The Unemployment News is Still Disastrous, But It Doesn’t Matter Anymore
Unemployment. We had this news. Normally, back during the campaign, we would have led with this news. But it doesn’t matter anymore. At least, it’s not of paramount importance, because we extended unemployment benefits. So the number of people unemployed really is irrelevant, other than as an interesting discussion item. And the basic numbers are these. “U.S. employers added 155,000 jobs in December,” And AP says that’s “a steady gain that shows hiring held up during the tense negotiations to resolve the fiscal cliff,” in Washington.
But it’s not a steady gain. It isn’t even enough to keep up with the increase in population. 155,000 jobs a month is pathetic. Joe Biden promised that we’d be hiring at a rate of 500,000 jobs a month in April of 2010 if we did the stimulus. We aren’t even keeping up with our birthrate. Future job seekers, we’re not even staying even, much less creating new jobs that would actually reduce unemployment.
Then the AP says, “The solid growth –” There is not any solid growth, folks. But they say, “The solid job growth wasn’t enough to reduce the unemployment rate, which remained 7.8%.” Now, that is outright mendacity. The unemployment rate in December, as reported, was 7.7%. The revised rate was 7.8%. You know, they report the unemployment rate one week, and a week or two later they revise it, and that’s when you get the real number which is never reported. The same thing with the number of applications for unemployment. It’s always revised, and the revision is always higher.
So just to show you the media dishonesty here, the reported unemployment rate in November was 7.7%. The reported unemployment rate in December, 7.8%. So we went up, 7.7% to 7.8%. However, AP says it stayed the same. How’s that? Well, the 7.7% in November was revised to 7.8%, but that wasn’t reported because it would not make Obama look good. So nobody knew that the real unemployment rate was 7.8%. What was reported was 7.7%. And AP did not report the revision.