By Alden L. Benton
For a week, all eyes have been focused on the events in the Middle East. These events, and the way they have been “handled” by the Obama administration, are important issues that must be part of the discussion when considering who will be our next president.
However, there are myriad issues that directly affect Americans every day, and some that will affect generations of Americans yet unborn. We must not allow the current crisis to distract us from these grave issues.
One of these issues is persistent high unemployment.
Newsbusters reports that a joke in Jay Leno’s Tonight Show monolog Monday night was funny, but fundamentally correct.
“Well, according to the Labor Department, unemployment fell from 8.3 to 8.1 percent last month. But that was because only, that’s because, rather, 368,000 Americans gave up looking for work. And today, President Obama said that’s a step in the right direction, and he is encouraging more Americans to give up looking for work so the numbers will come down a little bit,” Leno quipped.
The truth however, is not funny.
On September 7, the August unemployment rate reported by the sorcerers at the Bureau of Labor Statistics (BLS) was 8.1 per cent, down from 8.3 per cent the previous month. However, these numbers are, at best, bogus.
Tyler Durden reports on Zero Hedge that the popular reasoning that the drop in unemployment is due to a 31-year low in force participation (63.5 per cent) is “pure propaganda.”
“…despite the economic collapse [that] started in December 2007, the US civilian non‑institutional population since then has grown by 186,000 people every month…hitting an all time high of 243,566,000 in August. These people need a job, and the traditional shorthand is that at least 100,000 jobs have [to] be generated every month for the unemployment rate to merely stay flat, let alone improve.”
If one uses the increased population figure and a realistic labor participation rate rather than the politically manipulated and seasonally adjusted number used by the BLS, the actual unemployment rate soars.
The real unemployment rate for August, according to Durden, is 11.7 per cent.
That is 18,751,172 unemployed Americans.
Mr. President, you built that.
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