September 17, 2012 Leave a comment
In the latest Economic News Release, the U.S. Bureau of Labor Statistics reported a .2% drop in the unemployment rate now reporting at 8.1%, which includes an increase of 96,000 nonfarm payroll jobs to the labor force. Alan Krueger, president Obama’s top economic advisor wrote, on the White House website last week, “While there is more work that remains to be done, todays employment report provides further evidence that the U.S. economy is continuing to recover from the worst downturn since the great depression”. It is more than obvious that both campaigns use statistics for political gain, but I feel compelled to point out testimonials which provide inaccurate reflections of labor reports having an adverse effect on the health of our economic solidity. What the Obama administration omits from their overzealous reaction to this recent labor report is, the reason the unemployment rate has had a small drop is largely due to the fact that 368,000 people have stopped looking for work. If President Obama is going to use labor reports for political gain he must explain the basis of information used to create a positive spin on labor data. Well, let me make a statement to you Mr. President, if you feel compelled to cut down Romany’s success as head of Bain capital for advising failing companies to send jobs overseas, only to survive, then I must point out that of this recent labor report that your top economic advisor is so quick to praise, according to the labor department, there was an additional drop in 15,000 manufacturing jobs in the month of August. Additionally 63.5% of the working age population was either employed or actively looking for work, which is at a 30 year low. Fairly ironic that President Obama stated today in his Cleveland Ohio campaign speech, “Manufacturers have started investing in America again, including right here in Ohio”, considering we just lost 15,000 additional manufacturing jobs in one month alone. Even Ben Bernanke, U.S. Federal Reserve Chairman appointed by President Obama, responded to the recent labor report in a statement, “the unemployment rate came down last month because the participation rate fell; that’s not necessarily a sign of improvement”. If the Obama administration cant accurately interpret Labor reports, especially when their interpretations are in direct contradiction of the Fed, then how, can, why, or should the American people believe the campaign promises of a president who first campaigned on the platform of “change” and now “forward” when nothing has changed and the only thing moving forward is more lost jobs.