By Abbi Overfelt
January 13, 2014
To the editor:
How did the unemployment rate tumble from 7 percent to 6.7 percent in December? The civilian labor force did what it does in the new normal: It dropped from 155.3 million to 154.9 million, which means labor participation dropped to a new 35-year low. Citizens not in the labor force now total 91.8 million.
I shall offer to the voters a comparison — we now have more citizens out of the labor force than Germany has citizens.
Obama’s jobless, labor-less recovery steams on. The Obama administration is a reincarnation of the Jimmy Carter administration, with one exception. Jimmy Carter was a honest man.
I am also confused how the unemployment rate can be 6.7 percent when more than 91.8 million out of 243 million working-age citizens (U.S. Bureau of Labor Statistics) are out of work. By my calculations that is nearly 38 percent. How 38 percent becomes 6.7 percent is a mystery to me.
Obama’s so called economic recovery is nonsense. Since 2009 we have been told that things are improving, but that improvement has been due mostly to accounting tricks, not any change in reality.
This administration has spent $3 trillion (40 cent on every dollar, borrowed) and wasted five years and what have they to show for it? The stock market going higher. Whoop-de-doo. The policies of this administration have been a total failure.
To protect Obama the media is lying about the economy and has been doing so for years. Even the Bureau of Labor Statistics now admit their methodologies are inefficient or outright wrong.
Yet people believe this big lie. Why would adults believe a lie rather than their own eyes? For some reason people listen to the “experts” at the Federal Reserve and believe the media rather than what they see. If someone tells you a dogs leg is his tail, does that make it so?
I think that in the not-too-distant future the entire market will come crashing down. The Fed bet the republic on their misguided policies. This is what happens when academics who have no banking or business experience — those who have never run a business, met payroll, hired or fired people, only sat around in a faculty lounge and told one another how to better fix the things — decide how the economy should operate. We end up in the financial mess we are now in.
It will be too bad when this happens because there is nothing the Fed will be able to do. All the advice I can offer is prepare for that day and keep your powder dry.