Whenever Barack Obama gives a speech about something, you can bet the farm that within 72 hours, some contrary news will show how wrong he was! On Wednesday, Obama gave a speech in Elkhart, Indiana to talk about how great the economy is. On Friday, the Bureau of Labor Statistics, BLS, released its May 2016 jobs report. In a nutshell, it was ″dismal″. Only some 38,000 new jobs were created in the month, the lowest number since 2010 during the height of the Obama Depression. Only 25,000 of those new jobs were in the private sector. Yet, the Obama White House is trying to spin how the national unemployment rate fell from 5% to 4.7%, despite the horrible job growth. Once again, the reason is more to do with BLS bookkeeping than actual economic improvement. Some 500,000 long-term, unemployed workers were removed from the labor force. We now have over 94.7 Million, work-age adults unemployed with a Labor Participation Rate of just 62.6%, the worst since the Carter years in the late 1970s.
You know, I could write these articles in my sleep! Ever since the BLS changed its mathematical formula for calculating employment figures in August of 2010, just before the mid-term elections, its the same thing over and over again. The Obama administration considers anyone who has been unemployed for more than 27 months must have won the lottery or inherited a goldmine. They just quit looking for a job. They must not need to work anymore!
However, despite attempts by Liberal-Progressive-Socialists to spin the numbers, blaming robots and retirement, the truth is that most of the unemployed are probably still looking for a job. But the economy sucks so much that they cannot find one! The Congressional Budget Office, CBO, did a study about how many of the 94.7 Million work-aged adults unemployed are retired. They found that only some 1.5% of them are. So much for that argument! Robots? Who knows, but I doubt if it even reaches 1%. No, any rational, objective mind would come to one, and only one conclusion, the Obama Economic Recovery NEVER HAPPENED!
Don′t even bother bugging me with tales of higher corporate profits and stock market indexes. Large corporations are making more money because their workforce is so small. The stock market is fueled by cheap money from the Federal Reserve Bank. Which, by the way, is now considering holding off increasing interest rates to help Crooked Hillary Rodham Clinton get elected. The May jobs report had other bad news in it as well, such as dismal, anemic numbers for US exports and even imports, too!
So, yes, the May 2016 jobs report was indeed dismal and completely countered Barack Obama′s rosy economic speech on Wednesday in Elkhart, Indiana. Obama has been a disaster in the White House. Though he can share the blame with Nancy Pelosi and Harry Reid. The bottom-line is that since 2006, when the Democratic Party got full control of Congress, 17 Million fewer, work-aged Americans are employed. Obama claims that his administration has created some 14 Million new jobs. But that number, which is probably phoney anyway, still does not make up the number needed just for population growth and attrition. Ah, attrition! I love that word! Maybe the Bureau of Labor Statistics, BLS, should create a new category for the long-term unemployed. ′The Attritted′.