Unemployment numbers were released today, revealing a drop from 8.3% to 8.1%. But, is that really accurate? Or have so many people given up on finding a job that the participation rate has skewed the report? This morning on radio, Glenn discussed the jobs report and gave you the information behind the report that this administration doesn’t want you to know.
“The number of unemployed is actually up,” Glenn told listeners this morning.
Why?
Glenn explained that the participation rate is down, which creates the illusion that more people have found work than really have. In other words, if people hadn’t given up on looking for work and turned to government assistance, the unemployment rate would reveal 11.2% unemployment – but to be included in the unemployment numbers, you have to actively be seeking work.
“Food stamps have literally gone through the roof,” Glenn reminded listeners. “If the same number of people were looking for work as they were under George W. Bush, if they hadn’t dropped out and just gone on to food stamps, that number now would be at 11.2%.”
And even that number is likely to be skewed. After Jimmy Carter, the way the unemployment numbers were calculated changed. The real number could be 16% or even higher.
“They’re going to tout this as a good thing,” Glenn said.
But if that were true, Ben Bernanke and the Fed wouldn’t be discussing printing more money right now.
James Pethokoukis at the American Enterprise Institute explained in a recent blog:
“This was not the employment report either American workers of the Obama campaign were hoping for. It shows the U.S. labor market remains in a deep depression, generating few jobs and little if no income growth.”
A few of the unsettling details that AEI shares are that non-farm payrolls increased by 96,000 in August (well below expectations), average job growth per month is down from last year, and, like Glenn noted, the participation rate is plummeting.
In fact, according to Reuters, the participation is at its lowest level since September 1981.
“If the labor force participation rate was the same as when Obama took office in January 2009, the unemployment rate would be 11.2%. If the participation rate had just stayed the same as last month, the unemployment rate would be 8.4%.”
Get more details HERE.
Recently on The Glenn Beck Program, Stu explained what President Obama said unemployment numbers would under his policies…and what they really are – WATCH:
In the president’s speech last night at the DNC, he didn’t seem to have a change of plans or policies for his second term, so it’s likely another four years of this administration would mean another four years of, at best, a stagnate economy.
SHARE this information with your friends, your neighbors and your family, because like Stu has been saying all summer: given everything we now know, if we elect this president for a second term, we deserve everything we get.