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.
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.”
How convenient!
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%!
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