America received two bits of economic news today. The unemployment rate, which has risen every month since Obama took office, actually dropped today. The rate went from 10 percent to 9.7 percent in January. Meanwhile, the same report says that America lost 20,000 jobs in the same period.
Now, that's interesting. How can that be?
Well it seems that while the "official" unemployment rate dropped, that number does not include those who have given up looking for work. Economists are telling us that those who have lost their jobs since Obama took office have been unemployed four times longer than during a normal recession. Because of that, those who have given up looking, the "desperate unemployed," has continued to rise. In fact, the "real" unemployment rate (current numbers not available, but above 17 percent) is higher than at any time since the Great Depression of the 1930's.
The administration is "pleased" with the numbers. At least, that's the official line. The drop in unemployment, according the administration, is proof that the Generational Theft Act (a.k.a. the Stimulus) is working.
I'll have to agree. These numbers are, indeed, a direct result of Obama's policies, including last year's spending spree.
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