The so-called unemployment number of 7.8 percent produced by President Obama’s Labor Department one month out before the election should be taken with a grain of salt. First, 7.8 percent unemployment is still unacceptable and it is President Obama’s failed policies that have led us down this road of high unemployment. Second, remember Obama’s promise that with his stimulus, the unemployment rate would be about 5.5% at this time. Third, and perhaps most damning, James Pethokoukis reports: “10.7%: Unemployment rate if labor force participation rate was the same as when Obama took office.”
I wonder how many phone calls were made between the White House and the Labor Department after the Presidential Debate this week. As Jack Welch said on Twitter: “Unbelievable jobs numbers..these Chicago guys will do anything..can’t debate so change numbers.”
Another significant data point that was not widely reported on last week by the mainstream media was the Gross Domestic Product (GDP) number. The GDP was revised downward from 1.7 to 1.3 percent in the second quarter, which is even more evidence that the Obama economy is floundering.