If you listened to the show on Friday, you heard my reaction to the latest jobs figure.  The unemployment rate fell to 8.1%.  To libs and proggies and the government-educated, this would be the end of the story.  Look at what a great job Caesar Obammus is doing!  But as we well know, that is not the whole story.  I’m still astounded by this figure, but while 115,000 jobs were created in April, a whopping 522,000 Americans dropped out of the labor force.  Half a million people just said “Screw it!” and quit looking for work.  That officially brings our labor force participation rate to a new 30 year low of 64.3%. 

Just to put things into perspective, back in 2009 when Barack Obama and his propaganda machine convinced us that we needed to enact his $800 billion stimulus plan, his White House economists at the time came up with a chart of what we could expect for the unemployment rate.  They predicted that if we passed Obama stimulus plan, our unemployment rate for April 2012 would be 5.8%.  The reality … 8.1%.  And that isn’t even the “reality.” 

The fact is that under Obama administration calculations, there are millions of Americans who are simply no longer counted as “unemployed.”  These people, after a certain duration of unemployment, just simply disappear!  This allows the unemployment rate to drop, but doesn’t give an accurate picture of what is really happening.

James Pethokoukis has a few more details …

• If the size of the U.S. labor force as a share of the total population was the same as it was when Barack Obama took office—65.7% then vs. 63.6% today—the U-3 unemployment rate would be 11.1%.

• If the participation rate just stayed where it was last month, the unemployment rate would have risen to 8.4%.

• Then there’s the broader, U-6 measure of unemployment which includes the discouraged plus part-timers who wish they had full time work. That unemployment rate, perhaps the truest measure of the labor market’s health, is still a sky-high 14.5%.

Meanwhile, what is the ObamaMedia concerned about?  They are concerned about how these jobs figures are going to effect the reelection of their Dear Ruler!