POWIP Piece of Work In Progress

Prosperity is back!; Unemployment jumps to 10.2 %.

Left: U-6 unemployment, Right: Comparison of predicted to actual unemployment

[Click on image to enlarge]

10.2%... That's the highest level in 26 years !  Lately, the number has been hanging around the high 9's, due mostly to people dropping out of the job market altogether.  There's a more asccurate measure of unemployemet, one that the legacy media doesn't like to talk about, U-6 unemployment-the metric that includes those discouraged folks, which comes in at a whopping 17.5%, up from 17% in September.  But, you know, GDP is up!, Happy Days are Here Again!,  Obama has stopped the sea levels from rising and the economy from falling, all because of his awesomeness.  From geoff at Innocent bystanders:

The President and his economic team have claimed that the plan is working as intended, that they’re on track to save the original goal of 3.6 million jobs, but somehow, despite practically drowning in success, we’re going to have to live with high unemployment for years to come. Oh, and that everything is still Bush’s fault.

Remember that last part.  It's Boooooosh!'s fault...Even though the residual unemployment from the dot com bubble bursting was never Clinton's fault.  So if happy days are here again, and the streets lined with silver and sidewalks paved with gold, and the stock market is going to carry us all to a new level of bull market prosperity we could never dream of, is it at least safe to say that this is a jobless recovery ?  You know, the chant we heard throughout 2003 and 2004, when unemployment maxxed out an 7.2 % and was actually falling instead of, um, rising..?

I guess that Funemployment! is part of that Change! we heard so much about during the last campaign, courtesy of Obamanomics.

(Graphs courtesy of Innocent bystanders and Zero Hedge)

Rocketman