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Obama's shameful touting of misleading unemployment numbers will come back to haunt him

President Obama's repeated references to Friday's surprising decline in the unemployment rate epitomize his utter disregard toward the intellect of our citizenry. His citation of these numbers as evidence we are "climbing out of the hole we found ourselves in" reveals an assumption on his part that the folks are incapable of figuring things out for themselves. While Obama surely isn't the coldest beer in the fridge, he isn't stupid enough to actually believe Americans can't figure out this scam. No, his use of the 9.7% figure to support his position is a blatant lie. After all, his own budget plan projects unemployment will remain higher than this figure at the end of the year. Even his own economic advisor, Christina Romer contradicited the President, saying, "The monthly employment and unemployment numbers are volatile and subject to substantial revision. Therefore, it is important not to read too much into any one monthly report, positive or negative."

The surprisingly low unemployment figure, of course, occurred as a result of an inordinately large number of job seekers dropping from the record as their unemployment benefits expire and many others have simply given up all hope of procuring employment. The government's hiring of over a million temporary workers this year to perform the census also takes the edge off the numbers.

CNBC's Rick Santelli emphasized that the commonly-used U3 numbers are being grossly manipulated in an effort to hide the depth of this recession. He explained on Friday how the Obama administration has lowered the total number of jobs supposedly available in the marketplace, taking the 136 million figure down to 129 million. Thus, the percentage of employed per available jobs rises and the U3 number magically goes down.

The Bureau of Labor Statistics (BLS) provides far more data on actual unemployment than is ever reported by the mainstream media. The U6, which includes the U3 totals plus those who have given up plus part-time and temporary workers plus marginally attached workers, provides a much broader and more reliable measure of actual unemployment. The U6 doesn't require any math or massaging of the numbers. It simply represents the data from the BLS in the least manipulable manner. Incidentally, the U6 has risen every month since Obama took office - and currently sits at around 18 percent.

The President got his headlines on Friday. We lost 20,000 more jobs in January and added a million more unemployed from last year. But the U3 mysteriously shrinks to 9.7% and Obama has the temerity to proclaim we are "climbing out of the hole". This was a foolish mistake. Jobs have not been created (nor saved) and will not be in the foreseeable future. These false hopes shamefully advanced by the administration will only result in heightened frustrations down the road.


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Comments (26)

"Obama's shameful toutin... (Below threshold)
914:

"Obama's shameful touting of misleading unemployment numbers will come back to haunt him"

Yeah, especially when He's one of em'.

Another figure we hear band... (Below threshold)
burt:

Another figure we hear bandied about quite regularly is the number of "underemployed". Personally, I don't believe that the real problem is the unemployed or the underemployed. The worst problem facing our Country at this time is the "overemployed". You know the guy that is in a job that he really is not qualified to perform. That is what is hurting us most.

Nice post. Very good expla... (Below threshold)

Nice post. Very good explanation.

I'm not very familiar with the unemployment figures, but I assume the U6 you refer to is what some have been calling underemployment.

The unemployment rate fell ... (Below threshold)
MSM:

The unemployment rate fell as more became unemployed?

Uh, WOW! Look at all the snow!

Obama proclaiming that we a... (Below threshold)

Obama proclaiming that we are "climbing out of the hole" was a foolish mistake. It either further convinces those 'on-the-border' but becoming skeptical, or it creates false hopes which can only result in heightened frustrations and anger...just in time for the mid-term elections.

The Republicans don't have to beat Obama, he's doing an exceptional job of cutting through the limb, which he has climbed out upon.

This isn't the first time t... (Below threshold)
bobdog:

This isn't the first time that Obama has pulled this little stunt. You can cork the numbers in the short term, but watch the U6 chart over time.

Like we're Morans.

The economy has been growin... (Below threshold)
Jim Addison:

The economy has been growing. Not robustly, but growing. We have seen a strong stock market this year, despite the Obama fumbles and high unemployment - up until the last couple of days, ending with Friday's big drop.

How is this possible? One must understand several odd things about the economy. First, the stock market is the most accurate predictor of the economy roughly six months ahead. That's just how far it can predict. So, for most of this year it's been predicting the nominal growth we've seen lately, and celebrating the return of earning growth for many firms.

However, now we are in 2010. The market has enjoyed what little stimulus Obama's $ trillion party could bring, and begins to foresee the rest of the year as the Bush tax cuts expire, and the debt must be auctioned to pay for the "stimulus" plans and other extravagant spending. We are almost certain to have the dreaded "double dip" recession.

Obama's best hope is that Republicans retake the House and Senate this year, and manage to force him into sound policy, just as occurred with Clinton in '95-'96, earning him reelection.

Obuma the liar. ... (Below threshold)
krusher:

Obuma the liar.

Actually I'm still waiting ... (Below threshold)
Lord Farquaad:

Actually I'm still waiting around for that big explosion of jobs Republiklans say would happen when Bush cut taxes on the rich. You talk about someone playing around with the numbers!
All I know is when the economy was supposed to be producing jobs I went from doing my job to doing the jobs of 4 other people as well.
And you have to take what Santelli says with a grain of salt. The guy couldn't find the facts with both hands. Of course you wing-nuts don't usually rely on facts now do you?
I mean all this doom and gloom from the very same idiots who got us in to this mess? What will you whine about next?
Like good Republiklans you have learned the art of blaming others for your own ignorance. It's very sad!
You have to ask yourself. Why would we want to turn governing back over to the Republiklans? Anybody can sit back and watch the economy implode, I say we give someone else a chance. You seem to think throwing hard working Americans under a bus so your rich masters can buy another yaught is actually good for America. WTF?

Overemployed? What the hell are you talking about? Isn't that what Republiklans want? To take us back to the good old days with no labor laws. Heck, working Americans don't need to be treated like humans by the rich, right? As long as we fetch their slippers and don't complain much. Isn't that what you want?

"You seem to think throwing... (Below threshold)
DaveD:

"You seem to think throwing hard working Americans under a bus so your rich masters can buy another yaught is actually good for America. WTF?"

Well, the last time I checked, someone has to build that yacht so it does not trouble me as much as it does you. It's a job in the private sector. But, hey, that's just my twisted view, I guess.

So. . As long as the rich t... (Below threshold)
Ryan:

So. . As long as the rich take it in the shorts, you are happy, whether or not you take it in the shorts to, in essence. . and your handle? Entirely appropriate.

Fact: The workforce popu... (Below threshold)
Justrand:

Fact: The workforce population of the United States grows an average of 100,000 per month...thus ADDING 100,000 jobs per month is the generally accepted break-even point for unemployment.

Fact: 20,000 jobs were LOST last month

Those are two big "dots" sitting right next to each other...and very easy to connect. The "dot" they do NOT connect to is the "dot" labeled: "Un-employment DROPS by .3%"

As they say on Sesame Street: "one of these things is NOT like the other!" And since two of them are true, that makes the other one...

Lord F ... "As lon... (Below threshold)
Jeff:

Lord F ...

"As long as we fetch their slippers and don't complain much. Isn't that what you want?"

No, that is not what we want. It is what you falsely beleive.

Lord Farquaad - actually yo... (Below threshold)
GarandFan:

Lord Farquaad - actually you should change that to "The Kool Aid Kid". Unemployment under Bush dropped to 5% - a number even better than Clinton's. But you wouldn't know that, seeing as the MSM went out of it's way to hide that information.

As the November elections get closer, you can look to Barry to really massage those unemployment figures. And tout all those "millions of jobs saved".

Lord F -Ever have ... (Below threshold)
bobdog:

Lord F -

Ever have a poor person offer you a job?

How can you stand the taste of four year old Kool-aid? Can't you see what's floating on top?

Most Americans are too stup... (Below threshold)
David:

Most Americans are too stupid to know anything about the economy.
Many of them though are quick to defend their country.
They will say stupid things like ( The economy is getting better the stock markets are going up) Since Americans fail to take history into account because history is too terrible for them to look at.
Facts like during the Great Depression the stock markets had 3 of the best runs in history.
USA owes more can be paid back,even the interest payments are too high for them to service. We can see this today in Obama's health care scheming which is not a health care system as much as it is a direct scheme to fleece Americans of money.
Then there is the scheme to have all of the pension money pooled and run by the Govt ,this is nothing less than a scheme to raid the pensions of Americans in an effort to service the debt.
America has no resources left it has been like a 1000 watt light bulb living the high life for 150 years and burning up all of the resources that 1000 watt light is now only putting out 10 watts and it is flickering badly.
I remember history lesson in Canada which explained why Canada has not had to tap most of it's resources. All of America's resources
were dumped on Canada. WE minted silver coins and gold coins using mostly US silver and gold
which was dumped onto Canada at below the rates for these commodities .
As a consequence Canada still has 6 quadrillion is Resources in the ground still
with only a population of 35 million
American is tapped out with a population of 335 million.
worse yet the resources of USA that were dumped into Canada were priced in the years of
1800 - 1950 Meaning we more or less stole them
considering today's prices .
While USA's once 1000 watt light now 10 watts flickering and now dimming fast,By contrast Canada's Light is 250 watts and growing stronger by the minute.
If Canada was to unhinge it's dollar from THE U.S. $ it would appreciate instantly to 2 or 3 times it's value.
As America becomes more of a basket case Canada
will probably lift them up by their britches
As Canada has gained immensely over the years by virtue of their politicians stupidity and their greed for wealth at the expense of their countrymen .

Lord F is like Obama: The ... (Below threshold)
jim m:

Lord F is like Obama: The only jobs Americans should have are "shovel ready", which apparently means that we should all be minimum wage ditch diggers.

Don't get a big head and think that you should have something better. Lord F and the One will assure that there are plenty of low wage jobs that add little or no value to everyone's life. If little value is added then there is always lots more to do. Now that's job security!

"Obama administration has l... (Below threshold)
MDr Author Profile Page:

"Obama administration has lowered the total number of jobs supposedly available in the marketplace, taking the 136 million figure down to 129 million."

So, in effect, Oblunder is admitting that he's "lost" 7 million jobs.

Comment deleted... (Below threshold)
nobodysaysBOO:

Comment deleted

Maybe Hussein ISN'T all tha... (Below threshold)
OLDPUPPYMAX:

Maybe Hussein ISN'T all that mistaken about the stupidity/ignorance/gullibility of the American public. After all, HE got elected, didn't he!

A liberal: A person who is... (Below threshold)
RYan:

A liberal: A person who is terrified that somehow, somewhere, a rich person might be happy.

David above is correct in t... (Below threshold)
Jacob:

David above is correct in that Canada's position is quite different. Canadians all know that, but most Americans do not realize it. However, Canada's economy is very tied to that of the USA, for many industries. Having a better banking system and a number of other better institution, does not make us immune to problems south of the 49th parallel.

All I know is that I had a ... (Below threshold)
The Prisoner:

All I know is that I had a good job with very good benefits and reasonable health premiums. During the 8 years of George W, I saw my health insurance premiums TRIPLE, the price of prescription medicine go up, even with insurance, and most importantly, companies moving their operations to other countries. I saw tremendous downsizing, and biggest loss of jobs, including my own, since I believe, Herbert Hoover! To blame Obama for fudging the numbers is wrong, because the way the unemployment rate has been fudged began long before he was even Senator Obama. To think that ANY candidate could have replaced all the jobs lost during the failed policies of the George W era, which included funding the war in Iraq, at about 7 billion dollars a month, which has not yet been paid for, and tax CUTS for the wealthiest Americans, while the middle class all but disappeared, losing their jobs and health insurance, seems to be very unfair. Mr. Obama has tried too hard to work with the "Party Of No," which is the reason why he has not been able to deliver what he was ELECTED to do in a general election! The Republicans want this president to fail so much that they first sponsor a jobs bill, and then when the President asks for their ideas, they then vote against what they originally sponsored! They have voted NO on most everything, including bills that would benefit their own wing-nutted, tea-bagging constituency. Mr. Obama is not God, but geez, please don't imply that going backwards to the policies that got us into this economic spiral would be better than TRYING something else. It won't happen as long as the Republicans play politics with our lives and are only concerned with taking back the White House - even if it means screwing the people who vote Republican as well. Do you all really think we'd be better off if John McCain or Sarah Palin was President? Forget I asked - I'm sure most of you will say yes. But, after reading some of these comments, it figures. Most of the people who lost jobs during this great recession did so under the watch of the great George W Bush. If anybody wants to blame Clinton, then Bush had 8 freaking years to fix whatever was broken, despite being left with a SURPLUS, while he left a trillion dollar deficit for Obama to work with. Of course the deficit will go up. No sense debating this matter. If you don't have a job, and you want to blame Obama, that's fine - Just remember the previous President, who had 8 years to fuck this country up. Thanks.

Often we forget the little ... (Below threshold)
kiramatalishah:

Often we forget the little guy, the SMB, in our discussions of the comings and goings of the Internet marketing industry. Sure there are times like this when a report surfaces talking about their issues and concerns but, for the most part, we like to talk about big brands and how they do the Internet marketing thing well or not so well.

www.onlineuniversalwork.com

All I know is that in one y... (Below threshold)
Prairie:

All I know is that in one years time under President Obama I have lost most of my wealth via my 401K and housing. What started as a economy gash is now a bed sore the size of a baseball and it is getting worse.

He wanted the job to fix things and so far all he has done is make it worse. No thanks.

"Mr. Obama has tried too ha... (Below threshold)
Alan Orfi:

"Mr. Obama has tried too hard to work with the "Party Of No," which is the reason why he has not been able to deliver what he was ELECTED to do in a general election!"

When you have a supermajority in Congress, this argument just doesn't fly. Every Republican Senator and House Member could have stayed home the past 13 months and Obama still wouldn't have passed much of his socialist agenda because the PEOPLE don't want it... and the Democrat Congress knows it.




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