Cooked or Accurate US Employment Numbers?
Main Street America is in protracted Depression.
by Stephen Lendman
For over a decade, US job prospects have been dismal. Since crisis conditions erupted in 2008, they've been dire for millions wanting work.
Since Obama took office in January 2009, job creation has been pathetic. Numbers reported during the weakest US recovery on record largely failed to compensate for others lost.
Monthly Labor Department (BLS) data report inaccurately. America's broken jobs engine isn't explained. The latest 7.8% unemployment rate is blarney. Based on the 1980s calculation model, real unemployment approaches 23%.
You'd never know it from irrational exuberance following the October 5 BLS report. "Better News on Jobs" headlined a New York Times editorial, saying:
The report "was stronger than expected." It's also true that more needs to be done "to maintain and create jobs," The Times admitted. It also called the unemployment rate drop from 8.1% to 7.8% "partly due to a statistical fluke and partly to more part-time employment."
It has nothing to do with the latter. It has everything to do with huge numbers of workers dropping out of the labor force monthly for lack of jobs. Healthy economies have them for virtually anyone wanting work. No longer.
Moreover, most jobs created are poor temporary or part-time low wage/low or no benefit ones. People take them to eat and avoid having to sleep on city streets.
The Times left unexplained what's most important to know. A Washington Post editorial was worse. It headlined "Jobs report shows an economy on the move," saying:
Before taking office in January 2009, Obama told Post editors that job creation was his "number-one priority." Grade him F for not delivering or trying.
Not according to the Post, saying: "Friday's employment report gave Mr. Obama a reason to crow."
"Unemployment probably would have been worse but for some of (his) policies"."
False! Obama helped Wall Street, not Main Street. His so-called fiscal stimulus went mostly for corporate tax cuts and others to rich elites. Ordinary people got austerity, not help. Current dire conditions show it.