People give up, unemployment goes down. Obama brags.
President Obama continued to tout Friday's unexpected drop in the
unemployment rate over the weekend, calling on Congress to back policies
he said would keep the economy "moving forward."
Even Obama's former economic adviser Austin Goolsbee pronounces bullshit on unemployment statistics.
has grown so dire, though, that we can't even tell whether the job
market is recovering. The time has come to correct the official
unemployment statistics to account for those left out. The government
agencies that can give us a more detailed and accurate picture of the
nation's employment situation -- the Census, the Bureau of Labor
Statistics and the Bureau of Economic Analysis -- need additional funds
and resources from Congress to do their jobs.
announcements about a rebounding economy will continue to show only half
the picture. Take the revised numbers released by the Commerce
Department on Tuesday. They showed that output in the third quarter grew
at a rate of 8.2 percent, an extraordinary pace, and productivity grew
even faster. Almost no one noted, though, that Social Security also
announced the latest data on disability applications. Almost 200,000
people applied in October -- up 20 percent from the previous month --
tying the highest level ever. Despite the blistering growth of the
economy, the invisible unemployment problem continues.
We didn't have
a mild recession and a jobless recovery. We covered up a deep recession
and will need a sizable bit of recovery just to get us back to the
point the unemployment rate suggested we already were. As the Red Queen
said to Alice in ''Through the Looking Glass'': ''Here, you see, it
takes all the running you can do to keep in the same place. If you want
to get somewhere else, you must run at least twice as fast as that!''