U-6 unemployment rising since April ’12; now at 15%
If the Republican nominee were Kermit the Frog, he’d have my vote.
For all of the President’s supporters out there who continue to believe that this President has any idea what he’s doing economically, you have only to look at the woeful U-3 and more importantly, the U-6 unemployment stats.
The July jobs report that came out yesterday spoke volumes about the crisis in unemployment that has been sweeping this country for the last 40+ months. Investors Business Daily calculated the real damage using the Bureau of Labor Statistics data, and we’re in double digits in but all of three states.
The 163,000 figure becomes even more suspect when you consider that 150,000 people left the workforce in July — something that almost never happens when the economy is expanding and creating new jobs. In short, the 163,000 “new” jobs is a mirage due mostly to seasonal adjustments — not real jobs.
Nor is this a one-month phenomenon. Since Obama stepped into office, 7.5 million people have left the workforce — calling all the administration’s claims of job “gains” into question.
What Obama didn’t mention was that the monthly employment survey of households — which is used to create the unemployment rate — shows a stunningly different picture than the business payroll data.
By this household measure, the number of jobs plunged by 195,000, pushing the unemployment rate up to 8.3% from 8.2%. So talk of job gains is deceptive.
What does U6 show? It shows an alarming 15% unemployment rate — with 23 million people having no job. Worse, the U6 measure of unemployment is rising as the economy slows down.
During the past month, on one of the websites I read on a daily basis, Life with Dogs.tv, the editor published a letter from a woman who had lost her home. Her two daughters were staying with her sister, while she and the two family dogs were living in her car, because she refused to give them up. The woman was a veteran, and had lost her job, hence her home. I, like so many others, who read of her plight, reached into our wallets and helped her out. She now has her pups in foster care, courtesy of a good Samaritan, and she’s staying with her sister and daughters now and looking for work.
This story, along with those of others who share a similar plight, touch me personally to the core. Perhaps because I’m a pet owner, perhaps because I know what it is to have been unemployed. You count every penny, you pray every night and tell yourself it’s darkest before the dawn.
“We tried our plan, and it worked.”
Twenty three million unemployed, 48 million on food stamps. The weakest, most anemic recovery in our history.
November 6, 2012, the day we take our country back.