Fraud happens when you makes a false statement to induce someone else to take some action that benefits you. False statements are only one way to commit fraud. Misleading statements, if they have the same effect, are every bit as fraudulent as falsehoods. For example, if you hired me to pick apples at your apple orchard and I picked 25 bushels of apples, and told you so, I’d be telling the truth. But if I accepted payment from you without telling you that I also gave 5 of those bushels of apples to my brother-in-law to repay a debt I owed him, I’d be guilty of fraud. I never lied, but I misled you into believing something that is not true.
That is what the Bureau of Labor Statistics just did to us with its misleading statement that the unemployment rate fell below 6%, to 5.9%. We were told that 232,000 people found jobs in the month of September. That might be true. Let’s assume that it is true. But another 315,000 people who had been looking for jobs gave up looking in the month of September. They are no longer counted in the labor force. The labor force participation rate has actually fallen to 62.7%, the lowest in 36 years, since February, 1978. If those of employment age who were looking but have given up were counted as part of the labor force the real unemployment rate would be 11.7%.
So even if the 232,000 number is accurate, leaving out the 315,000 turns it into a lie. Lying with statistics.
Obama economic policies have helped those living on the government dole and the rich who own assets such as real estate and stocks. The middle class continues to shrink as a few of them move up the economic ladder and a whole lot of them move down into the dependent class. Those that remain middle class have nevertheless seen their wealth and income decline under Obama. If Obamanomics continues much longer America will soon be like other countries where there is no such thing as a middle class, only a few rich and a whole lot of poor. All caused by the man and the party who claim to care about the little guy.