Bernanke Cast Doubts On Administration's Jobs Claims

obama

President Barack H. Obama

Declining joblessness figures, sprouting lately from the current administration like so many spring crocuses, have left even the Chairman of the Federal Reserve, Ben Bernanke, puzzled over numbers that are "out of sync" with the overall economy.

"The combination of relatively modest GDP growth with the more substantial improvement in the labor market over the past year is something of a puzzle," Bernanke admitted to the National Association for Business Economics earlier this week.

Bernanke then proceeded to explain why unemployment figures from the administration seem so out of step with the reality most folks are experiencing. He started with a basic, but often overlooked, part of the jobless equation. "The monthly increase in payroll employment, which commands so much public attention, is a net change," he said. "It equals the number of hires during the month less the number of separations (including layoffs, quits, and other separations)[.]"

Then Bernanke concluded, "the increase in employment since the end of 2009 has been due to a significant decline in layoffs but only a moderate improvement in hiring."

So, despite the Obamedia's attempt to paint a sunny picture heading into the November election—note their relative inattention to Bernanke's speech—very few new jobs are actually being created during Obama's watch. In fact, the most recent numbers from the Bureau of Labor Statistics, cited by Bernanke, show that the number of people being hired has declined in 2012—even as Obama officials reported that unemployment figures came down.

Early in his administration Barack Obama said that job creation was goal Number One. He promised to create 3 million new jobs during his first two years in office, a pledge which would seem laughable if his failure didn't adversely affect so many people. Even with recent improvements in jobless numbers—caused mainly by a slowing of layoffs—as Benanke noted, "private payroll employment remains more than 5 million jobs below its previous peak; the jobs shortfall is even larger, of course, when increases in the size of the labor force are taken into account."
The Obama administration was claiming jobless improvement in a job market that, according to non-Obama sources, was still grim. "American employers put the brakes on new jobs in January," according to Forbes, citing employment firm ADP. And Gallup reported in February that their surveys show new hirings dropped and that "the February score matches those recorded from October through December 2011."

As to the unemployment numbers emanating from Obama's regime, Bernanke noted, "the better jobs numbers seem somewhat out of sync with the overall pace of economic expansion," before concluding, "the job market remains quite weak relative to historical norms."

Read it all at American Thinker.

This article points out the corrupt methodology this administration has used on the American people since day one. Opening the Obama toolbox, one would suffix lie after lie, distortion after distortion, monkey wrench after monkey wrench. Our puerile president is NOT inept. He is defiantly on point, with concerted efforts to deconstruct American history, its industry, its liberty—its very way of life. He doesn't seem to care to whom he hands off a weakened America—could be the Soviets-in-training, the Chinese, or the Islamic Caliphate he works so diligently to reward at the expense of his own supposed homeland.

Countdown to creation in a bloodless dream...

Be the first to comment on "Bernanke Cast Doubts On Administration's Jobs Claims"

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.