When President Obama succeeded in getting the Congress to pass his $800 billion stimulus package in 2009, he predicted the unemployment rate by the summer of 2012 would be 5.6 percent. He wasn’t even close. The latest numbers show a stagnant recovery at best. Some numbers to ponder from aei-ideas.org. and other sources…
- U.S. economy created 80,000 jobs in June. Economists had forecasted 90,000 jobs
- Private-sector job growth 84,000, down from 105,000 in May
- Longest streak of unemployment over 8 percent – 41 months – since the Great Depression
- If people stayed in the job market, instead of dropping out, actual rate wold be 10.9 percent
- Job growth under Obama per month: 75,000
- Job growth under Reagan per month: 273,000
- U.S. work force shrinks with just 58.6 percent employed
- Jobless rate for blacks up to 14.4 percent
- Jobless rate of Hispanics is 11 percent
- 780,000 fewer women employed under Obama
- 85,000 more people went on disability in June
Obama is playing with these numbers. Listening to Neil Boortz today on talk radio, he revealed that as unemployment compensation has been running out, Obama has advised The Social Security Department not to discourage people from applying for disability. They go on disability because there are no jobs and their search has be futile. Huge numbers of workers are now going on disability. When one goes on disability, their classification of “unemployed” is erased and the unemployment rate falls. Without this manipulation, the unemployment rate would actually be 10.9%. Don’t believe this new number of 8.2% for a minute! I wouldn’t be surprised if Obama didn’t have other tricks up his sleeve to try to get the number below 8.0 percent before November so that he can self proclaim himself as a champion of the people to get re-elected. It is sad that he is able to fool one person. I had enough of Obama when he brought up income redistribution to Joe the Plumber before the 2008 election.