Unemployment Rate Or Unemployment Reality?
Through the magic of Washington Math and the Obama Labor Department, the metric “unemployment rate” has become as nonsensical as “jobs created or saved” by the stimulus. The Obamedia creates a free campaign ad out of the purported drop from 8.3% to 8.2% (i.e., from appalling to marginally less appalling), but meantime millions have been added to the black-hole category of “Not In the Labor Force” — people who are so discouraged that they are not looking for work. That number is at an all-time high: 88 million. Thus the labor force participation rate, at under 64%, is lower than it’s been in 30 years. Mish Schedlock concludes, “Were it not for people dropping out of the labor force, the unemployment rate would be well over 11%.”
Instead of giving the Left ammunition by bizarrely implying that our outlook is improving, maybe the Romney campaign could give some thought to breaking through the fudged “unemployment rate” chatter. Something like:
Total Population of Germany: 82,000,000
Population of U.S. Not in Labor Force: 88,000,000