It’s breathtaking how we are being lied to about unemployment specifically, and the economy in general. Just Friday we learned unemployment is down to 7.7% with the miraculous addition of over 200,000 jobs. The media was instantly celebrating great news. But is it actually great news?
First of all the REAL unemployment figure (as all economists know) is U6- which is the true measurement of not only those officially classified as unemployed, but those who have stopped looking. That number is over 14%. Why does the media never mention U6? If we have two measures of joblessness- one at 7.7% and one above 14%, why do they choose to only trumpet the lower figure? My bet is that if a Republican like George W. Bush were President, we’d hear the 14% figure bandied about in the national media day and night. But this media loves, adores and protects Obama from the embarrassment of 14% REAL unemployment.
Second, let’s assume the 7.7% is accurate (which it’s not). Dig just beneath the surface of that fraudulent number (that misrepresents the true number of unemployed plus under-employed Americans), and you’ll find that black unemployment is 13.8% versus 6.8% white unemployment. Even worse is 25.1% teen unemployment. None of this is even mentioned by the biased liberal media.
We can assume if the U6 figure was used, both of these numbers would also be much higher. I’m sure REAL black unemployment is in the 20% to 25% range, while REAL teen unemployment may in fact be in the range of 40%.
So let me ask you a question. If black unemployment were 13.8% under a Republican President, would the media ignore that storyline? Or would there be massive million man marches on Washington led by Jesse Jackson, Al Sharpton, and U.S. Senator Barack Obama? Wouldn’t black leaders be blaming the disparate numbers between white and black unemployment on racism and “the racist pro business, low tax policies of a cruel, harsh Republican President?” Yet in this case, with a black Democrat President, with the same numbers, we hear not a peep of protest or discontent out of the black leaders. Interesting.
Third if you look beneath the top figure of 236,000 new jobs in February, you see that America actually lost 77,000 full-time jobs, and gained a record number of “multiple job holders.” Somehow the media forgot to mention this.