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October 5, 2012

Bill Clinton In 1992: "7.3% Unemployment Under H.W. Bush Is the 'Worst Economic Record in 50 Years'" (Video)

Topics: Political News and commentaries

In the context of today's almost magical BLS report of a sudden drop from 8.1% to 7.8%, this ad makes Barack Obama's economic record ... the worst in 70 years - per Bill Clinton!

Regarding the BLS' U3 rate of 7.8% (only due to a magical flood of 582,000 part-time jobs), as James Pethokoukis points out, The broader U-6 rate -- which takes into account part-time workers who want full-time work and lots of discouraged workers who've given up looking -- stayed unchanged at 14.7%. That's a better gauge of the true unemployment rate and state of the American labor market:
The shrunken workforce remains shrunken. If the labor force participation rate was the same as when President Obama took office, the unemployment rate would be 10.7%. If the participation rate had just stayed steady since the start of the year, the unemployment rate would be 8.4% vs. 8.3%...

The 114,000 jobs created would have been a good number ... but for 1962, not 2012. The U.S. economy needs 2-3 times that number every month to close the jobs gap (which is the number of jobs that the U.S. economy needs to create in order to return to pre-recession employment levels while also absorbing the people who enter the labor force each month.)...

We are still on pace to create fewer jobs this year than last year.

Related: Reactions to Obama's New Jobs Report: Widespread Distrust and Skepticism

Posted by Hyscience at October 5, 2012 12:19 PM



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