The chairman of the venerable Gallup research and polling firm says the official U.S. unemployment rate is really an underestimation and a “big lie" perpetuated by the White House, Wall Street and the media.
What CEO and Chairman Jim Clifton revealed in his blog Tuesday about how the Labor Department arrives at the monthly unemployment rate is no secret -- including that Americans who have quit looking for work after four weeks are not included in the survey.
The department's current rate of 5.6 percent unemployment is the lowest since June 2008, with President Obama using his State of the Union address and campaign-style stops across the country to tout an economic recovery.
“Our economy is growing and creating jobs at the fastest pace since 1999,” Obama said in the opening lines of his January 20 address before Congress.“Our unemployment rate is now lower than it was before the financial crisis.”
Clifton says the “cheerleading” for the 5.6 number is “deafening.”
“The media loves a comeback story,” he writes. “The White House wants to score political points, and Wall Street would like you to stay in the market.”Read the rest of the story HERE and listen to the Jim Clifton interview below:
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