Last Friday morning, the Bureau of Labor Statistics released its jobs and unemployment report for the month of October.
A bad report, it noted that the closely-watched U-3 report of total unemployment rose to 7.9 percent. This confirmed to many Americans already critical of President Obama’s policies what they had suspected about September’s unexpectedly large drop in the unemployment rate — that the previous report was either an anomaly or the product of political manipulation.
Project 21 member Derryck Green, who has consistently reported on the recent results of these monthly jobs reports for Project 21, says this latest news proves once again that the economy is not improving in the way that Obama insists.
In fact, around the same time, America’s dire economic problems were starkly laid out in another report from the U.S. Senate that shows how few jobs were created over the past three-and-a-half years while millions instead became dependent on government aid for their very existence.
Yet again, Americans received further evidence that President Obama’s agenda for resurrecting the economy through government largesse — borrowing, spending and increased government dependency — isn’t working.
Overall unemployment is closer to the eight percent threshold where is resided throughout pretty much the entire Obama presidency. We cannot ignore the very sobering unemployment details buried in the report that went largely ignored by the media. For instance, the unemployment rate for black Americans jumped almost a full percentage point, from 13.4 percent in September up to 14.3 percent in October. Latino unemployment rose to ten percent. The unemployment rate for women also rose two-tenths of a percentage point.
The Labor Department claimed that 171,000 jobs were added, but — as recent history has shown — that number may end up being revised downward in the upcoming weeks as more data is collected. Americans applying for unemployment, reported at 170,000, may also be similarly revised — this time, upward — in the coming weeks. It’s not good.
This should all be moot. We shouldn’t have to be agonizing about unemployment. President Obama once promised Americans that the unemployment rate would be closer to five percent by now.
To make matters worse, the Senate Budget Committee just released a report about the massive increase in people who are enrolled to receive food stamps during the Obama Administration. The Senate report states that, since January of 2009 — the month Obama took office — 75 people have been added to food stamp rolls for every net job that was created during the Obama Administration!
To put more numbers to this assertion, the Senate findings reveal that only 194,000 net new jobs were created since Obama took office while around 14.7 million people were added to the food stamp program at the cost to taxpayers of over $80 billion per year.
Is this what Obama meant when he said he was bent on “fundamentally transforming the United States of America”? Is this what he meant when he promised “hope” and “change”? Are these statistical economic indicators proof that the private sector is “doing fine”?
photo cedit: iStockphoto.com