“There are three kinds of lies: lies, damned lies, and statistics.”
This quote from Mark Twain rings as true today as it did in his time. The big government circle jerk is at it again, manipulating employment data to show America the illusion of a real recovery thanks to the policies of our fearless leader, who shall not be named, frankly because I’m not too fond of the Golfer-in-Chief. So what are the whiny, super rich, predatory capitalists complaining about now? Why, the employment data, of course. Gallup’s CEO, Jim Clifton, dove into the recently released employment figures and had quite a bit to say about how misleading the data is.
That’s right, the 5.6% unemployment number that everyone is getting all excited about is pure crap. Now, it isn’t so much a lie as it is misleading because of what pool of data is used. 5.6% is the U3 unemployment number, which has been used by politicians for years to make it look like they are doing a good job because it leaves out extreme underemployment and people no longer in the work force. Many people educated and qualified to work good, full time jobs are working low paying part time jobs and people who gave up looking for work six or more weeks ago aren’t counted at all in the U3 employment numbers. Just for your information, the number that includes those no longer in the workforce and the grossly underemployed is the U5 and U6 unemployment number, which is a much more accurate gauge of employment in America. According to Gallup’s CEO, only 44% of American adults have a 30+ hour work week with a regular paycheck, and to replenish the middle class we need that number to be over 50% as well as 10 million new, good full-time jobs. Hell, I couldn’t find a sketchy massage parlor that would stroke me as well as the US Department of Labor strokes their numbers.
Of course, this isn’t the first instance of data stranglebation by the federal government recently. Zero Hedge called out the Q3 2014 GDP surge as a fraud by pointing out that the Affordable Care Act’s contribution to GDP in the first quarter of 2014 was taken out because the polar vortex could be blamed for poor GDP numbers. So where did all that Obamacare contribution to GDP go? Why, into the Q3 GDP numbers of course! That’s right, the Q3 numbers were, once again, weak, so they needed to pump up the numbers right before the November elections, so they put a year’s worth of Obamacare into Q3 2014 GDP. So, when you think about it, this whole U3 unemployment vs U6 unemployment limp biscuit is no real surprise..
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