By Mr. Curmudgeon:
Today’s headline should read, “U.S. Unemployment remains unchanged at 14.7%.” You won’t hear that, of course. Instead, the Obama media will trumpet the phony 7.8% unemployment rate. As CNBC put it, “The falling jobless rate had been a function as much of a continued shrinking in the labor force as it was in increase of new positions.”
In other words, we will continue to see “official unemployment” drop as the Obama depression widens, businesses fail or downsize, and individuals receiving unemployment insurance run through their “Obama money” and join the ranks of the hopelessly unemployed.
Romney hinted at this during his first debate with President Obama in Denver last Wednesday, “What we’re seeing right now is, in my view, a — a trickle-down government approach which has government thinking it can do a better job than free people pursuing their dreams. And it’s not working.
“And the proof of that is 23 million people out of work. The proof of that is one out of six people in poverty. The proof of that is we’ve gone from 32 million on food stamps to 47 million on food stamps. The proof of that is that 50 percent of college graduates this year can’t find work.”
He forgot to mention that last September, 368,000 Americans joined the ranks of those who remain unemployed and have given up searching for work.
Romney needs to be unrelenting in attacking the phony Department of Labor Statistics U-3 (7.8%) unemployment figure that does not express the real misery of the forgotten man in the “Obama recovery”: The chronically unemployed joining the 47 million Americans now on food stamps.