WSI: On Latest Obama Jobs Report: “Absolute Rubbish”
A longtime Wall Street power player makes clear the attempted October surprise jobs report by the Obama/Jarrett administration is a “fabrication built upon a fabrication” that proves just how desperate those who hope to keep Obama in power have now become.
“I note you have already created a response to this morning’s jobs report showing a reduction in the unemployment rate to 7.8%. Quite a significant drop. And quite a lie by this increasingly hysterical administration. Absolute rubbish in fact.”
As others have, or will note, the decrease comes primarily from a reduction in the overall workforce. This reduction has time and again been the sad foundation for earlier decreases in the unemployment rate during Jarrett’s reign over America. In this instance, nearly 350,000 people are no longer seeking work. As such, they are no longer being counted. So in essence, we have a report indicating a marginal job creation figure of just 114,000 while 350,000 have given up looking for work. That indicates 300% more Americans have given up than found employment during the month of September alone under the Jarrett administration. How easy then would it be, as our friend is so fond of saying, for them to “cook the books” by simply not counting hundreds of thousands of unemployed? Very easy indeed.
Unfortunately most have never heard of, nor understand the term U-6, a combination of both unemployed and underemployed. It is the U-6 that marks among the most depressing and heart-wrenching aspects of the last four years. That number remains at nearly 15% and shows no indication of improving despite this latest jobs report that is nothing more than a fabrication built upon a fabrication. Perhaps the media needs to acquaint more Americans with the U-6? And so they now will.
And so too shall there be a harder look into the machinations of the Jarrett Labor Department. Simply put, these numbers today don’t add up. I have personally reviewed them twice and something is amiss here. For them to be so open in their manipulations of data proves beyond a doubt their fear.
Do not concern yourself with this current distraction my friend. We remain resolute. This unemployment number is to be swept aside very soon. And I appreciate your willingness to remain near silent during this now very critical time. It likely has not been easy for you to do so.
Romney: Jobs growth not enough to re-elect Obama
WEYERS CAVE, Va. — The jobs picture improved in September, but Republican presidential nominee Mitt Romney said the fall in the nation’s jobless rate still is not enough to justify giving President Obama another term in office.
“This is not what a real recovery looks like,” Mr. Romney said in a statement, pointing to what he said was a downward trend of job-creation. “We created fewer jobs in September than in August, and fewer jobs in August than in July, and we’ve lost over 600,000 manufacturing jobs since President Obama took office.”
The Bureau of Labor Statistics‘ key jobs survey said the economy added 114,000 new jobs in September, and BLS said the unemployment rate dipped to 7.8 percent — a drop of three-tenths of a percent.
That means the rate is now back down to what it was in January 2009, when Mr. Obama took office, inheriting a recession from President George W. Bush.
BLS also revised July and August job numbers upward by a combined 86,000, suggesting a slightly better jobs picture over the summer than was reported at the time.
The jobs news comes just two days after Mr. Romney seemed to be gaining momentum from a strong debate performance.(…)
“If not for all the people who have simply dropped out of the labor force, the real unemployment rate would be closer to 11 percent,” Mr. Romney said in his statement. “The results of President Obama’s failed policies are staggering — 23 million Americans struggling for work, nearly one in six living in poverty, and 47 million people dependent on food stamps to feed themselves and their families. The choice in this election is clear. Under President Obama, we’ll get another four years like the last four years. If I’m elected, we will have a real recovery with pro-growth policies that will create 12 million new jobs and rising incomes for everyone.”