In an economy where fewer jobs are created every month than the month before, and those on food stamps and other government assistance has climbed from 32 million to 47 million under the Obama Administration, and unemployment has been solidly above 8% for more than 40 months (averaging 9%); suddenly, and without explanation, just 4 weeks before the election, the administration releases a glowing jobs report purporting that the unemployment rate has dropped to (drum roll . . . . . . . ) 7.8%.
Yes, it’s a miracle. A miraculous testament to the miraculous miracles provided by President Obama’s economic policies. Did we mention what a miracle these new numbers are?
Of course, the Administration’s unemployment numbers never reflect those who have lost career positions and are flipping hamburgers to make ends meet, or those who have exhausted their unemployment benefits and fallen off of the unemployment rolls. Those bring the actual unemployment number up to over 15%, comprising 23,000,000 Americans. Women and minorities have been especially hard hit, and new college grads are unemployed at the rate of 50%. Of course, these make up Obama’s base.
Federal Reserve Chairman and Obama cronie Ben Bernanke recently testified that he projects the official government unemployment rate will remain between 8.2 and 8.5 percent for the remainder of 2012. So how is it that while every other economic indicator and employment statistic points to a failing economy and horrific employment outlook, Obama’s Labor Department publishes an unemployment rate below 8% just before the election?
The Labor Department bases its “jobs added” number on a broad survey of employers, coming up with just 114,000 jobs that were added in September (150,000 employees are added monthly). These sliding numbers have been steady for several months.
Despite this 114,000 ceiling on jobs added, they also performed a “household survey” which reflects how many people “say” they went back to work. The numbers “should” be about the same. In this particular pre-election survey, however, there was an unprecedented and astounding spike–a whopping 873,000 new jobs were added in September according to Labor Department canvassers–a difference of 759,000.
How is a difference of 3/4 of a million jobs possible? It’s not.
It’s as if ACORN had been put in charge of figuring out the unemployment rate.
Former Congressional Budget Office director Doug Holtz-Eakin opined,”This must be an anomaly . . . It is out of line with any of the other data,” calling the estimate of 873,000 new jobs “implausible.” That’s bureaucratic-speak for “lie.”
Former General Electric CEO Jack Welch, tweeted his agreement with that assessment: “Unbelievable jobs numbers..these Chicago guys will do anything…can’t debate so change numbers.”