Skip to comments.What if unemployment drops to 7.9 percent? Because of those who gave up looking?
Posted on 10/04/2012 8:16:35 AM PDT by line drive to right
Mitt Romeny and the Republicans' campaigns have so much invested into the eight percent unemployment number, including millions and millions of dollars in ads. What if that number somehow drops below eight percent in Friday's report or in the report that is released four days before the election? It will be played by the media in a way that would improve Obama's chances, that he has turned things around.....The ONLY REASON it could be spun that way is that our side has almost never completed the sentence on unemployment. We should be saying over and over that the only reason the unemployment number has dropped is that those who simply gave up trying to look for a job because they couldn't find one, are no longer counted as unemployed. Counting the 8,400,000 people who have given up looking for work under Obama, unemployment is over 11 percent. Theoretically, if everyone gave up looking for a job, our unemployment would be zero percent.
7.9% unemployment is still way too high.
Almost all of the drop in unemployment during Mr. Obama’s time has been generated by millions of people who stopped looking for work.
Not only that, but since he took office, the economy has grown only 300M new jobs. That, according to the Labor Dept.
Consensus for tomorrow’s number: 8.1%. If that comes to pass, that will make 44 months running with unemployment abouve 8.0%
This is a record to run away and hide from.
Mr. Obama caused it. When he took office, the economy had bottomed all by itself. Then he began tampering with it and adding Obamacare without a single Republican vote.
Mr. Obama is like a virus.
I think most people gave up putting any credibility in these numbers years ago.
If they truly gave up looking, then they shouldn’t count, but I think that number is more cooked than anything more realistic.
The Chicago Thugs controlling the outhouse have been ginning the unemployment number via certain ways.
1. Transfering unemployed to disability roles.
2. Suggesting to workers over 62 to apply for early Social Security benefits since they can’t find a job.
Both of these devious schemes drive down the real unemployement rate and continue to devastate Social Security.
Transfer of Unemployed to Social Security’s Disability Program is Further Bankrupting California
Confounded Interest ^ | 09/30/2012 | Anthony B. Sanders
Posted on Sunday, September 30, 2012 11:32:28 AM by whitedog57
The latest California community to face bankruptcy is Atwater, just down the Golden State Highway from Modesto and next to Merced. Atwater, like its neighbors Modesto and Merced, are still reeling from the crash of the housing market where prices have fallen about 70% from their peak. And unemployment rates are roughly twice the national average.
Since I dont have the house price indices for Modesto, Merced and Atwater, I will use the Case-Shiller Las Vegas house price index as a proxy.
Like many communities during the housing bubble, expenditures were made based on increased property tax revenue. When the housing bubble burst with a vengeance, the expenditures (buildings, salaries and pensions) remained and the revenues plunged leaving these communities with a fiscal nightmare.
Can these communities be salvaged? Of course, either new revenues have to be raised (taxes), budgets cuts (workforce and pensions) or a combination of both.
First, wages as a percentage of GDP has been falling since 1970. This does not bode well for supporting community budgets since housing recovery will be slowed by lower wage income.
Third, last weeks durable goods orders collapse was bad news for Q3 GDP. Collapses in consumer goods orders are associated with recessions.
While many communities weathered the fiscal storm of 2008-2010, the macro numbers for wages, employment and durable good production indicate that many communities will far further into fiscal trouble.
Add to these woes, The Obama Administration has taken people off of unemployment and put them into disability. Medicaid in California has grown $27.1 to $38.8 billion, an $11.7 billion increase over just the last five years. Californias fiscal condition is deteriorating before their eyes.
At least house prices have seemingly stabilized in much of the country which is good news for communities.
Don’t worry. There will always be more new ones out of a job! Obama will not be done till we are all sitting at home!
No, he's more like a hemorrhoid on the a$$hole of progress!
Well well well... What about 7.8% It’s gettin deeper an deeper here in dear old America!!!
We all know this and it is a waste of time if Romney can’t explain it...20M fewer jobs means 0bummer shrank the economy...his ads need to show pictures of closed businesses, boarded up houses, and mention to get 7.8% with this many people on foodstamps, welfare, and selling their kids clothes (show yard sales and Ebay)...end the ad with, (how does that 7.8% unemployment feel to ya?)