Monday, March 07, 2011

Legacy Media Continues to Hide the Real Economic News: Unemployment at 10.3% and Rising; February Budget Deficit Worst Ever for One Month

It shouldn't come as any surprise that during the last half of 2010, newspaper circulation hemorrhaged five entire percentage points.

After all, the real economic news is quite dire, though to read the daily fish-wrap you'd never know it.

Consider if you will "Gallup: Real Unemployment Rate is 10.3% -- and Rising."

Unemployment, as measured by Gallup without seasonal adjustment, hit 10.3% in February -- up from 9.8% at the end of January. The U.S. unemployment rate is now essentially the same as the 10.4% at the end of February 2010...

...The percentage of part-time workers who want full-time work worsened considerably in February, increasing to 9.6% of the workforce from 9.1% at the end of January. A larger percentage of the U.S. workforce is working part time and wanting full-time work now than was the case a year ago (9.3%).

...Underemployment, a measure that combines part-time workers wanting full-time work with those who are unemployed, surged in February to 19.9%. This resulted from the combination of a sharp 0.5-point increase since the end of January in the percentage unemployed and a 0.5-point increase in the percentage working part time but wanting full-time work. Underemployment is now higher than it was at this point a year ago (19.7%).

That's not all.

Please review, if you'd be so kind, "February $223 Billion Budget Deficit Largest Ever":

Well, it's one way to start a deficit cutting scramble. Washington Times reports that the preliminary number for the February deficit, which will formally be released by the FMS shortly, is $223 billion: this is the largest single month deficit in history! So much for prudent budgets and all that. At least the number can only get better from here. Unless, of course, it gets much, much worse, and rates continue creeping higher, resulting in 30% of total revenues being dedicated to paying gross interest, as was previously discussed on Zero Hedge. Then 40%. Then 50%... One gets the picture.

Yes, it's another Obama record as the country heads straight into the financial abyss, aided and abetted by the progressive Left and their useful idiots in legacy media.


John said...

Hell, it could be a lot worse if Obama wasn't 'focused like a laser' on creating jobs.

Staffing Supplier said...

Quite an alarming unemployment rate, god help us.