Real Unemployment Rate Is 11.4%
Economist James Fitzgibbon of the Highlander Group says that “If we impute the data samplings of non-working citizens at the labor force rate of January 2009 (when this Obama term began) we would have a Household U-3 Unemployment rate currently of 11.4%.”
Fitzgibbon notes that the unemployment rate is being held down by 368,000 new people who have dropped out of the labor force. He says “Labor Force Participation rate, which has fallen sharply to 63.5%, a new 31 year low reading.”
Summarizing the data, he writes that the higher unemployment rate “which is much closer to seeming accurate and indicates this economic malaise and decline is worse than the contraction of 1980 – 81.” Grimly, he adds “I remember 1981, it was awful!”
So now we see Obama’s real program for coping with unemployment: Discourage people from even looking for work. Encourage them to leave the labor force and rely on government handouts instead.
With almost 90 million working age adults not participating in the labor force, we are close to become a nation that does not work (less than two-thirds of us do), gets entitlements (50% of us do – compared to 30% in 1980), and pays no taxes (50% of us don’t pay federal income taxes).
A new America — the America that will emerge if we re-elect Obama.
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