I suppose we should be mourning the sudden death of 1.2 million Americans. Because last week, the Obama administration’s Bureau of Labor Statistics refused to count them as still unemployed. Which they are, still unemployed. From Obama’s perspective, they may as well be dead.
No doubt, the unemployment percent that the administration puts out leading up to the 2012 election will continue to decrease even though there is no real increase in employment. They will continue to use this shrinking workforce math to make the unemployment percentage go down.
You won’t find the truth in your local newspaper. They have way too much invested in The One now to tell you what the administration is doing with the numbers.
In a December post, when the unemployment rate went from 9 to 8.6, the analysis then is identical to January’s.
“When the unemployment rate declines, we want to see both employment and participation increase as discouraged workers return to the labor force. Today, we got the former, but not the latter, making the 0.4 percent drop look a bit suspect,” Neil Dutta, US economist at Bank of America Merrill Lynch, told clients. “We would not be surprised to see the unemployment rate give back some of its decline in the coming month(s).”
Well I’m surprised! NOT! As it turned out, there was no give back. They did not factor in the Christmas season layoffs in their report. That might come on Friday when they normally make ‘adjustments’ and most likely won’t get any attention in the media. Let’s wait and see.
This fraud perpetrated by the administration was detailed HERE a couple of months ago.