Unemployment Jumps, Fueling Worries About "Second" Recession

Despite kicking half a million people off the rolls the month before, the Labor Department reports the unemployment rate for May rose by 0.1 percent to 8.2 percent.

This has fueled speculation in the mainstream media that a second recession may be coming.

Personally, I hadn't noticed he first recession ever left, despite government's assurances that it was over long ago.

But now, we may be facing a deepening of the ongoing Obamaconomy. (Oops, I meant to say "Bush economy" -- after all, he visited the White House the other day, so it must be something he did.)

The Labor Department has become notorious in the past few years for massaging unemployment figures to try to manufacture the appearance of economic recovery.

Most recently, more than 500,000 people in April were removed from Labor's figuring, thus shrinking the number of unemployed people being counted.

Much of the "recovery" shown in jobless numbers under the Obama Administration has been attributable to this same factor. Since the collapse of the economy at the end of the Bush Administration, millions of people have simply given up any hope of finding a job and have left the labor force entirely.

It's been estimated that if the same number of people were in the labor pool as at the beginning of President Obama's reign, the unemployment figures touted by Labor would actually be around 10.9 percent.

Those are the so-called "U3" numbers used to represent short-term unemployed.

There is another set of statistics called the "U6" numbers, which includes all the people who have been unemployed for so long they no longer are eligible for unemployment money. It also includes those who are underemployed or who have given up searching because they believe there are no jobs.

The U6 number pretty consistently hovers around double the U3 figures. For May, the U-6 rate jumped to 14.8 percent.

Despite the Obama Administration's and media's trumpeting of a phantom recovery, the stubborn unemployment figures, on top of two previous weak monthly reports, suggests more of the same is ahead, especially if Obama remains in office and goes forward with the massive tax increases planned for January, dubbed "Taxmageddon" by financial and online media.

Comments

comments

  • Mary

    According to the conservative media I've been reading unemployment is in the double digits. 

    http://www.foxnews.com/politics/2012/05/10/jobless-rate-could-be-as-high-as-111-percent/#ixzz1uWPJLMwl

    http://www.financialsense.com/financial-sense-newshour/guest-expert/2012/05/08/john-williams/the-real-unemployment-rate-the-coming-fiscal-cliff

    http://www.youtube.com/watch?v=qrQ6wYzBilE

    Take your pick. I've heard reports from 14%-36%. I know it's pretty high and up there. And I don't believe for a minute we're in a recovery. Republicans are good for pulling a bad economy out of the doldrums and that's why we need Mitt Romney in 2012. He's a businessman.

    • toosmarttovoteGOP

      "Republicans are good for pulling a bad economy out of the doldrums" seriously? The Republicons' willful disregard of the concept of economic cause-and-affect is what CAUSED your "doldrums". That's right; it was DELIBERATE.

      The Wall Street Journal of May 16, 1980 published an opinion piece entitled, “The Battle for Reagan’s Soul” by Irving Kristol, father of the equally odious William Kristol. In it he wrote:
      "… And what if the traditionalist conservatives are right and a Kemp-Roth tax cut, without corresponding cuts in expenditures, also leaves us with a fiscal problem? The neo-conservative is willing to leave those problems to be coped with by liberal interregnums. He wants to shape the future, and will leave it up to his opponents to tidy up afterwards."

      Perhaps one of you conservatives out there could explain to me that deliberately tanking the American economy is NOT treason. Please consider facts, logic, and reason to be non-optional. Oh, and be specific. I WILL call B.S.

    • Cal

      There's nothing that Republicans are WORSE at than fixing the economy. And those ridiculously phony "real unemployment" numbers you're reading on conservative media sites have no basis in reality. They just make the numbers up out of thin air, because they want to make the economy sound like it's in worse shape than it really is.

    • http://debbiemormino.com Debbie

      I guess some of you have forgotten that when Bush was President, the house and senate had the majority. Who do you really think was responsible for the economy? Its been 3.5 yrs since Obummer has been in office; when will you guys start taking responsibility for voting in a do-nothing but damage the USA "president" from God-knows-where?

  • http://firefox phil

    Obama could convince his entourage and flunkies that garbage is a delicacy. He wants the USA to fail, he hates this country for the way it is. That's why his original campaign slogan was, "CHANGE". He sure is changing America to a ruling order of a despot. You only have to thank the fools that voted for him. He changed the country to government control of everything.

  • samtman

    Last time this blog said not to vote for Obama because we are still in a recession, now you are saying that we are not in a recession but we could be going in to one. What your also admitting is that Obama took us out the recession of 2009-2010, I lI fully agree with you..

    • Donna

      Am I missing something here? Who said anything about the POS taking us out of a recession? It talks about a "second" recession on top of the first one we've never come out of thanks to his clueless "leadership". Do you not have a brain cell in your head? You and the sheeple like you are the reason this country is in the shape it's in today. Are you on the welfare programs? Or do you actually work? If you do work, get a paycheck and pay taxes how are you going to like giving away even more of your money to those who won't and don't every week? Oh, it's going to get lots worse if he gets to implement all his tax hikes so get ready big boy! You may have asked for it but I sure didn't!

    • samtman

      REply to Donna, my Wife and I paid over $46,000.00 Fed Taxes and $7500.00 in state state taxes, WE love our country more than just ouselves and money, freedom is not free it costs money.

    • John

      I have read your bragging about the amount of taxes & the only word for you is BS

    • Cal

      To Donna: Words have meanings. "Recession" does not mean "high unemployment". A recession is two or more consecutive quarters of negative economic growth.

    • Donna

      Cal: do you see anywhere where I said a word about unemployment in my post? Why do you think I don't know what a recession is? Your liberal point?

  • Blair

    Obama's either smoking weed, doing blow, or smoking crack or Crystal Meth. Whatever he's
    smoking, he doesn't like capitalism.

    • Momoftwins

      to quote Odumbo "that was the point" as he laughed at the fools voting for him....

  • Maxine

    I think he is on drugs all the time look at his eyes in some of his pictures he looks stoned I dont think he has the brains to run a country his old lady is the one running thing and his party I sure do not trust this Idiot and his party I think we need to have a drug test done on him and his Demacraps

  • Doodlebug

    You will never get this arrogant, nose in the air, lying dummicrat donkey to admit it so just watch out for it yourself.

  • Momoftwins

    it's to he point that the media can't hide the desperation we are in as a country. That's the really bad news!

  • raygun

    They sent my 2011 tax return back, again.

    Hey!! They asked the question ... list your tax deductions.

    My answer:

    Millions of illegals,
    Millions on wellfare, food stamps, medical assistance, in prison,
    half of Mexico, with false identities, victums of BHO's failed
    policies ...

    • Cal

      Enjoy federal prison.

  • Ronald Marlar

    We must drop Obama and his henchmen and women by any and all legal means possible, even before November if we and our great nation hope to survive with any freedom, dignity, pursuit of life, liberty, prosperity and happiness.

  • Ron

    samtman if you can afford to pay $46,000.00 Fed Taxes and $7500.00 in state state taxes, then all I can say is your not paying enough!!

  • kategray

    We have been in a recession since the PRETENDER has been in office and he selling America with the tax-payers money. It is being use to destroy America and will make us prime for a take over.

  • Solidspine

    I don’t think we are in a second recession, if fact we never gave up on the first one, were in the same Obama recession ever since buckwheat was elected.

    • Cal

      That's because you're ignorant, and don't know what a recession actually is.

  • Frank Norton

    Be careful for whom you vote for. You may get more than you hoped for!

  • Chris

    What happened to the promise that Moochelle made to America when she said "Under my husband's watch everyone in America will be working"??

    What happened?? Another lie from the Osama family??? err, I mean Obamba family... no, ,that's not right either.. whatever they called them in Kenya