What Am I Missing About the Latest Jobs Report?

Many Journos wrote that Friday’s jobs report gives Obama and Romney enough to spin it in thier favor. Really? Spin it in Obama’s favor? What am I missing?

1) The Unemployment Rate was never 8% or above under Bush and never dipped below 8% under Obama despite the fact that it’s now counted in a more favorable way due to millions stopping to look for work.

2) If we counted the UR when Bush left office as we count it now, the Rate would have been FIVE percent; not the 7.8% it actually was when Bush left. So.. Bush left Obama a five percent UR and Obama with trillions in spending still has it above eight percent three years later. What a success…

3) For all of 2008, the UR was on average 5.8% (or 3% if you count it as we calculate the numbers now). It gives you an idea how “bad” things were in 2008.

4) Yes, when Obama came into office we lost 750K jobs a month, but that would came to an end one way or another, just as the twenty feet deep waters in New Orleans receded to three feet before Heck-of-A-Job brown did anything. The question is where did we go since the water receded? Well, the Unemployment Rate tells us we are now worse off than when Obama came into office.

5) The net 4.5 million Jobs that the economy gained in the last 28 months (Obama wants you to ignore his first eighteen months in office)  looks good but only 132.9M people have now jobs. This is below the 133.5M who had jobs ten days after Obama came into office, and the current number of people holding jobs (even if there were no cuts in Government jobs) is well below the 137.5M jobs we were suppose to have at the end of 2010 if only we passed The Stimulus.

6) In July 2008, when “their plan didn’t work,” hourly earnings rose double as fast as it did the current July. In fact, earnings from January through July 2008 rose about 50% faster than it did the same period now in 2012. Remember, that was during a recession vs. now that we are three years into a recovery.

These stats leads me to believe that A) our country and spirit is so beaten down that a July jobs report can be sold as “good.” B) Too many journalists are so bias in favor of Obama that a jobs report worse than most of Bush’s era is permitted to be sold as “good.”

08/04/2012 10:30 PM by JPUpdates Staff

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