Saturday, February 04, 2012

8.3% unemployment, the 63.7% participation rate and will a Dem stand up and call for AG Holder to resign?

Another Friday and more confusing figures about the state of the US economy. 

Don't get me wrong.  I like it when people are working and the economy is growing.  Unfortunately, I can't figure out the state of the US economy.

The good news is that the unemployment dropped to 8.3% but the bad news is that the participation went up to 63.7%.

Translation:  More people are working because more people have given up looking for work.  Or something like that!

Tyle Durden explained it this way:

"A month ago, we joked when we said that for Obama to get the unemployment rate to negative by election time, all he has to do is to crush the labor force participation rate to about 55%.

Looks like the good folks at the BLS heard us: it appears that the people not in the labor force exploded by an unprecedented record 1.2 million.

No, that's not a typo: 1.2 million people dropped out of the labor force in one month!

So as the labor force increased from 153.9 million to 154.4 million, the non institutional population increased by 242.3 million meaning, those not in the labor force surged from 86.7 million to 87.9 million.

Which means that the civilian labor force tumbled to a fresh 30 year low of 63.7% as the BLS is seriously planning on eliminating nearly half of the available labor pool from the unemployment calculation.

As for the quality of jobs, as withholding taxes roll over Year over year, it can only mean that the US is replacing high paying FIRE jobs with low paying construction and manufacturing. So much for the improvement. "

Yes, Pres BO will bang the 8.3% number and that's understandable because he is up for reelection.  However, it is the 63.7% that is really impacting people.

On another issue, it's hard to think of a more disgraceful performance than what we saw from AG Holder before Congress. 

Who is giving this man advice?  Is someone actually telling AG Holder that people find him credible?

As expected, AG Holder is accusing his critics of playing politics.   We recalling how he was playing "the race card" last time.

This is a bit ironic because it was AG Holder who went after CIA agents who were doing their duty or following orders.  It was AG Holder who did not hesitate to play politics with their professional reputation or pandering to the left by trying to put KSM on trial in New York City.

Where are we?  AG Holder claims that he did not know a thing about "Fast & Furious" YET he refused to provide the information that will prove that.

Where is the Dem who puts country over politics and calls for AG Holder to resign?

Click here for our conversation with Dr Johnson:

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