from 8.3 to 8.2%. But if the workforce participation rate were the same as it was when Obama took office, this 8.2% rate would be 10.8 today, if the same number of jobs existed.