Unemployment would be 11.2 percent if labor force same as when Obama took office

Last Friday’s jobs report does not tell the whole unemployment story, according to American Enterprise Institute blogger and CNBC contributor James Pethokoukis.

He writes, “If the labor force participation rate was the same as when Obama took office in January 2009, the unemployment rate would be 11.2%.”
Had the participation rate remained the same as the previous month, Pethokoukis points out, “the unemployment rate would be 8.4 percent” — higher than the 8.1 percent in the August report.

Those who have returned to work amidst the meager recovery are often only finding jobs that are part-time and pay less than what they formerly earned.
“The broader U-6 unemployment rate, which includes part-time workers who want full-time work, is at 14.7 percent.”
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Today’s Toon

Cavuto: National debt is the ‘issue of our time’

From the Bear’s Corner: From Bob Woodward’s new book: “The Price of Politics”

“The nonpartisan Congressional Budget Office reported Monday that the 2012 budget deficit through August stands at $1.17 trillion. It estimated that $192 billion was added to the deficit in August, crossing the symbolically important trillion-dollar threshold. This is the fourth straight year that the deficit will exceed one trillion dollars, all under President Obama. The deficit in 2008 was $459 billion.”

President Obama’s Obama legislative affairs director and former budget aide Rob Nabors, chastised Senate Democrats who didn’t want to agree to any cuts in order to close the deficit, saying that taxes on millionaires would never raise enough to avoid spending cuts.

Exrtra: Rahm Emanuel: Rahmbo at the School Barricades


What Mr. Emanuel doesn’t note is the bankrupt status quo: 99.7% of Chicago teachers are rated satisfactory while the graduation rate is just 60%, only 20% of eighth-graders are proficient in reading and less than 8% of 11th-graders are college-ready on state tests. Fixing such a system is a moral imperative, and Chicago’s mayor might have encouraged parents and taxpayers to see it that way.

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