A lot is being made of the drop in the unemployment rate to 8.1%. One of the speakers at the DNC made a great point. He said it is all about the arithmetic. Brilliant!
We add 96,000 to the fortunately employed list and the unemployment rate drops to 8.1%, now that is good? Here is the problem with the arithmetic, over 300,000 left the work force or stopped looking for work. It continues to be widely agreed upon that the true unemployment rate is closer to 16%, or double of what is being reported.
23 million out of work and we added 96,000 jobs and we’re being told, by President Obama he needs more time. I wonder how many of the 23 million will actually say OK to 4 more years?
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