8.3% Unemployment.

The lamestream press and the White House are in a rush claiming victory over 163K jobs being added last month.  They neglect to mention the 163K doesn’t keep up with population growth or total job losses during the month resulting in the unemployment rate INCREASING to 8.3%.  Well done Barry, you twit.  Graph and stats from attached link:

From http://www.aei-ideas.org/2012/08/july-jobs-report-americas-labor-market-depression-continues/:

– Not only is the 8.3% unemployment rate way above the 5.6% unemployment rate that Team Obama predicted for July 2012 if Congress passed the $800 billion stimulus plan. It’s way above the 6.0% unemployment rate they predicted if no stimulus was passed.

– Job growth, as measured by nonfarm payrolls, has average about 75,000 jobs a month during the Obama recovery for a total of 2.7 million jobs. Context: During the first three years of the Reagan Recovery, job growth averaged 273,000 a month for a total of 9.8 million. If you adjust for the larger U.S. population today, the Reagan Recovery averaged 360,000 jobs a month for a three-year total of 13 million jobs.

– This continues to be the longest stretch of 8% or higher unemployment since the Great Depression, 42 straight months.

– If the labor force participation rate was the same as when Obama took office in January 2009, the unemployment rate would be 11.0%.

– Even if you take into account that the LFP should be declining as America ages, the unemployment rate would be 10.6%.

– If labor force participation rate hadn’t declined since just last month, unemployment rate would have risen to 8.4%.

– The broader U-6 unemployment rate, which includes “all persons marginally attached to the labor force, plus total employed part time for economic reasons,” ticked up to 15.0%.

– Two years ago, Treasury Secretary Tim Geithner wrote his now-infamous “Welcome to the Recovery” op-ed for the New York Times. During those two years, the economy has added an average of just 137,000 jobs a month.

– Not only is the 8.3% unemployment rate way above the 5.6% unemployment rate that Team Obama predicted for July 2012 if Congress passed the $800 billion stimulus plan. It’s way above the 6.0% unemployment rate they predicted if no stimulus was passed.

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