Let’s do the “ritmatic,”as former President Bill Clinton said. Available jobs not there!
At the Democratic National Convention, Vice President Joe Biden asked if we were better off than four years ago. To rousing applause he said: “Yes, we are.” A pro-Obama news medium called the 96,000 new jobs in August “anemic.”(“Terrible” is a better word.). The Wall Street Journal says it takes 150,000 new jobs a month just to keep up with population growth. (The feds say 110,000).
But wait! The jobless rate dropped from 8.3 percent to 8.1 percent. The “ritmatic” must be wrong. How can the jobless rate drop when there are not even enough new jobs to keep up with population growth? An explanation was due. It was because more people just got fed up and quit looking for work. The Wall Street Journal says about 250,000 folks did that in August. And the spinmeisters of government do not include them as “looking for work,” so the unemployment rate drops. Brilliant “ritmatic.”
This has been going on for decades, so it is not Barack Obama’s doing. But it does not help the claim that “We are better off.” Statements lauding the “drop” are already making the rounds, conveniently ignoring the only 96,000 jobs created.
It is time the media educates the people about the real jobless rate (about 14.7 percent) and starts making a pitch for transparency and better “ritmatic.” The official jobless rate should count those who are seeking work and those who just gave up and are sitting at home collecting unemployment and/or welfare checks because there is no work.
Then there should be a rate that includes folks who are “underemployed” (working in a job below their capabilities just to put food on the table). Gallup Economy estimates that rate was 18.4 percent in July. And for those under 29 years of age, it is 28.4 percent. Until that happens Americans will not get a true idea of how bad off we are.