The economy is stalled.
That’s not news for anyone out there without a job, but yesterday’s monthly unemployment report made it official.
The unemployment rate ticked up to 7.9 percent from last month’s 7.8 percent. But that wasn’t the most revealing number. The economy grew by 171,000 jobs. However, the number of unemployed seeking but not finding jobs also rose — by 170,000. So when the Obama campaign argues it “grew” the economy, well, it’s merely lying with statistics.
The really heart-wrenching figure is the 8 million Americans who are working part time because they can’t find full-time work. Adding those into the unemployment rate brings it to an actual rate approaching 14.6 percent.