Skip to comments.Market laughs at Obama's 7.8% unemployment fantasy
Posted on 10/05/2012 1:41:49 PM PDT by pabianice
On Cavuto. After the initial excitement of the sci fi 7.8% unemployment figure released by Obama, the market took a second look at the background figures and decided that Obama is lying. Market then gave-back most of the day's gains, realizing that both the employment and the domestic product numbers are terrible.
I laugh at this fantasy as well. Good to see there are some people without the tin-foil hats out there. Obamanomics FAIL!
They are desperate to change the numbers, and that was also the story of Fast & Furious —an effort to INDUCE the much-ballyhooed, “90% of nasty Mexican guns come from bloodthirsty America”-canard.
2 US cops died, over 300 Mexicans so far, a helicopter was shot-down, a casino burned, and a whole party of Mexican kids was machine-gunned:
After showing they were willing to do THAT to make a number, what is this latest fudging to them? IT IS NOTHING..!
Gosh...I WONDER how much voter fraud there will be, right...?
Don’t know why they’re laughing. When you can no longer have any confidence in economic data coming out of the government seems to me the market economy is pretty much scrooooood.
EXCERPT Hilda Solis, Labor nominee, faces tax questions
February 06, 2009---Peter Nicholas and Dan Weikel, LATimes
A US Senate committee's vote on her confirmation is delayed after it learns Solis' husband had $6,400 in unresolved tax liens filed against his business.
WASHINGTON AND LOS ANGELES US Rep. Hilda L. Solis, President Obama's choice for Labor secretary, faced new obstacles after lawmakers who were expected to vote on her confirmation Thursday abruptly canceled the hearing amid reports of back taxes owed by her husband.
Solis, a Democrat from El Monte, is at least the fourth Obama nominee whose confirmation has been complicated by tax troubles.
The Obama administration conceded it had not discovered on its own that California tax liens had been filed against Solis' husband, Sam H. Sayyad. The White House learned about the liens -- a matter of public record -- on Tuesday in the form of questions from USA Today, according to an administration aide. After the newspaper informed the Senate Health, Education, Labor and Pensions Committee of the tax liens, the panel called off the hearing so members could review the information. A new hearing was not immediately scheduled.
Public records show that since 1993, two state and 14 Los Angeles County tax liens totaling about $11,640 have been lodged against Sayyad and his business, Sam's Foreign and Domestic Auto Center.
The documents indicate that $6,468 in county liens remained unresolved until Wednesday, when Sayyad paid off the balance, according to the Los Angeles County treasurer and tax collector's office.
A tax lien is a legal claim filed by federal, state or local governments to collect unpaid taxes and fees from individuals and businesses. Anthony Yakimowich, chief deputy treasurer and tax collector for Los Angeles County, said Thursday that Sayyad "has paid everything he owes us."
Democrats in control of the labor committee said they are confident Solis will be confirmed."Congresswoman Solis will make an outstanding secretary of Labor and, while this issue has only recently come to the committee's attention, we are optimistic that the committee will be able to move forward with her nomination soon. We have asked the [Obama] administration to look into this and report back," said Anthony Coley, a spokesman for committee Chairman Ted Kennedy (D-Mass).
Solis' nomination had already faced snags. In her appearance before the Senate committee last month, she appeared evasive in certain answers, leaving some GOP members unimpressed.
Then Republican senators suggested that her ties to a tax-exempt group that promotes unionization might pose a conflict of interest. Solis has denied any conflict and says she is within her rights to serve as an unpaid board member and treasurer of the group, American Rights at Work.
SOlis' group is a strong proponent of the Employee Free Choice Act, a bill that would make it easier for workers to form bargaining units. As a congresswoman, Solis has been a co-sponsor of the bill.
At the White House, aides sought to draw a distinction between Solis and her husband. Briefing reporters on Thursday, White House Press Secretary Robert Gibbs said that Solis is "not a partner in that business. So we're not going to penalize her for her husband's business mistakes. Obviously, her husband, I think, has and should pay any taxes that he owes."
The couple files a joint tax return, but Sayyad is the sole proprietor of his business, another White House aide said, and all tax communications about his business are sent to him at a separate address.
Sayyad paid off the debts this week to resolve questions, but he believes the liens were not accurately assessed, the aide said. He believes the liens were the result of late payment on county fees and assessments, and is planning an appeal, according to the aide.
Calls to Sayyad were unanswered. Solis' Congressional office has referred questions to the White House.
The Bureau of Labor Statistics also calculates six alternate measures of unemployment, U1 through U6, that measure different aspects of unemployment:
U1: Percentage of labor force unemployed 15 weeks or longer.
U2: Percentage of labor force who lost jobs or completed temporary work.
U3: Official unemployment rate per the ILO definition occurs when people are without jobs and they have actively looked for work within the past four weeks.
U4: U3 + “discouraged workers”, or those who have stopped looking for work because current economic conditions make them believe that no work is available for them.
U5: U4 + other “marginally attached workers”, or “loosely attached workers”, or those who “would like” and are able to work, but have not looked for work recently.
U6: U5 + Part-time workers who want to work full-time, but cannot due to economic reasons (underemployment).
REAL UNEMPLOYMENT RATE: 22.5% (Jan 2012)
Marginal Job Growth in September
Friday, 05 October 2012 00:00
Last Updated on Friday, 05 October 2012 11:36
UPDATED October 5, 2012 The economy created a mediocre number of jobs in August. Although the U3 unemployment rate declined to 7.8%, the U6 unemployment rate remained at 14.7%. If the pace of job growth is maintained, unemployment rates won’t return to pre-recession levels until after 2016! Previous months job growth were also revised downwards.
The number of unemployed remained static in August the government reported today. The U-3 unemployment edged down to 7.8% in August. The U-6 unemployment rate was flat at 14.7%. The US economy added 114,000 jobslast month. Total U-3 Unemployment decreased by 456,000 to 12.1 million persons.
The change in total nonfarm payroll employment for July was revised from +141,000 to +181,000, and the change for August was revised from +96,000 to +142,000.
Click here for a larger graph of unemployment rates.
Long term unemployment, defined to be 27 weeks or more out of work was little changed at 4.8 million, or 40.1% of unemployed(U3) people. The median number of weeks of unemployment rose to 18.5 weeks.
It might as well have been reported at 5%, as far out of touch with reality as it already was.
Such a change would require 5% economic growth, and we’re below 2%.
Good,,, I’m hoping this latest attempt to trick the American people backfires in a big way. I started off the day incensed at yet another deception from these thugs, but I’m starting to think there is a silver lining,,, this brings the truth behind their numbers front and center, maybe now the American people will finally take notice.
Jack Welch: Obama Cooking the Books on Jobs
Read more: Jack Welch: Obama Cooking the Books on Jobs
Is your number of Mexicans killed a number directly related to only F&F guns? The over all murder rate for suspected drug killings in Mexico is substantially higher. For example, in 2010 in Ciudad Juárez (across from El Paso) 3,115 murders were reported an average of eight murders a day, according to the El Diario de Juarez.
Read more: http://latino.foxnews.com/latino/news/2012/10/02/mexico-murder-capital-world-sees-dip-in-killings/
Desperation may not be pretty but it is easy to identify. Anyone who believes these “unexpected” numbers is a moron.
We might ask: “How many Obama donors work at the Bureau of Labor Statistics?”
Easy to fiddle with the assumptions and get whatever % you want.
You are correct —I’m using the most popular and I believe VERY conservative number.
The son of the Sinaloa Cartel was deported to Illinois and is on trial there —he has stated he believes that the number is in the THOUSANDS.
The number 300 only comes when they find an F&F weapon on the ground, and there is a body nearby —who REALLY believes that they’re using it only ONE time, and then throwing it down..?
It’s far more likely any recovered F&F weapons has been used in MANY previous murders.
Good point, and I agree.
Maybe the FACT that just about EVERY REPORT 0 has put out has had to have been REVISED poorly.
Wolf, Emma Furs, Wolf!
Not really the numbers used to demonstrate the failure of The Disaster’s policies is right there in the government reports. They give you the knife to cut the throat of the Lie. Interpretation is the issue more than accuracy.
I could care less about the Market, what about the “Honey boo-boos” ?
I wonder if there is a way to figure out how many PT door knockers, registration buyers, paid seat fillers at rallies and protests were hired by the dem party in the month. Otherwise, there must be a whole lot of Halloween costume stores opening.
So labor force participation dropped that much, eh?
Only if it's based on folks finding work. The U3 unemployment rate (that perverse statistic that only counts folks looking for work as unemployed) could drop 0.3% or more on the basis of lots of folks giving up looking for work regardless of how many folks found work. Didn't labor force participation also dip in September?