Starting his second term with the exact same unemployment rate (7.8%) as the day he started his first term, Obama has given up. “President Barack Obama will let his jobs council expire this week without renewing its charter.”
Hilariously, the Obama Administration hopes that the American people believe it’s ‘mission accomplished’: “Officials said the president always intended for the council to fulfill its mission and then wind down.” If true, then Obama’s “mission” was to stagnate the U.S. economy.
So, we were told that the unemployment rate had fallen to 7.8% in September 2012 after 43 consecutive months of unemployment at 8% or higher. And this was after Obama promised that unemployment wouldn’t reach 8% if his stimulus plan was rushed through Congress.
The reported drop to 7.8% unemployment was touted as a great victory by Obama, and was used in his campaign and in the presidential debates on domestic policy.
TWO DAYS after the second presidential debate– the LAST presidential debate before the November election in which domestic policy would be discussed (since the third presidential debate will focus solely on foreign policy)– it’s revealed that the reason for the reported drop to 7.8% unemployment was that “Last week, California reported a large drop in applications, pushing down the overall figure to the lowest since February 2008. This week, it reported a significant increase as it processed applications delayed from the previous week.” So, the 7.8% unemployment rate for September 2012 was a false report. Kudos to California for its grandiose effort to get Obama re-elected!
Moreover, at least two economists at the Bureau of Labor Statistics (BLS) have contributed to President Barack Obama’s campaign. You sure can trust those numbers the Obama Administration puts out there! (*sarcasm*)