According to chief White House dogwasher Jay Carney, 1.2 million people dropping out of the labor force in January can be seen as an "economic positive." Yeah! It certainly was an economic positive for Obama because those people no longer had to be counted as unemployed. That’s one way to improve the unemployment numbers – just make 1.2 million unemployed people vanish from the statistical database.
Only in the world according to a Marxist like Barack Obama could it be a good thing when our labor participation rate hits a 30-year low. Caesar Obammus is most certainly quite comfortable with the idea of fewer people working and more people depending on the government to survive.
The White House spin-meisters try to blame it on the fact that more young people are going to college and more old people are retiring. That’s a lot of college students starting school in January and a lot of old farts headed for Florida – 1.2 million of them, to be exact!
As Charles Krauthammer points out, “the Obama administration promised that the unemployment rate today would be approximately 5.8 percent – not 8.3 percent — if the $800 billion stimulus package were passed.” Where is the ObamaMedia to report THAT little goodie? Or how about this one: “Even if 250,000 jobs were created every month from now to the election, the unemployment rate will still hover near 8 percent.” Remember that no modern president has been re-elected with an unemployment rate above 7.2%.
Will Obama be the exception? You better hope not. But what if he is … what if Obama is the first modern president to be re-elected with an unemployment rate near 8%? What does this say about the state of our Republic? It’s validation for years of government indoctrination in our failing government school system. Students are taught that government is always the solution. Couple this with a growing entitlement society and a celebrity worship culture and you start to get a better idea of how someone like Barack Obama, a charismatic Marxist, could end up in the White House and then perhaps stay there for two terms.
Give this man four more years to fundamentally transform the United States of America. I would still like one eccentric member of the ObamaMedia to ask the question: Change from what, to what? After all, just this past weekend Obama lamented over the constraints of our founding documents on his plans to radically transform America. He said in an interview on NBC, “It turns out our Founders designed a system that makes it more difficult to bring about change than I would like sometimes.” That durn Constitution, that durn Bill of Rights … these pesky things are getting in the way of Obama’s transformations! Obummer went on to say, “But what we have been able to do is move in the right direction.” Do you think we are moving in the right direction? The largest deficit on record of $1.6 trillion. More racked up debt than George Washington through Bill Clinton combined. Lowest labor participation rate in 30 years. A record number of people on food stamps. ObamaCare. Record government regulations in terms of economic impact. Not to mention his complete disregard for our Constitution when it comes to matters of recess appointments or submitting a budget on time … just to name a few.
“Effective with data for January 2012, updated population estimates which reflect the results of Census2010 have been used in the household survey. Population estimates for the household survey are developed by the U.S. Census Bureau. Each year, the Census Bureau updates the estimates to reflect new information and assumptions about the growth of the population during the decade. The change in population reflected in the new estimates results from the introduction of the Census 2010 count as the new population base, adjustments for net international migration, updated vital statistics and other information, and some methodological changes in the estimation process. The vast majority of the population change, however, is due to the change in base population from Census 2000 to Census 2010.
In accordance with usual practice, BLS will not revise the official household survey estimates for December 2011 and earlier months. To show the impact of the population adjustment, however, differences in selected December 2011 labor force series based on the old and new population estimates are shown in table B.
The adjustment increased the estimated size of the civilian noninstitutional population in December by 1,510,000, the civilian labor force by 258,000, employment by 216,000, unemployment by 42,000, and persons not in the labor force by 1,252,000. Although the total unemployment rate was unaffected, the labor force participation rate and the employment-population ratio were each reduced by 0.3 percentage point. This was because the population increase was primarily among persons 55 and older and, to a lesser degree, persons 16 to 24 years of age. Both these age groups have lower levels of labor force participation than the general population.”
So Rick/Zero Hedge, unless you would like to argue that the population of the United States also grew by 1.5 million in one month (since that is from the exact same report/revision you quoted), I think both of you should retract your extremely misleading statements about those not in the labor force increasing by over a million in January and simply admit that you are either too stupid or too focused on selling a particular world view to read the data correctly.
At the very least, a reputable financial news organization like CNBC needs to set the record straight on data like this as while Mr. Santelli is entitled to his own opinion, he is not entitled to his own facts, and the fact is 1 million people did not drop out of the labor force in January 2012.
I know, you just hate it when you can't overcome the facts... sucks to be you.
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revelette
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Tue 7 Feb, 2012 09:04 am
Quote:
Hannity's Challenge: "How Do You Make The Case" That The Economy Has Improved
Hannity: "You Cannot Make The Case With A Straight Face That This Economy Has Gotten Better Under This President." Discussing the 2012 presidential election, Fox News' Sean Hannity claimed, "You cannot make the case with a straight face that this economy has gotten better under this president. You can't make it anymore." [Fox News, Hannity, 2/1/12]
This Is How You Make The Case That The Economy Has Improved
THEN: The Economy Was Contracting By Nearly 9 Percent. The Bureau of Economic Analysis estimated that gross domestic product declined by 8.9 percent during the fourth quarter of 2008 -- the final quarter before President Obama took office. According to IHS Global Insight, GDP decline at the end of 2008 "represents the worst single-quarter decline in GDP since the 10.4 percent drop in the first quarter of 1958." [IHS Global Insight, 7/29/11]
NOW: The Economy Is Growing. In its initial estimate of economic growth during the fourth quarter of 2011, the Bureau of Economic Analysis estimated that gross domestic product increased by 2.8 percent. [Bureau of Economic Analysis, 1/27/12]
THEN: The Economy Lost 2 Million Jobs In Three Months. According to the Bureau of Labor Statistics, employment decreased by 802,000 jobs in November 2008, 619,000 jobs in December 2008, and 820,000 jobs in January 2009 -- a total of 2.2 million jobs in three months. [Bureau of Labor Statistics, accessed 2/1/12]
NOW: The Economy Added 1.9 Million Private Sector Jobs Last Year. According to the Bureau of Labor Statistics, private sector employment increased by 1.9 million jobs in 2011. [Bureau of Labor Statistics, 1/6/12]
CNN: "Since Job Growth Resumed, The Economy Has Added About 3 Million Jobs." CNN.com reported:
The U.S. economy created about 2 million private-sector jobs in 2011, according to the BLS -- a figure comparable to 2005, when 1.9 million jobs were created. And since job growth resumed, the economy has added about 3 million jobs. [CNN.com, 1/25/12]
It must be true because he obviously doesn't have a job and spends so much time here posting things.
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revelette
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Tue 7 Feb, 2012 09:46 am
@H2O MAN,
The quote was not meant to be taken literally. Merely that in order to know what the opposition (fox news and other conservatives media) is saying, you have to either watch it or go to sources who watch it for you. If you don't, you let all that disinformation just stay there undisputed.
I feel as though I am throwing pearls before swine
Go ahead, come with another pithy one liner signifying nothing .
So true! watersquirt is unable to comprehend facts and figures no matter how many ways it's been shown to him; makes one wonder how he even graduated from any school in the US. All he does is respond with one-liners that isn't even relevant; usually ad hominems. That's the limit of his calcified brain.
Please send me a PM when he posts anything worth reading that responds "intelligently" to any issue.
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H2O MAN
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Tue 7 Feb, 2012 01:23 pm
Ci has missed his scheduled medication and nap again... it's all GW Bush's fault.
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realjohnboy
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Tue 7 Feb, 2012 02:21 pm
I'd Do It Again.
Former President George Bush spoke an automobile dealers' convention in Las Vegas yesterday. He was asked about his $700Bn TARP plan to bailout the auto and banking industries in the waning days of his term. At the time some 60% of the population disapproved of his action.
He noted that he is a free market proponent but, when asked by then Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke whether he was willing to risk a depression, he decided that "I didn't want there to be 21% unemployment. I'd do it again."
While Bush and Obama shared the concept of the need for government intervention, Mitt Romney wrote an op-ed piece in mid-November, 2008, arguing that it would be better to, as his article was titled: "Let Detroit Go Bankrupt."
Ci has missed his scheduled medication and nap again... it's all GW Bush's fault.
