My February post summarizes the fuzzy math on unemployment, how it came to be this way, and is a good lesson for those of you who are not aware of this.
Here is the official March BLS report.
So while they have reported the "official" total of unemployed to be 15 million, they excluded an additional 11.4 million people as follows:
- 9.1 million working part time (resulting from hours being cut or those unable to find a full-time job)
- 2.3 million marginally attached to the labor force (not counted as unemployed discouraged workers, not currently looking for work because they believe no jobs are available for them)
This puts the actual unemployment at 26.4 million or 22%. This is slightly higher than last month by .2 million people. Shadowstats provides a chart of the real unemployment, including those the government has omitted.
Gallop has reported the underemployment to be 20.3%.
Yahoo reports that employers added jobs, which conflicts with the BLS report.
Despite what the government and main stream media is regurgitating, The Heritage Foundation paints a less than rosy picture.
"Today the Labor Department’s Bureau of Labor and Statistics released its monthly jobs report showing that the nation’s unemployment is 9.7% for the third month in a row. While the jobs report does indicate that 162,000 net jobs were created in March, almost 50,000 of those jobs were temporary government Census jobs that do not reflect any real economic progress. In total, the U.S. economy has now lost a total of 3.8 million jobs since President Barack Obama signed his $862 billion stimulus plan. We are 8.1 million jobs short of the 138.6 million he promised the American people."http://blog.heritage.org/2010/04/02/morning-bell-welcome-to-the-obama-dependency-economy/?utm_source=Newsletter&utm_medium=Email&utm_campaign=Morning%2BBell
So not only has Obama's porkulus package not created any jobs, but the millions of jobs lost since he took office is clear evidence of history repeating itself. The leftist's ideology is flawed, but they continue taking the same actions as if it will somehow yield different results. Will they ever learn? We cannot borrow ourselves out of debt to create economic growth. This is true, and will always be true, despite how many times they insist on trying these reckless experiments.
To add insult to injury, taxpayers are now on the hook for the 100 million dollars in interest per day on the porkulus borrowings, and will continue to escalate until the principal borrowed is paid back. So while the 26.4 million unemployed fret over where and when they will get their next paycheck, their portion of the national debt is rising, which will no doubt be confiscated from them in taxes as soon as they start working again.
While Rome falls, the Obama administration continues to live in denial of reality and distort the truth with fuzzy math on the whitehouse calculator.
Even if there is a full sweep in November on all seats, we will still be stuck with this debt that will be written in history as Obama's legacy, albeit a tainted one. At least then we have a chance of new representatives cutting up his credit card, rendering him a lame duck for the remainder of his term.
When all the big spenders are on the unemployment line, that will be the only increase in unemployment that will be worth celebrating. Until then, hang onto your hats. It's going to be a bumpy ride.