The new unemployment numbers are out, and they are awful.
The “official” unemployment rate is back up to 9.1 percent, using the absurdly cooked numbers the government issues to hide its incompetence. Real unemployment, the U-6 metric that includes all the people our betters don’t like to talk about, is back up to an incredible 15.8%.
The economy produced only 54,000 new jobs in May. That’s far less than the 150,000 new jobs needed to keep pace with population growth. Various “experts” said they “expected” about 160,000 new jobs to be created last month. The numbers for March and April were also revised downward by 39,000 jobs, deflating any cautious optimism that might have been shown before the horrible May numbers came out.
Let me be blunt: no matter what their “credentials” say, anyone describing these job numbers as “unexpected” today is either a political operative of the Democrat Party, or a complete fool. Adjust your media consumption accordingly.
Hilariously, the Los Angeles Times describes today’s report as “the latest and strongest evidence of a sputtering economic recovery.” Yeah, that economic recovery sure is sputtering, all right. And we had such high hopes during that wonderful “Recovery Summer” last year!
The Times pours on the bad news by noting that “higher fuel prices, although easing a bit in recent weeks, also may have played a role in restraining hiring by retailers and restaurants, among other businesses.” Precisely as anyone who isn’t a Democrat political operative would have predicted.
Average hourly earnings are up a bit, but the Times notes the increase of 1.8% is well below the current rate of inflation. Obama’s inflationary money policies are eating away the purchasing power of consumers. Less purchasing means retail jobs lost. Retail job loss means manufacturing jobs lost. Tell me again how “unexpected” these jobless numbers are.
The size of the workforce rose by 170,000, meaning more people re-entered the job market, and found nothing. The Wall Street Journal described this situation by saying “U.S. hiring slowed dramatically in May and the unemployment rate kept rising, adding to concerns the jobs market will take years to heal as the economy remains week.”
Why should companies begin massive expansions and hiring, when they can see the President sliding from dangerous incompetence into outright lunacy? Speaking of the absolutely horrifying economic news released this week, clueless White House spokesman Jay Carney stammered, “We don’t have a crystal ball.”
Oh, really? Because you Democrats have been telling us for years that only you have the wisdom and foresight to guide the American economy, right down to the smallest detail. I didn’t hear any talk about not having a crystal ball when President Obama grabbed a trillion dollars of our money and declared he would “create or save” countless jobs with his “stimulus” disaster. On the contrary, I remember a lot of arrogant sneering about how “I won,” and everyone who doesn’t like the way he was running up the national debt should shut up and get into the back of the bus.
Was the Democrat crystal ball in good working order when they racked up the national debt to re-shape American energy consumption through massive subsidies, or annihilated thousands of jobs because they claimed to know what the weather will be in fifty years?
Incredibly, Carney insisted “we believe we are headed in the right direction.” No, we’re not, and if the President seriously believes that, his mental fitness needs to be questioned.