When Barack Obama entered office in January, 2009, the labor force participation rate was 65.7%, meaning nearly two-thirds of working age Americans were working or looking for work.
When the recession supposedly officially ended in June, 2009, the labor force participation rate was still 65.7%.
In the latest, much celebrated, unemployment report, the labor force participation rate had plummeted to 63.7%, the most rapid decline in U.S. history. That means that under President Obama nearly 5 million Americans have fled the workforce in hopeless despair.
The trick is that when those 5 million are not counted as in the work force, they are not counted as unemployed either. They may desperately need and want jobs. They may be in poverty, as many undoubtedly are, with America suffering today more people in poverty than in the entire half century the Census Bureau has been counting poverty. But they are not even counted in that 8.3% unemployment rate that Obama and his media cheerleaders were so tirelessly celebrating last week.
If they were counted, the unemployment rate today would be a far more realistic 11%, better reflecting the suffering in the real economy under Obamanomics.
Just last month, while the Bureau of Labor Statistics reported finding 243,000 new jobs, they also reported in the same release that an additional 1.2 million workers had dropped out of the work force altogether, giving up hope under Obama. If labor force participation had remained the same in January, 2012 just as it was the month before in December, 2011, the unemployment rate would have risen to 8.7% in January rather than supposedly declining to 8.3% as reported.
Some additional facts highlight how misleading the reported unemployment rate, and the political rhetoric around it, can be. One year ago, 99 million Americans were unemployed or otherwise not working, and the unemployment rate was 9.1%. Today, while the reported unemployment rate is 8.3%, over 100 million Americans are unemployed or otherwise not working.
I fear for a social explosion: Greeks can't take any more punishment
Helena Smith, who has reported from Athens for more than 20 years, says the country is on the edge of a precipice
Despair has enveloped Greece. This weekend the bankrupt nation, for that is what it is, began negotiating the latest act of a drama that many fear will end in catastrophe – financially, socially and politically.
In an electric atmosphere, with thousands demonstrating outside parliament, MPs began debating the arduous terms of a €130bn (£110bn) rescue package that the interim prime minister, Lucas Papademos, insists is the only way left to avert economic collapse.
"A disorderly default," he said, referring to the 20 March deadline that Greece faces of repaying €14.5bn in maturing debt, "would plunge our country in a disastrous adventure. It would create conditions of uncontrolled economic chaos and social explosion."
With today's vote on the loan deal seen as a ballot on euro membership, political chiefs on both the left and right also weighed in, urging MPs to vote for the accord despite unpopular austerity measures that are likely to define the lives of Greeks for decades. "If we do not dare today, we will live a catastrophe," said the former prime minister and Socialist leaderGeorge Papandreou. "The recipe … isn't right or wrong; it's the only one available."
Antonis Samaras, the New Democracy party leader and a vehement opponent of the fiscal remedies meted out to Greece – until participation in Papademos's emergency national unity government forced him to change tack – agreed. The bailout was the only route to survival. "It distances us from bankruptcy, looting, the chaos that would follow," he said.
But in both parties MPs are far from convinced. The country has reached a crossroads, of that there can be no doubt. But almost two years since it was first "rescued" with €110bn, the nation's acceptance of this latest lifeline puts it in a perilous place. Politicians, almost without exception, believe they are "damned if they do and damned if they don't".
16 comments:
Think the bankster terrorists don't own our politicians? Think again.
These are donations for the past three elections from open secrets and posted on ZH http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2012/01/Candidates%20Full.jpg
I don't know about banksters and politicians, but I am still trying to come to terms over the BREAK IN TO REGULAR PROGRAMMING with the important news of Whitney Houston's death.
I mean, really. With all going on in the world this is news? I suppose I am responsible. After all, it's MY fault she can't simply go to the doctor to get the stuff that killed her. Oh, I forgot! That will make all the difference. I mean, you'll have a doctor on call or a 'supervisor' to watch and make sure you take your drugs, booze, etc. correctly and you'd never DRIVE while under the influence of drugs, drink, cell phones, etc., right? You'd never worry about how to get money to buy them. Oh, let's just GIVE everyone money to buy drugs of their choice. Why not? That will add jobs. USA JOB POLICE. Apply here. Personally, I need a donut police-person if anyone is interested. No pay but you can share my 'stash'.
I'm sorry to see anyone take their life. To be in so much despair that you don't see any other way must be awful, but I'm am soooo tired of HOLLYWOOD and SPORTS figures being held up as role models. Where are the rocket scientists? The cancer doctors? The peace corp worker? The mathematicians? The average person on the street can't even identify their representatives, the 3 branches of government, write/tell you difference between there/their/they're, or name the capital of their state. Stay tuned...more 'news' at eleven.
Whitney Houston like "a candle in the wind." A beautiful voice and the life of a train wreck. Some people just cannot deal with success just like lottery winners.
It's a pity that with fame comes so many hangers on, yes men/women, and self-doubt so that the talent that made you is demolished.
My point isn't Whitney. My POINT is that while Athens burns and the USA suffers the malaise of ignorance, the MEDIA (or what purports to stand as such) covers nothing of importance.
I feel sorrow for her now motherless daughter. But I also feel sorry for all the uneducated boys and girls we are promoting. Did you know OUR school celebrates 100 days of school with a party? Can you IMAGINE Japan, China, even Germany doing that?
Un-bloody-believeable. I don't know whether to laugh or cry.....
Judging by the reaction in Greece tonight, we may have a lot to look foward to during the long hot summer. But, as everyone is telling us things are simply FINE, I guess I'm simply living up to my namesake. I mean, the sky couldn't REALLY be falling, could it?
Sarcasm intended.
Sorry to change the subject but take at look at the spike of gold on Kitco. Straight up and straight down.
CL it is funny that I take no notice of such things related to schools. Now I did notice Greece and will continue to pay attention to the drama there, but I don't need the television news any more. I have no use for it. 60 minutes is doing a story on India and it gold buying that I am watching right now.
Looks like gold spiked up $35 and then came right back down; wondering what that was all about.
Or was it just algos gone wild?
Chicken Little, there actually IS a movie in which the star is a mathematician. The role model who wins his girl's heart. Haven't you seen it?
Oh wait - of course now. It is a Russian movie, and that is why you probably do not know about it.
We don't have such heros in American cinema. Sorry.
The American movie about a math whiz "A Beautiful Mind" was set during WWII, when scientists were respected.
Today, they are ignored, when really important news like the passing of Whitney Houston needs to be covered 24/7 by the mass propaganda outlets.
Mammoth I think some moron hit buy 1 million instead of buy 100,000 and then the algos followed. We will never know for sure.
That is some weird action in gold there indeed, but it is Sunday night, and those are spot markets in Asia. Could be a massive short covering there, or a Central bank buying, as well.
Volatility should remain high, as no one knows what the Greek outcome will be.
While Parliament has "passed" the law, the actual vote is unclear, and which Parties voted in favor or not is not being reported. The "mainstream" political Parties were supporting it, but leftist and right wingers were not, from what I have read.
This matters because the "Troika" had set conditions like ALL Parties had to sign on and agree not to run against it in April elections etc - which did not happen, it seems.
So "Greek approval" is likely written firmly in the sand, and the Greek people are certainly very angry about their traitorous politicians and Bankster appointed PM selling out their people for their proverbial 30 pieces of silver.
Which explains the weird action in ForEx, and gold, where they have surged up then fallen back sharply within minutes of the news of Greek "approval" crossing the wires - no one is sure what to make of it at this point.
It should be wildly "Bullish", but perhaps markets see through the lies, and the end result is still ugly. As NO ONE really expects Greect to repay this Failout after all, it is just a puppet theatre to bail out EUropes Banksters yet again.
The blood in the streets in Greece should belong to the treasonist PMs who sold out the people to the criminal banksters. Once again no bankster will be left behind.
btw the article posted from Forbes about "Obama unemployment" reads like a Republican attack ad, typically short on facts.
The polulation has grown (a lot) since June '09 for one thing, which is not even mentioned, and does affect the %s cited. And the portion of agiang Boomers who have "retired", voluntarily or not, is a large number too - they won't be working full-time again, either from age or health reasons, as well as the fact that the job market is poor and jobs hard to get.
And the 18 year old high-school graduates and college grads, entering the labor market at a time when youth unemployment is high, don't help the numbers either.
Obama my be an incompetent clown, but failing to acknowledge much of the problem is structural and started under GWB only highlights the authors political bias.
Not to mention the current pathetic Republican "economic Plans" as showcased in their "campaigns" would not do a damn thing to fix the problem either. WHich is why, despite the whining about "Obamanomics", there are absolutely no "solutions" presented - as there are none that do not involve a lot of pain for entrenched special interests.
Neither Party wants any part of acknowledging reality and dealing with it, nor does Washington, Obama is hardly a lone offender there.
GAW I agree is biased and GWB and Greenscam are as much to blame as anyone. The choices are abysmal and I will vote Ron Paul if he runs as an independent or not vote at all.
US and Euro area futures are up, not a huge amount, cautious optimism is on it seems, while shiny metals are up too. Correlation, in 'RISK ON' mode perhaps...
The MSM will say "Greece accepts Bailout' but we all know its just another Failout. Unless you think the new $175 Billion effort will work when the last for $110 B lasted 12 months at best, and Greece will repay it's debat now at 136% of GDP or will be by 2020 or some such nonsense.
The Devil is in the details, as they say, which have not been released yet. Only 19% of this Failout will actually be spent in Greeec, the rest is going to pay off Banksters.
http://www.nakedcapitalism.com/2012/02/the-killing-of-greece.html
"...What makes the situation completely surreal are the numbers. Greek debt in 2008 was approximately 260bn Euro. The first bailout was 110bn, the current one, that appears to be tearing the country apart, is 130bn. Add in the PSI+ haircut of approximately 100bn ( after sweetener deduction ) and you realized that Europe could have simply paid the entire bill in 2008 and saved itself 80bn Euro. Ok, that is an oversimplification of the problem but you can see my point.
However now, after 340bn Euros, Greece is still has an unmanageable debt, is in a far worse position than it was 3 years ago and it appears the country itself is coming apart at the seams..."
None of which are of importance, as long as Banksters get bailed out.
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