Liberals Spin Troubling October Employment Report as "Success"

[mikegriffith1]

Yes, according to the October employment report released by the Bureau of Labor Statistics (BLS), the economy added 171,000 new jobs in October. Liberals have been hitting the airwaves proclaiming that this proves Obama's economic policies are working, that we are turning the corner, and that we should therefore reelect Obama. But let's look at the rest of the BLS employment report for October, shall we?

First off, the BLS report also states that the unemployment rate went up in October--from 7.8% in September to 7.9% in October! What gives? How can this be? There's a very simple explanation: the number of jobless people rose--from 12.1 million in September to 12.3 million in October. So, although 171,000 job were created, 200,000 more people became jobless.

See for yourself:

October Employment Situation Summary
http://www.bls.gov/news.release/empsit.nr0.htm

September Employment Situation Summary
http://www.bls.gov/news.release/archives/empsit_10052012.htm

You see, in order to just keep pace with population growth, the economy must create a minimum of 150,000 jobs per month--again, that's just to tread water, just to keep from giving us negative employment growth. So, in reality, the economy only managed to produce 21,000 more jobs than what is needed just to keep pace with population growth (i.e., the average number of people who seek to enter the workforce for the first time each month, such as college grads, new empty nesters, etc.). But, as mentioned, the number of jobless people increased by 200,000 in October. That's the main reason that the unemployment rate went from 7.8% to 7.9%.

And the rest of the economic numbers don't look too good either:

Unemployment Up to 7.9%, Income Down, Long-Term Picture Gets Worse
http://www.humanevents.com/2012/11/...ent-income-down-long-term-picture-gets-worse/

Finally, it's worth noting that by this same point in Ronald Reagan's presidency, after Reagan faced a recession that was just as severe as the one Obama faced, the U.S. economy was roaring and unemployment had dropped by nearly a full percentage point over the previous 11 months--from 8.0% in January 1984 to 7.2% in November 1984.

More info on this:

The Obama Nation vs. the Reagan Sensation
http://www.americanthinker.com/2012/06/the_obama_nation_versus_the_reagan_sensation.html

 

[editec]

Yes, I quite agree, Mike, that the most troubling thing about this economy continues to be the dismal employment picture.

171,000 new jobs is hardly much to celebrate, again, I quite agree with you.

I don't see much coming down the pike likely to change that, either.

Housing seems to be the area that most needs revitalization.

Some numbers look hopeful in the housing market, but after the collapse of that industry in 2007-2008, it's going to be a long long time (if ever!) before that industry picks up where it left off.

 

[buckeye45_73]

My favorite is how the media works.....last month the unemployment percentage was important......this month the number of jobs....
Which ever benefits the hypocrats

 

[mikegriffith1]

My favorite is how the media works.....last month the unemployment percentage was important......this month the number of jobs....
Which ever benefits the hypocrats

And what is also somewhat amazing is the degree to which liberals have lowered the bar for what constitutes "success." Sluggish to downright weak economic growth, a $4,000 drop in median family income, chronically high gas prices, a 15% devaluation of the dollar, a doubling of the rate of debt accumulation, etc.--liberals look at all this and say "hey, it could be worse" or "it's better than much of Europe" or "it's better than it was during the worst of the recession."

Reagan faced a recession that was arguably worse than the one Obama faced. The recession Reagan had to overcome included double-digit interest rates, double-digit inflation, hundreds of bank failures, and an unemployment rate that was higher than the peak unemployment rate in the recession that Obama faced.

Yet, by this same point in Reagan's presidency, the economy was roaring back and the unemployment rate was in a free fall. By November 1984, unemployment had dropped nearly a full percentage point in 11 months, going from 8.0% in January to 7.2% in November.

By Reagan's last year in office, the unemployment rate had dropped to below 6% (down to as low as 5.3%)! And, at the end of Reagan's 8 years, the economy had created over 18 million jobs. Does anyone in their right mind think there's even a ghost of a chance that Obama will even come close to that performance?