What's the real unemployment number?
Impact on presidential race
- Duration 3:25
- Date Nov 3, 2012
Impact on presidential race
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Seventeen minutes after the top of the hour -- Obama touting the latest unemployment numbers while Mitt Romney says seven point 9% unemployment.
Still is in good.
Our businesses have created nearly five and a half million new jobs in this morning we learned the companies hired more workers in October that at any time in the last.
Said it was got a lower the unemployment rate down to five point 2% right now today we learned that it's actually seven point 9% and that's -- nine.
Million jobs short of what he promised.
Unemployment is higher today that when Barack Obama took office.
And with jobs still at a standstill 171000.
Created but 170000.
What does that mean for the so called real unemployment figures -- thing we have David her sunny with a senior editor.
A human events and syndicated columnist and he's live with me now from Washington good morning to David.
Good morning all right so this early in the morning I'm glad that you can calculate all these numbers in your head -- -- leave it up to you so we see yesterday that the last unemployment rate -- CB for the election.
Inches up slightly from seven point eight to 79 point 9% but how do you really see -- what's the real number.
Well first of all no president has been reelected with an unemployment rate higher than seven point four since Franklin Delano Roosevelt so.
It's it's a tough hill to climb and the fundamentals of this number even worse simply because so many people -- left the labor market that.
If Barack Obama had the -- amount of people looking for work is when George Bush was president left presidency.
We have -- point six unemployment rate so it's it's far worse than it looks now what about this you six.
Unemployment rates being fourteen point 6% for October what's the use six.
That is everyone who is looking for work part timers all the people in the work force rather than just.
Eliminating a lot of people stopped simply stop looking so.
The U six is some people think it's a more of the real unemployment rate you know I mean I don't think there's any perfect number to read this and we vote is to use.
You three but you six I think tells you a little more these days about what's going on in the economy.
You don't have a job it's a 100% unemployment rate.
To January 2009 when President Obama came in -- would actually be ten point 5% correct.
I picked up -- five to point six depth of very high ambient and you have a bunch of people coming into the market every month that have to be met I think it's -- 120000.
Essentially it's a stagnation last year I think we created a 153000.
And up per month announce a 157.
So that's that's not really heading and a great direction to take like seven -- years just get back to.
Four point four which was the low under George Bush so how did the president make that promise spend during his term where.
It promised that after four years they would be they predicted five point 2% unemployment by 2000 twelve that we passed that trillion dollar stimulus.
-- politicians make crazy promises to -- legislation in the stimulus that wasn't a promise it was.
It was a chart essentially done by the administration that said that if we pass the stimulus we'd be down to five point two or whatever was.
We have to come close because the stimulus didn't create any jobs so we are where we are which -- -- terrible place in this economy stagnation.
All right and David her sunny that's the word of the day stagnation -- -- They're human events and syndicated columnist thanks for your time bright and early this tough -- left to get up early thanks.