By: Diane Sori
"Today's increase in the unemployment rate is a hammer blow to struggling middle-class families," Mitt Romney said in a statement after the newest job numbers were released on Friday morning.
Mitt Romney continued to say that Barack Hussein Obama’s economic policies are an "extraordinary record of failure." And how right he is.
The newest July numbers from the Labor Department showed the unemployment rate jumping from 8.2% to 8.3%, remaining above the 8% mark for the 43rd straight month in a row, which, by the way, is the longest the unemployment rate has remained above 8% in American history.
Thanks Obama, you’ve screwed ‘We the People’ big time again.
Sadly, this July rise to 8.3% paints a true moribund economic picture. When glancing quickly at the numbers one would assume that hiring has indeed increased because the numbers show 163,000 newly created jobs.
However, what is NOT being reported is that 156,000 new names were added to the unemployment rolls and/or the disability rolls...or they just plain gave up. So, that means if you meld the new jobs created with the new additions to the unemployment rolls, in reality only 7,000 jobs were actually created.
We now have 23.8 million Americans out of work and only 7,000 new jobs actually created in the month of July...very sad indeed. And the simple truth that neither the media nor experts will tell you is that it would take 250,000 new jobs per month being created to bring the unemployment rate down in a reasonable amount of time.
And the news actually gets worse as the rise in the 'real unemployment rate’ went from 14.9% to 15%. This figure includes those people who are underemployed and those who have left the work force all together because they just can't find work.
It’s also important to remember that the jobs created were for the most part broad-based NOT trade based (for example carpenters, painters, plumbers, welders, builders, etc.), the area which is hurting the most. Manufacturing added 25,000 jobs, restaurants and bars added 29,000 workers, retailers added 7,000 more workers, and education and health services added 38,000 positions.
But again remember that for all those jobs created more people were added to the unemployment rolls.
And here’s another happy bit of news...the Obama administration contends that as long as the unemployment rate remains high, the Central Bank will have to consider another stimulus package, which we all know was one big useless waste of time and money the first time, and would be no different the second time around. In fact, the Federal Reserve issued a statement that it would be forced to take further steps if hiring doesn't pick up soon.
Just what we don't need...the Federal Reserve butting into our business yet again.
Now add into this unhappy mix that economists are NOT expecting job growth to pick up before the election. Factoring into their prediction is the European debt crisis and the fiscal belt tightening scheduled for the end of this year as we wait to see who the next president will be.
Yet even with all this bad news, the White House had the audacity to issue a statement saying that the economy is recovering! Are they totally delusional or just plain stupid!
And add into that the fact that the political pundits in the media and on TV, including sadly those on FOX, are all leaving out the fact that the number of jobs created does NOT factor in the new additions to the unemployment and disability rolls, and it becomes obvious that the Obama spin-meisters are working overtime to cover-up the truth that in a word our economy...sucks.
Thanks to our ever loving Barack Hussein Obama's miserable economic policies, another recession sure seems to be on the horizon. Bottom line...November 6th can’t come soon enough.