Add this Page to Facebook!   Submit to Twitter   Submit to Reddit   Submit to Stumble Upon   Pin It!   Fark It!   Tell A Friend  
Printer Friendly Page Save As Favorite Save As Favorite View Article Stats
6 comments

OpEdNews Op Eds

Harry Reid and 16.8% unemployment: A clueless comment or the most clueless comment?

By (about the author)     Permalink       (Page 1 of 1 pages)
Related Topic(s): ; ; ; ; ; ; ; ; , Add Tags Add to My Group(s)

View Ratings | Rate It

Headlined to H2 3/8/10

opednews.com

As soon as I heard Senate Majority Leader Harry Reid spew the following line after hearing of the February unemployment numbers, I immediately thought of Steven Colbert's political comparison: Is George Bush a great president, or the greatest president?

Let's hear it from Harry Reid himself:


Harry, let's see if I can explain the difference between good news and news that is merely less bad. First of all, 36,000 people losing their jobs wasn't a one day affair as your statement suggests; it's the number of jobs lost for the month of February. Thirty-six thousand fewer people now have a job than had a job at the beginning of February.

Secondly, between 125,000 150,000 jobs need to be created each month just to break even with population increases. So if you add the 36,000 that no longer have jobs to the 125,000-150,000 jobs that weren't created to absorb population increases, you have a total shortage of 161,000-186,000 jobs for the month of February alone! And that's good news?

click here While I try to give the benefit of the doubt to those who misspeak, I find it hard to do that with politicians who are so disengaged from those who are suffering. So here's Harry's explanation:

"I want to talk about some remarks I made this morning -- especially in the light of how they are being irresponsibly mischaracterized by those seeking to score more political points," Reid said on his second trip to the Senate floor.

Reid said the February report -- unemployment was stuck at 9.7 percent -- was "undeniably devastating." But he argued that the situation could have been worse without the Democrats' economic stimulus package.

Then Reid cautioned his Republican critics against celebrating bad news, The Hill newspaper reported.

"And I warn them, once again, that this country has no place, and no patience, for those who root for failure."

Maybe unemployment would have been worse without the stimulus package, but that's no excuse for such a careless statement. Harry quotes the standard U3 unemployment rate of 9.7%, but if he was honest, he would quote the U6 unemployment/underemployment rate, which actually increased last month from 16.5% to 16.8%!

"[M]any seem to have missed that real unemployment, or the BLS U-6 series actually climbed by 0.3%, to 16.8% from 16.5% in January. Additionally, the Non-Seasonally Adjusted U-6 number was barely changed, and was flat at 17.9%, just a hair away from January's record 18%."


u6-3-5-10

Now let's look at an even more chilling February employment number; the underemployed rate:

Also, just as relevantly, a comparable data series tracked by Gallup indicated the February "underemployment" came in at 19.8%, virtually unchanged from January's 19.9% reading.


u6-3-5-10b

After looking at a more complete picture of unemployment, it's clear to see that "good news" is not a phrase which should be part of the unemployment discussion at this time

 

Take action -- click here to contact your local newspaper or congress people:
303

Click here to see the most recent messages sent to congressional reps and local newspapers

Mike has spent the past two decades as an environmental remediation specialist and technical writing consultant. An Environmental Sciences graduate of SUNY Brockport, Mike has been writing for the past year about unemployment and workplace issues. (more...)
 
Add this Page to Facebook!   Submit to Twitter   Submit to Reddit   Submit to Stumble Upon   Pin It!   Fark It!   Tell A Friend
The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Follow Me on Twitter

Contact Author Contact Editor View Authors' Articles

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

A discussion with Patrick Killelea of Patrick.net - the housing bust and what to expect next

Hope a dope - is Obama trying for a knockout?

Just walk away - from the American dream

Harry Reid and 16.8% unemployment: A clueless comment or the most clueless comment?

Blankfein - "doing God's work" or doing gods work?

Comments

The time limit for entering new comments on this article has expired.

This limit can be removed. Our paid membership program is designed to give you many benefits, such as removing this time limit. To learn more, please click here.

Comments: Expand   Shrink   Hide  
4 people are discussing this page, with 6 comments
To view all comments:
Expand Comments
(Or you can set your preferences to show all comments, always)

The Democrats have been placed in the unfortunate ... by Charlie L on Monday, Mar 8, 2010 at 11:55:35 AM
I couldn't agree more.... by Taylor on Tuesday, Mar 9, 2010 at 11:29:08 AM
look, businesses(from corp. to small) either offer... by gsteinum on Tuesday, Mar 9, 2010 at 2:22:30 PM
gsteinum: We are probably coming from slightly dif... by Charlie L on Tuesday, Mar 9, 2010 at 3:47:42 PM
charlie: good to hear from you again. you do provi... by gsteinum on Tuesday, Mar 9, 2010 at 8:08:07 PM
Unfortunately he has a nice pension coming even if... by Jon Ross on Monday, Mar 8, 2010 at 10:51:38 PM