Is anyone really surprised that just before Election Day the unemployment rate tumbles 0.3% in a single month to bring it down from 8.1% to 7.8% despite only 114,000 new jobs being added (in a normal recovery, we should be adding three times that number every month) – a number that doesn’t even keep up with population growth. This report would be great news except for the fact that if the same number of people were actually in the workforce as the day that President Obama was inaugurated the unemployment rate would still be over 11%. Little did people know that the President’s strategy of “Hope” would be to crush people’s hopes so they would be driven out of the labor force and become not just chronically unemployed, but give up looking altogether.
Anyone want to take bets on what the revised number will be for this month a few months down the line? It sure as heck won’t be under 8%, but by then Election Day will be passed. Just one more bottle of snake oil that Obama is trying to sell the American people.UPDATE: Former GE CEO Jack Welch, someone who actually understands the economy and how to create jobs, is calling Obama out as a liar who is manipulating data to lower the unemployment rate.