Anyone reading CNBC would believe that we are in roaring economic times. Any slight improvement in economic data leads to wild cheers and claims we are having unprecedented prosperity. Since Obama has been in office, 8 million people have dropped out of the labor force. This has kept the unemployment rate artificially lower than what it really should be. But, this fact is rarely mentioned or its buried under triumphant headlines.
In the latest propaganda piece, CNBC’s Marc Koba is bragging that now the long term unemployed are decreasing. The article claims this is proof that our economy is booming and a strong job market. In the article itself, the truth is revealed why this is occurring. You guess it, the improvement in long term unemployment is due to people dropping out of the labor market.
The long term unemployed in the U.S are having an easier time finding jobs, while the chronic problem of long-term joblessness may disappear in the months ahead, according to a study released Monday from the Federal Reserve Bank of San Francisco.
The jobless rate in the U.S. is currently at 7.9 percent, with some 12.3 million people out of work, according to the Bureau of Labor Statistics. Of that, some 4.7 million are considered long term unemployed — meaning they have been jobless for 27 weeks or more.
Using BLS numbers, the report stated that in December 2012, the share of workers who were jobless six months or longer dipped below 40 percent for the first time since late 2009. The portion of unemployed Americans out of work for 99 weeks or longer fell to 11.2 percent in January — the lowest level in two years
Other reasons for the decline in the long-term unemployed aren’t so positive, however. It’s estimated that some 7 million people have dropped out of the labor force because they’ve just given up looking for work and are no longer part of the official statistics.
“It’s true that a lot of people have just given up, so that’s part of the reason the long-term unemployed numbers have gone down,” Valetta admitted.
This is typical of economic news reported by the media. They jump on any positive aspect to prove the economy is strong. The real reason for any decline is hidden. The 7 Million who dropped out of the labor force is the 800 lb Gorilla the Obama Boom propagandists do not mention. CNBC like most news outlets are dishonest propagandists.