"It profits me but little that a vigilant authority always protects the tranquillity of my pleasures and constantly averts all dangers from my path, without my care or concern, if this same authority is the absolute master of my liberty and my life."

--Alexis de Tocqueville, Democracy in America

Friday, May 4, 2012

Once Again, the BLS Unemployment Rate is BS

The Bureau of Labor Statistics reported today that the unemployment rate had once again ticked down to 8.1%.   It will likely be under 8.0% by November, and you can expect the Obama campaign (it's no use calling it an Administration any more) to crow that the recovery has gained steam.   But the only reason it ticked down, and not up, this time is the huge number of people who are leaving the workforce.   In other words, where in a real recovery the growth in the numerator is driving the unemployment rate decreasing, in Obamaworld the rate is driven by a shrinking denominator.  

Anyway, here is all you need to know about the Obama recovery:

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