While Obama anticipates his 17-day vacation in a paradise most Americans could never afford, let’s do a quick review:
Without getting too bogged down in the weeds of employment statistics, the U3 — or headline rate — is what is considered “the” unemployment rate. That is what was reported at 8.6 this week. The U6 rate combines unemployed and “underemployed” and is at 15.6%. That’s a great indicator, but the newsmaker is U3.
The U3 rate is the percentage of the “participating labor force” that is unemployed. That is all well and good, except that the Obama labor department has decided that it will simply manipulate the definition of “labor force” to suit its own needs. And what the Obama administration has done is simply shrink the definition of the “labor force” by pretending that hundreds of thousands of non-working adults are no longer in existence for all intents and purposes.
If you are offended that under ObamaCare you may be considered “a unit,” you should know that under Obama employment stats you may not even exist! In fact, a lot of non-working adults who existed in October apparently no longer do exist officially.
In other words, in the universe Obama took over from George W. Bush, the unemployment rate would still be over 11%. Now, the last time I checked, the planet has not gotten smaller, nor has the population of the United States. (I am not sure about the sea levels.) To thinking people, there is no legitimate reason to shrink the potential labor pool. Of course, there is an illegitimate reason to do so: to protect the governing record of Barack Obama. Anyone who follows politics even casually knows that if the general public ever really figured out that the real unemployment rate is over 11%, Obama would have zero chance of re-election.
Keith Koffler on Obama here:
This man of the people does not understand . . . the people. Grand vacations, weekly golf, disparaging comments about his fellow citizens. If he sounds distant and removed, it’s because he is.
Let’s remember something. Obama is habitually referred to as a “former community organizer.” Actually, he has been out of college for nearly 30 years. He spent about three of them as a community organizer. The rest of the time he was attending Harvard Law School, practicing law, teaching law, and being – for the past 14 years – a politician.
And then there’s this:
Despite his occasional remarks that decry “fat cat”’ bankers, Obama has effectively serviced the financial bigwigs. Bank prosecutions have declined markedly under Obama — to levels not seen for more than 25 years. Obama has even tried to derail aggressive bank prosecutions pursued by state attorneys general, most of them liberal Democrats.
This is remarkable since a considerable number of people on Wall Street should likely be in the dock — or in jail — for systematically ruining the national, and even global, economy. Instead, financial powers have enjoyed several big bonus years and have been on a spending binge at overpriced New York restaurants and tony boutiques. Struggling homeowners of middle America may be happy to know that the Manhattan luxury apartment market is running low on inventory.
Even while trying to exploit the Occupy Wall Street movement for political purposes, Obama still leads in financial sector donations, according to the Center for Responsive Politics. He has secured more cash from the financial elite, at this point, than all the GOP candidates combined. He has even raised twice as much as they have from Bain Capital, the venture firm co-founded by Romney. Why not give up on the white working class when you can sew up the Harvard and Wharton business school constituency?
The only difference between Obama and the Republican candidates is that he is dishonest about enjoying their support.
We also need to curb all the cozy special deals concocted for banks, energy companies, green ventures and other well-connected businesses.
Sadly, such reformist impulses won’t get any more support from a President Romney or Gingrich than from Obama. A break with the bipartisan Wall Street consensus will have to be forced on the unwilling financial plutocrats by a public fed up with the financial hegemon’s overweening power and destructive influence.
How many days until Hawaii?