Monday, May 7, 2012
"Real Unemployment Rate: 16%, Labor Utilization Rate 63.2%
This morning the Labor Department released the latest monthly jobs report. The report was grim; only 115,000 jobs created during the past month. Economists are saying if we are ever to exit this recession we must begin seeing 500,000 new jobs per month created.
Ironically, Obama is basking in the the .1 percent decline in the unemployment rate. Dead in the water at 8 plus percent the unemployment rate is an anvil sized drag on the economy.
What Obama is not telling you are the nasty details. The minute unemployment decrease occurred as even more job seekers have forsaken any hope of ever finding a job and are just giving up. As the feds measure the unemployment numbers they can happily just toss these people to the roadside and plow on, relieved that they don't have to count the lost and forsaken in the jobs statistics.
Fortunate for Obama is that very few Americans even understand this "fuzzy math". Should the American people ever be exposed to another government statistic that the Bureau of Labor uses when they need a more exact and accurate picture of the labor market, they might be more inclined to toss Obama out come November.
That statistic is the Labor Utilization Rate. The LUR measures the total number of working age adults who participated in the work force during the past measurement period. The current Labor Utilization Rate is a dismal 63.1 percent, the lowest rate since Ronald Reagan took office in January 1981. Need I remind anyone that this frightful labor rate came on the heels of the Jimmy Carter presidency, then consider the "worst President" in our nation's history.
What the LUR tells you is the real level of despondency and frustration in the American labor force. When only 63 percent of working age Americans are employed one can never hope to emerge from this long and deep recession.
That 63 percent LUR paints a picture of folks who have abandoned the American dream and have joined the ranks of Obama's Food Stamp Army.
Never the less, Obama stands smiling in front of huge adoring crowds as he champions his economy policies. African American voters will give him 90 percent of their votes even as Black unemployment exceeds 20%. Obama has recently been touring college campuses to tout low interest student loans..and they are cheering him, even as an even more frightening statistic hovers over the "youthful clueless"; the Bureau of Labor statistics show that half of all June 2012 college graduates have no hope of securing a job.
Sad, Damned Sad.