) This week the President dissolved his jobs council (which only met once in 2012) while another 169k people disappeared from the workforce. The “official” unemployment rate is 7.9% but there are now 89 million Americans no longer in the workforce. Black unemployment is 13.8%, it’s 9.7% for Hispanics and 23.4% for teens. Real unemployment (based on U6) is over 14%. Our economy is shrinking and yet we’re still being fed a story that things are getting better- only if you measure it by how many people are dependent on the government, I suppose. I’m more worried about what happens if America does do a short term recovery. a spike in petrol supply and fracking growth could create another bubble. Should that happen Obama could take credit for events that he was an impediment to. (Sultan Knish
)The economy contracted by .1% and the unemployment rate has risen by 1%, all in defiance of the official projections. Job creation numbers are 40,000 off what they were supposed to be. 159,000 jobs were added, but 169,000 workers left the labor force.Consumer spending only rose .2 percent in December, at a time when consumers should have been doing a lot of their holiday shopping. The dollar fell against the euro and while Obama’s pals on Wall Street are doing well, no one else is. The Media and Immigration claims (THE MEDIA ACCORDING TO KNISH
)Meanwhile we’re not supposed to pay attention to any of this, as the media keeps finding ways to explain it all away as part of the recovery. The media is claiming that Obama’s amnesty program for illegal aliens will fix the economy… because dumping 11 million unskilled workers into a marketplace with rising unemployment is a sure fix. And once we have 11 percent unemployment and millions more Mexicans on welfare, then the recovery really will be here.