Americans reject Socialism, big government, BLS, Bureau of Labor Statistics, Business, cooking the labor stat books, Culture of Corruption, Economics, Marxists in the White House, News, Obama, politics, recovery?, Rush Limbaugh, tatics of the left, unemployment rate
By Peter Ferrara on 10.10.12 @ 6:10AM
Who needs the Bureau of Labor Statistics (BLS), when you have Rush Limbaugh? Limbaugh predicted almost a year ago that the unemployment rate reported last Friday would fall below 8% for the first time since Obama entered office. Limbaugh by his own admission is no economist. So how did he know? Maybe because we are in the realm of politics now, rather than economics.
How Stupid Do They Think We Are?
The BLS reported last Friday that the economy in September created all of 114,000 net new jobs, just 104,000 in the private sector. To give you some context for how great that is, the working age population increased by 206,000 in September. With a labor force participation rate normal for the fourth year of a recovery (where we are right now), just keeping pace with that population growth would require 138,000 new jobs, before we can even start to reduce the unemployment rate.