Skip to comments.Santelli: "I Don't Trust the Unemployment Rate" (December 2, 2011)
Posted on 12/02/2011 6:42:33 AM PST by truthkeeper
The link will provide a brief video of Santelli's take on today's numbers when they broke this morning.
In short, he's not buying them.
Something stinks about these numbers. My guess is that we will see yet another “adjustment” to these numbers next month, which of course the MSM will ignore.
I don’t trust anything the 0bama administration claims .
Rush is right. They’re massaging the numbers down. Now they can say unemployment is at 8% when it used to be at 9%. We’ll hear nothing of the decimals from this point forward from either the media or the administration (which are the same thing).
Agreed...I’m sure Rush will have plenty to say about this today.
I should think most “new” jobs are seasonal such as SA’a bell ringers, mall employees and mall Santas.
LOL...I think you’re right.
The number is massaged an fake, and has been for a long time. Just like GDP and inflation figures.
You could have 75% of working age people unemployed and the unemployment rate will still be less than 10%.
In the video I *think* the guy claimed that they were factored out. Um.......bunk.
No one is - not even the leftists on the blogs. (I just had to look)
Maybe they think they can fool people into thinking things are going so well, they'll spend, spend, spend for Christmas and temporarily increase the consumer confidence before election day?
It's too far from the election right now, so it's designed to affect something else later.
The unemployment rate is what it is, and it’s a combination of things.
U/(E + U)
U = Unemployment
E = Employment
Employment when up fine.
Unemployment (number of people without jobs looking for work) went down big. It went down half because of Employment and it went down half because people without jobs stopped looking.
The Employment part is good, and the Unemployment part is partly bad. A mixed picture.
BUT a mixed picture is better than a uniformly bad picture.
There have been no new trade deals, no new legislation (or overturned legislation), no other signs that would drive employers to hire so many people. In fact, that last UE report indicated there were MORE unemployed. The only explanation would be that there is some short-term hiring as a result of holiday sales.
Sorry, I'm not buying it.
Everyone is wary. Most of us know multiple people who have not been able to find work in a looooong time.
315,000 fewer people than last month are being counted. These are discouraged workers who have given up actively looking for work, and thus are no longer considered unemployed. Isn't government great?
No argument here. I work in the legal field (family law and bankruptcy) and people out there are in bad shape. You should hear the stories.
But then I guess we all hear them.
What the unemployment stats are is what the government says they are, period. Just like the stats of illegal immigrants currently in this country being approx 3 million and CO2 is toxic. Sure.
I think it's been determined that the politically correct number is 11 million. That number has been bandied around for at least 10 years. (But I know what you mean, figures don't lie but liars can figure.)
I'm still waiting to hear the first candidate admit, in a public forum, that these numbers are bogus.
You are correct. One of our neighbors has been out of work since 0 bummer shut all the dealerships that did not donate to his campaign. He is now working on the farm with his dad. Our neighbor who works in real estate, has given up looking for a job.
Not to mention the volume of people bartering for goods and services and working under the table.
Fox news just said that 315K people stopped looking for work and are no longer counted. These numbers are so cooked that they are like a mushy steak.
Trust is earned, and the administration is peopled with politicians.....they have been for centuries...
Fox News pointed out that the reason for the drop is more people giving up looking for a job—but I wonder if the mainstream media will even point that out. I expect them to tout the figures as a sign that the Obama administration is fixing the economy.
Ironically they didn’t want it to drop to 7% since another reduction (created out of thin air) will be made in Spring ‘12 to plump up Broke Owebama’s prospects.
Don’t apologize for CNBC. They’re the asshats that put that commercial at the front of the video.
Hey, did you notice how convenient it was for the Birth/Death number for businesses was not available when Rick Santelli asked for them from Steve LIESman?
This is a purely fictional number that is literally made up by the Bureau of Labor Statistics on a monthly basis and directly influences the number of new jobs created.
When asked, LIESman replies, “No, I don’t have the Birth/Death number.”
What a joke!
What stinks is they’re manipulating them to the White House’s advantage. The media reports say 120,000 jobs were added, BLS says 315,000 were also trimmed, yet even if the 120K figure is correct in order to account for that .4% drop there would have to be 600,000 jobs lost.
"I left it on the coffee table and the dog ate it."
Of course, if the unemployment number keeps going down, why would we need Obama’s jobs plan?? Quite a conundrum.
Of course we know the reason, the jobs bill was never intended to create jobs. It was just something to campaign about.
There are two effects that take place: 1) The Discouraged Worker Effect, where workers simply give up because they feel job search is a waste of time, and 2) Additional Worker Effect, where new workers enter the labor force because the primary breadwinner has become unemployed. The first causes unemployment to be understated while the second causes it to be overstated. While I can’t prove it, I think the DWE dominates and we are severely underestimating the unemployment rate. Throw in the “underemployed” and my guess is that unemployment is at least 15%.
With the widespread discrimination against older workers, a lot of people in their 50s and 60s just decide they will never be able to find another job and give up looking--so they don't get counted in the official unemployment rate.
The true number is about 20%!