There are lies, damned lies, and then there are statistics – and I’m not exactly sure what we’re getting this month from the Bureau of Labor
Damned Lies Statistics.
In its release for June, BLS says unemployment dipped 0.2 points to 6.1 percent and non-farm payroll employment added 288,000 jobs. Of course, those figures are “seasonally adjusted” (i.e. “seasoned to taste”).
Because if you look at the full number of unemployed (the unemployed, underemployed and just plain discouraged), the real percentage is 12.4 percent. Workforce participation is at 62.8 percent, a 36-year low. That means 92,120,000 Americans 16 and older not only didn’t have a job, but didn’t actively look for one in the last four weeks.
Unemployment in the black community is particularly dire, at 10.7 percent, and it’s going to be long hot summer for teens, whose unemployment is at 21 percent – but 38.7 percent for black teens.
Of course what the BLS will never tell you is we need close to 400,000 new private sector jobs every month to right the economic ship of America. As well, you must realize the exploding Dow Jones numbers as not truly reflective of a free market economy but rather a federal reserve-manipulated artificial economy — excessive printing of money and artificially low interest rates via “quantitative easing” — are attempting to keep our economy afloat in the face of failing fiscal policy emanating from this current Obama administration.
I’d like to see America adding more jobs in the energy sector considering the events occurring in the Middle East. And another concern I have is the level of government spending currently driving our economy — close to 24 percent of our GDP, which ideally should be maintained between the historical band of excellence at 18-21 percent.
I would venture to guess a large number of Americans feel we’re still in a recession — so much for that “summer of recovery.” High gas prices, high food prices, losing full-time equivalent jobs and forced to work part time — that equals a recession for the middle income American family.
The American economy is crawling. We need to get back to running.