“The American people will never knowingly adopt Socialism. But under the name of ‘liberalism’ they will adopt every fragment of the Socialist program, until one day America will be a Socialist nation, without knowing how it happened.”

Socialist Party presidential candidate Norman Thomas

Friday, February 01, 2013

The real unemployment rate under Obama = 13.3%

The Bureau of Labor Statistics revised it's previous estimates and now reports that 8,500,000 people left the work force during Obama's first term. When people leave the work force, the unemployment rate goes down because they aren't counted any longer among "those looking for work". (The unemployment rate is the percentage of those unable to find work, but who are still looking)

Imagine what the actual unemployment rate is if you include all those who gave up in despair and quit looking. The BLS says that there are 12.2million people equaling a 7.8% unemployment rate. That means that the newly dropped out 8.5million equal an additional 5.5%, which brings the actual unemployment to 13.3%.

These people are on welfare, food stamps, unemployment benefits, etc and there are far fewer of us working to support them and the government keeps raising our taxes to pay for it all. At what point does the economy collapse under the weight of entitlement spending? I'd say it isn't far off.

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