On Friday, the Obama government touted a new unemployment rate number of 4.6 percent, the lowest rate since 2007, however, the number hides the failures of Obamanomics by not counting the long-term unemployed, which are magically excluded from the calculation.
The “real” unemployment rate, as measured by the Bureau of Labor Statistics (BLS) U-6 number, which includes according to the agency, “total unemployed, plus all marginally attached workers,” is more than double the number advertised by the Obama regime, a whopping 9.3 percent.
Additionally, there were 5,669,000 Americans working part-time in November who would rather have a full-time job but cited economic reasons for not having such employment.
The stated 4.6 percent unemployment rate reminds me of that famous Mark Twain line:
“There are three kinds of lies: lies, damned lies, and statistics.”
In other words, the dishonest 4.6 percent rate stated by the Obama regime, which sounds so much better than the honest number, doesn’t count the millions of Americans who want and need full-time jobs but have given up looking for work.
Meanwhile, Obama and his government-centric “hope and change” economy set another unfortunate record that will be part of his legacy.
On Friday, we learned that for the month of November, the number of Americans not in the work force — a real number that is more difficult to manipulate — hit 95 million for the first time. In November, there were 95,055,000 Americans not in the labor force, an increase of 446,000 people from the previous month.