09.10.2012 original publish date
09.15.2012 repaired broken link
CNN & BLS.gov Reports Show Unemployment Higher Under Obama
original article written by Net Advisor™
Washington DC. We continue to hear the ‘millions of jobs created’ under the Obama Administration. We have been citing for the last two years how government has been manipulating the unemployment data. By the government’s own standards, and not well reported, the true unemployment rate is closer to 15% (Report).
On September 9, 2012 CNN aired (or re-aired) a documentary called, “Obama revealed: The man, the president.” There were many interesting points in the report. With regard to this subject on jobs, CNN noted that (in January 2009) there were “more than 11 million Americans unemployed…” (Source: CNN Report PDF, page 1, highlight added).
Two days earlier on September 7, 2012, the U.S. Bureau of Labor Statistics published the latest jobs report. If you accept the government’s math as true, which we will for sake of argument for a minute, the number of unemployed persons in the USA last year (2011) was 13,747,000 (Source: BLS.gov PDF, right column, highlight added).
OK, Ready for Math?
- CNN: U.S. Unemployment in January 2009 = 11,000,000 +
- BLS.gov: U.S. Unemployment for 2011: 13,747,000
- Here is the math: 13,747,000 – 11,000,000 = 2,474,000
Results: Based on CNN and BLS.gov’s reports, there are (at least) 2,474,000 more job LOSSES than net jobs gains under the Obama’s Administration.
Any Questions? We Have One.
From a statistical analysis, it’s very, very, rare to have a large number especially in the ten million+ range (unemployment numbers above) end in “000.” Jobs or lack thereof comes down to individual numbers of people if the data is calculated correctly. Is it an ongoing statistically oddity that the job numbers seem to always be rounded to 1,000? We can’t get an exact count of job losses or job gains, or we don’t want to make that count? Government can tract our $16 Trillion (deficit) down to the penny, but when it comes to calculating jobs down to the last 1,000 people, that’s just too hard?
Stimulus Was Not Stimulating
The Obama re-election campaign and the Administration itself seems to have a difficult time coming to terms of the real unemployment situation. The $787 Billion Obama stimulus that was to create all these new jobs, ended up being a debt burden to taxpayers for generations to come. The stimulus did not produce one net new job gain over jobs that were lost based on CNN and BLS.gov’s reports.
Obama Stimulus Sent $$$ Millions Overseas
What’s worse than no U.S. job creation? When U.S. taxpayer money goes to help create or expand jobs in foreign countries. In July 2012, it was reported that millions of U.S. taxpayer dollars from the 2009 Obama Stimulus program went to FOREIGN businesses.
400,000 People Dropped Out Labor Force in Latest Jobs Report
What might be hard to find in the latest jobs report is that ‘400,000 people dropped out of the labor force, rather than more people finding jobs’ (Source: CNN). Further, the number of young people in the labor force is at its lowest level since 1955.
“…the percentage of young people who are counted in the labor force fell to its lowest level since 1955. The unemployment rate for young adults rose to 16.8% from 16.4% in July.”
— Source: CNN, 09-07-2012
It’s a good thing we are told that we’re not in recession. With numbers like this, what might a “real recession” look like?
Government Revised June & July’s Jobs Numbers – LOWER than Previously Reported
The latest BLS.gov Report showed that +96,000 new (non-farm) jobs were created (Source: BLS.gov Report 09-07-2012 PDF, page 1, highlight added). The same reported noted that the number of new non-farm jobs for June 2012 was overestimated; thus revised down from +64,000 to +45,000. The July 2012 jobs report was also revised lower showing +141,000 new jobs created verses +163,000 reported (Source: BLS.gov Report 09-07-2012 PDF, page 2, highlight added).
Individual State Unemployment Remains High
Despite the Obama’s Administration claims of “saving 1.1 million” factory-worker jobs from the GM & Chrysler bailouts (Obama Twitter Post 09-06-2012 PDF), Michigan, home of the U.S. auto industry still has a 9.0% unemployment rate (Source: BLS.gov Unemployment Rates “Seasonally Adjusted” States, PDF highlight added).
Some can argue about job gains. But again, if we have more job losses than jobs gains over the last three years, it’s hard to chant about job gains when more people have lost their job.
For further reading, please see our jobs reports and data analysis history here.
__________________________________________________________________________
Cartoon image credit Eric Allie.
original content copyright © 2012 NetAdvisor.org® All Rights Reserved.
NetAdvisor.org® is a non-profit organization providing public education and analysis primarily on the U.S. financial markets, personal finance and analysis with a transparent look into U.S. public policy. We also perform and report on financial investigations to help protect the public interest. Read More.
__________________________________________________________________________
