The Suffering People of the Fake 5% Unemployment Rate
Hearing President Obama brag about a 5% unemployment rate, even laugh at critics, makes one wonder if he is actually starting to believe his own spin. As he gloats he knows, or at least his staff knows, that the real unemployment rate is 9.7% according to the US government’s Bureau of Labor Statistics. He also knows that a smaller percentage of Americans are participating in the workforce now than were under either Bush, Clinton, Bush Sr or Reagan. In fact, the labor participation rate of only 63% is worse now than anytime since 1977…Jimmy Carter’s era. That is the official record, not political spin. The knee-jerk response of many Obamaphiles is to blame the “Great Recession” or Bush. Fortunately for the rest of us, the numbers are clear and the labor participation rate has been getting worse each year under Obama’s policies, not better. The recession has been over for a long time and Bush has been long retired. All that is left is Obama’s leadership and this situation is getting worse.
Looking at the strong participation rates at the end of Bush’s term and even through the recession we see that after the recession and many years into the era of Obama and his Democratically controlled congress, an unprecedented decline in participation begins and continues throughout the administration’s full term. This then hits the 38-year low with no sign that we have even reached the bottom.
So while the President sings his own praises about only 5% of the public actively looking for work, a staggering 9.7% of Americans are trying yet still unemployed, 37% are hopelessly unemployed and another 13.7% are severely underemployed. Stay classy, Mr Obama.
Originally published at News-Rebel.com!.