Unemployment smoke and mirrors
A picture is worth a thousand words
Sean Davis has a great post in The Federalist showing how the Obama Labor Department uses smoke and mirrors to boost unemployment numbers.
A picture is worth a thousand words.
Okay, so we see that the unemployment rate hasn’t “really” fallen, it’s just that more of our sons and daughters are living in mom and dad’s basement, more wives are now stay-at-home moms, and more former full-time workers have become casual labor, getting part-time work where they can.
The really damning part of this picture is that the historical labor participation rate didn’t start its cliff-dive until just after Obama took office. It’s hard to blame the economy on Bush when you can’t show how you’ve struggled to provide “hope and change.”
Labor Participation Rate 2004-2014
(source: Bureau of Labor Statistics)
Financial analyst Dan Celia has been saying this for years. When the daily reality facing every family, every small and large business, and the markets doesn’t line up with the published statistics, it’s time to pull the curtain on the Wizards of the West Wing whose smoke and mirror show has grown old and tired.