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February 18th, 2012 11:04 pm
Real Unemployment Rate Almost Double Official Tally

An editorial by Investor’s Business Daily highlights why the Obama campaign’s crowing about a nascent economic recovery is hiding the real pain American workers are feeling:

Even worse for an administration straining to make the case that it deserves to be around for another four years is the real unemployment rate. It’s not 8.3%, but closer to 15%, a figure that reflects those who “would like to work but have not searched for a job in the past four weeks as well as those who are working part time but would prefer full-time work,” says the CBO.

Another White House problem comes from this in the CBO report: “The share of unemployed people looking for work for more than six months — referred to as the long-term unemployed — topped 40% in December 2009 for the first time since 1948, when such data began to be collected; it has remained above that level ever since.”

Voters aren’t stupid.  If the eventual Republican nominee can make a compelling argument linking Obama’s policies to the decline in jobs, he’ll win.  If not, we’ll have nearly an entire decade of lost opportunities.

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