Anybody see the clownish performance this morning from the propagandist in chief? He really thinks we are lemmings following the pied piper right off the cliff.
He always kicks off with his "I came into power during the worst financial crisis since the Great Depression..." What an insult to those who actually suffered through the great depression -- the food lines, bread lines, soup kitchens, homelessness. It is so insulting -- does he think no one actually knows US history? Don't answer that. He may be light in that area as well. He goes on to laud his achievements (ahem) and tout that latest job numbers. Here they are. You decide. How's he doing?
I would take Bush's economy over this financial rout any day.
This from the Wall Street Journal:
The U.S. jobless rate was rose to 9.9% in April, the first increase in three months, but the government’s broader measure of unemployment ticked up for the third month in a row, rising 0.2 percentage point to 17.1%.
The comprehensive gauge of labor underutilization, known as the “U-6″ for its data classification by the Labor Department, accounts for people who have stopped looking for work or who can’t find full-time jobs. Though the rate is still 0.3 percentage point below its high of 17.4% in October, its continuing divergence from the official number (the “U-3″ unemployment measure) indicates the job market has a long way to go before growth in the economy translates into relief for workers.
The 9.9% unemployment rate is calculated based on people who are without jobs, who are available to work and who have actively sought work in the prior four weeks. The “actively looking for work” definition is fairly broad, including people who contacted an employer, employment agency, job center or friends; sent out resumes or filled out applications; or answered or placed ads, among other things. The number ticked up this month as more people came back into the labor force to look for jobs.
The U-6 figure includes everyone in the official rate plus “marginally attached workers” — those who are neither working nor looking for work, but say they want a job and have looked for work recently; and people who are employed part-time for economic reasons, meaning they want full-time work but took a part-time schedule instead because that’s all they could find.
A U-6 figure that converges toward the official rate could indicate improving confidence in the labor market and the overall economy. This month pushes convergence even further away