by: the Common Constitutionalist
The President has come out touting the July jobs number as if it were a great thing. To hear him and his minions speak, one would think Obama personally repaired the economy by adding millions of jobs.
That leaves a paltry 13,000 jobs added. Still, say Obama and the sycophants, we’re heading in the right direction. Really?
As an aside, if you’ve listened to any news recently, you have not heard that 13,000 job number mentioned, or the population growth requirement. No where, except maybe talk radio. All we hear is the 163,000 jobs number, with not a hint of context.
Speaking of context; how about some more. The unemployment rate (the fake one, or U-3) went up from 8.2 to 8.3%. How can that be if we’ve added so many jobs? Listening to the wizards of smart on TV and radio contort themselves trying to explain the anomaly (that really isn’t) is quite amusing.
“Well Larry, it’s really quite complicated. It has to do with several different surveys and metrics we just don’t have the time for in this segment Just know we’re heading in a positive direction”. “Ok, Professor Poindexter; thank you for that extraordinary insight and your patience with our dimwitted audience”.
In truth, it’s not that difficult to understand. I get it, and believe me, I’m no scholar. While 163,000 jobs added, 150,000 are absorbed by natural population expansion. At the same time the workforce saw 150,000 drop out of it. That 150,000 are the people so discouraged, they just stop looking, so, by complicated metrics we can’t understand and magic, they are not even counted in the U-3 figure. That’s why I say the U-3 number is phony.
We are left with a net loss of 137,000, but you’ll never hear that, except maybe here. That is why the U-3 unemployment rate ticked up to 8.3. The real or U-6 unemployment number is between 15 & 17%.
For blacks and especially teenagers, the picture is much bleaker, for the U-3 rate for blacks is at 14.1% and for all teens, the number is 23.8%. That means the real rate (U-6) has got to be around 25% and at least 40% respectively. Wow! And Obama will still get over 90% of the black vote. Amazing. Talk about monolithic.