The latest numbers out today show that only 36,000 net jobs were created this last month - the smallest number in months. Yet, according to government stats, the unemployment rate dropped from 9.4% to 9.0%. How can that be?
Here's what the government is not telling you - although the RATE of unemployment has decreased on paper, unemployment is actually still rising. The drop in the rate has occurred as many of those who are out of work gave up on their job searches. When unemployed people stop looking for jobs, the government no longer counts them as unemployed. And in January alone, 504,000 people dropped out of the job search market - they just gave up.
Frankly, this is nothing more than dishonest accounting. The government owes the people the truth. And if the truth be known, the true rate of unemployment in America stands at around 18%.
And the folks in Washington DC know this. So, the last thing I want to hear from the politicians is the blatant lie that things are getting better and the proof is that the unemployment rate is going down. But I'm betting that's exactly what we will hear from the White House.
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