Record 95,102,000 Americans Not In Labor Force; Unemployment Rate More Like 30%

The “official” unemployment rate (U3) released each month is, to put it in the most straight-forward way possible, a completely misleading and politicized statistic.

The U3 unemployment rate, which is one of 6 ways the U.S. Bureau of Labor Statistics calculates the amount of people out of work, is defined as the “total unemployed, as a percent of the civilian labor force.”

This is the 4.7% number which came out today and the statistic that soon-to-be former President Barrack Obama has boasted so proudly over.

You remember this, right? …

Obama: “I took an economy that was about to go into a Great Depression, and we’ve now had a little over six years of straight economic job growth, an unemployment rate that’s down below 5 percent, and incomes that have gone up and poverty that has gone down.”

Well, today we found out that a record number of Americans are not in the labor force and are not even looking for a job, the same way it was when Obama first stepped into office.

The final jobs report of Obama’s presidency revealed that the number of Americans not in the labor force has increased by 14,573,000 (18.09 percent) since January 2009...


No comments:

Post a Comment