Remember when 5 percent unemployment under George W. Bush meant that we were in horrible economic straits? Remember when gas prices hit $3.00 a gallon under George W. Bush and it was the end of the American economy as we knew it? Anyone else long for those days?
We are being told that the unemployment rate is currently hovering around 7 percent. We are also watching the labor participation rate fall to 62.8 percent (Investor’s Business Daily). This puts the true unemployment rate at about 11.8 percent.
Investor’s Business Daily reports:
When the economy fell into recession in December 2007, the jobless rate was 5% and the labor force participation rate was 66%. As job losses surged, unemployment doubled to 10% in October 2009, a few months after the recession officially ended. The jobless rate slowly began to edge down, but held at 9% or above for nearly two years, and above 8% for nearly three years.
But the drop largely reflected job market weakness rather than strength. During this time, labor force participation steadily fell. In October 2009, when official unemployment peaked, participation was 65%. A year later it was 64.4%. Now, more than four years into the expansion, it’s 62.8%, the lowest in 35 years.
But wait–there’s more. The New York Post reported yesterday that Congress will begin an investigation on how unemployment numbers have been calculated and released particularly during the run-up to the 2012 election.
The article at the New York Post reports:
Last week I reported exclusively that someone at the Census Bureau’s Philadelphia region had been screwing around with employment data. And that person, after he was caught in 2010, claimed he was told to do so by a supervisor two levels up the chain of command.
On top of that, a reliable source whom I haven’t identified said the falsification of employment data by Census was widespread and ongoing, especially around the time of the 2012 election.
In 2009, before the 2010 census was taken, the White House changed the rules on how the census would be reported. The Census Bureau would report to senior White House aides. I will admit that at the time I thought this would result in some population statistics being altered to increase the number of votes in blue states and decrease the number of votes in red states. It didn’t occur to me at the time that these numbers could also be used to skew unemployment data.
The New York Post continues:
Back in 2010, I started getting reports that the Census Bureau had some very unusual hiring practices. Census takers and supervisors — at risk of heavy fines — were reporting to me that large numbers of people were being hired only to be fired shortly afterward. And then rehired.
I theorized at the time that Census was trying to make the job-creation totals look better nationwide in those bleak months leading up to the midterm congressional elections.
This employment policy seemed too coordinated. The regional higher-ups at Census couldn’t be doing this on their own; there had to be a grander plan.
I still don’t know what was going on.
But then I heard about the falsification in Philly. This time, however, it wasn’t the employment numbers that were being doodled with. This time it was the unemployment data, which are gathered at the Census Bureau and handed over raw to the Labor Department.
Please follow the link and read the entire story. Unfortunately most of the media is unaware of this or ignoring it. As voters, all of us need to be aware of what is taking place here.