WALL STREET INSIDER On Latest Obama Jobs Report: ” Absolute Rubbish”
October 5, 2012
A longtime Wall Street power player makes clear the attempted October surprise jobs report by the Obama/Jarrett administration is a “fabrication built upon a fabrication” that proves just how desperate those who hope to keep Obama in power have now become.
I note you have already created a response to this morning’s jobs report showing a reduction in the unemployment rate to 7.8%. Quite a significant drop. And quite a lie by this increasingly hysterical administration. Absolute rubbish in fact.
As others have, or will note, the decrease comes primarily from a reduction in the overall workforce. This reduction has time and again been the sad foundation for earlier decreases in the unemployment rate during Jarrett’s reign over America. In this instance, nearly 350,000 people are no longer seeking work. As such, they are no longer being counted. So in essence, we have a report indicating a marginal job creation figure of just 114,000 while 350,000 have given up looking for work. That indicates 300% more Americans have given up than found employment during the month of September alone under the Jarrett administration. How easy then would it be, as our friend is so fond of saying, for them to “cook the books” by simply not counting hundreds of thousands of unemployed? Very easy indeed.
Unfortunately most have never heard of, nor understand the term U-6, a combination of both unemployed and underemployed. It is the U-6 that marks among the most depressing and heart-wrenching aspects of the last four years. That number remains at nearly 15% and shows no indication of improving despite this latest jobs report that is nothing more than a fabrication built upon a fabrication. Perhaps the media needs to acquaint more Americans with the U-6? And so they now will.