BOB CLARK
When the July unemployment data was complete yesterday, the US Department of Labor leaked the numbers to the White House. It was a shock to President Obama and his economic advisors; so much of a shock that they promptly asked for Christina Romer’s resignation. Romer HAD BEEN the President's top economic advisor and the architect of the idiot stimulus program that actually caused an increase in unemployment and created NOT ONE SINGLE NEW JOB!
As they usually do, the media this AM started talking about the “unemployment rate” and pegged it at an unchanged SEASONABLY ADJUSTED 9.5%, which of course is an outright LIE!
The real numbers are as follows: (Not played around with numbers!)
The number of folks now collecting unemployment benefits: 9.7%
Actual number of folks now unemployed (17.1%): 26,684,813
Estimated number of folks unemployed for more than 6 months: 7,000,000 +
Number of layoffs for the month of July: 200,000+
To take these numbers in prospective; the 7,000,000 long term unemployment number sets a record as the highest number of people in this situation in US history. True, the percentage was higher in 1932 during the Great Depression, but we now have 3 times the population that we had then. The number of people unemployed, about 27 million, is the largest number in US history and is shattering!
I will have the Washington State unemployment numbers for you after 10AM on the 17th of this month. I received word late last night that these numbers will be a major disaster. Stay tuned!
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