U6 unemployment, the more accurate measure of the employment situation under Obama, has barely budged off of the 14.5ish percent range this year.
And U6 unemployment isn’t the most accurate measure of the employment situation. Obama has pretty much broken the “metric”- you know, “in terms of metrics”- used to measure such things because job creation has been so slow.
The most accurate measure has to be done by hand calculation because government economists wanted to stop counting people who stopped looking for work. In 1994 government economists decided those people weren’t worth bothering about anymore. That’s because when you add those folks into U6 you get an unemployment rate of 23 percent- and rising (please see the blue line below), at least according to one of my favorite websites ever, ShadowsStats.com.
More people dropped out of the labor force in December than jobs that were created.
So you can see it might be a little awkward for a guy with a degree in political management, like, um, Steve Benen? to support a president who has to campaign by saying “Vote for me: I brought you 23 percent unemployment!”
So he makes stuff up. That’s what they teach you in “political management.”
Here’s another way of looking at it: If U6 is 14.4 percent and real unemployment is around 23 percent, that’s 8.6 percent of the workforce that has just plain given up looking for work.
Benen, Obama, and I suppose Maddow too, I guess, just don’t want to bother about those people anymore.
They are very busy people after all. They don’t have to look for work either… and you don’t hear them crying about it.
As long as Uncle Ben keeps buying bonds, prices for stocks, bonds, ETFs, corn, oil, gold, and mostly for US Treasuries will keep going up.
And that means cheap money for more government spending.
Things are great for Obama.
[Jobs not included].