The media campaign to reelect Barack Obama has begun in earnest. While touting a new unemployment rate of 8.3%, the media fail to report, if they are even interested in reporting the truth, that to get to that number the Bureau of Labor Statistics had to eliminate 1.2 million people from the labor pool. It also completely ignores a CBO report released just 4 days ago that the real unemployment rate is 10%.
The civilian labor force fell to a 30 year low of 63.7%, but the Bureau of Labor Statistics is looking to eliminate nearly 50% of the available pool from the calculation. This is nothing but a mathematics trick to make it appear that the economy is improving by simply making the available labor force appear smaller.
We can expect more of these kind of shenanigans from the Obama administration, as well as fawning treatment from a sympathetic media and other friends of Obama in the bowels of government.
Record 1.2 Million People Fall Out Of Labor Force In One Month, Labor Force Participation Rate Tumbles To Fresh 30 Year Low
A month ago, we joked when we said that for Obama to get the unemployment rate to negative by election time, all he has to do is to crush the labor force participation rate to about 55%. Looks like the good folks at the BLS heard us: