I get this sick feeling when I hear Obama bragging that unemployment is getting better and that we are coming out of a four-year “Obama” recession.
The fact is that the improvement in unemployment in December 2011 was because unemployment benefits ran out for so many Americans (50,000 in December) and they were officially not counted any longer as unemployed!
Of course he also failed to mention that December Christmas hiring is also a reason for a very tiny improvement from 8.6% to 8.5%. Remember also that Obama promised us three years ago that massive spending, takeover of General Motors by the Govt and the Unions, and bailout of his favorite Wall Street Corporations (who supported his election campaign) would prevent unemployment from getting up to 8% at all. He kinda missed that mark by 2-3% didn’t he?
In 2007 our unemployment rate was between 4-5% and 66% of the labor force was working. Today, those figures are 8.5% unemployed and 64% of the labor force is working.
That translates into 5.8 million less Americans working now compared to when Obama took office.
What bothers me most is that Obama has very carefully manipulated the full negative financial impact dates of Obamacare and the elimination of the tax breaks (both which will create more unemployment) to hit after the election this November in an effort to help employment (and his reelection possibilities) during this election year.