In theory it’s good news for everyone when the unemployment rate drops, but the number itself doesn’t tell the whole story. In fact, there’s growing skepticism about the 7.8% figure because all of the key vital stats were about what experts predicted - but they thought those vitals would add up to at least 8.1% or higher. CNBC even went as far to confront Secretary of Labor Hilda Solis.
"A lot of people out there do not believe the 7.8 number," the reporter asked. "They believe that somehow the BLS fixed this to coincide with the election cycle."
"You know, I'm insulted when I hear that because we have a very professional Civil Service organization where you have top, top economists that work at the BLS. They have been doing these calculations. These are our best trained and best skilled individuals that have been working in the BLS and it's really ludicrous to hear that kind of statement. And I say that because just look at the - you know, we have to look at what happens across the board, not just in one month," Solis responded.
"You should look at what happens across the board, which is a disaster for four years," Stu said.
"It's so funny because here we are talking about a guy who's going to run across the country and tell people that 7.8% in America is good. That is something that before this president took office almost was never thought of as a good thing. You could say maybe in the Great Depression they would have been happy with that. But even as of 2007 2008, that's still a terrible number. Remember the president took office with the unemployment rate at 7.8%. So four years, multiple trillions of dollars gets us back to where we were in the middle of the worst economic crisis of all time since the Great Depression. I mean, that is - it's not something you'd think anyone would be bragging about. We spent all these trillions of dollars and we got nowhere. But you they will tout that, of course, as a huge success," Stu said.
"We were supposed to improve things from where it was when you (Obama) took office and that was kind of the plan and it was your own plan," Stu added.