Trump and Democrats versus Voters and American Workers Who are Now Dealing with HIGH Unemployment.

Trump and Democrats versus Voters and American Workers Who are Now Dealing with HIGH Unemployment.

(ThyBlackMan.com) The Clinton administration gave President Donald Trump a gift that, keeps on giving, when it comes to unemployment rates. If we do a reality check and just look at the economy as it really is, we see, it’s Democrats and Democratic leadership, who are sustaining, and propping-up, “the Trump administration’s image, to what extent it may be viewed as positive, when it comes to the economy.”

President Donald Trump states the nation’s February unemployment rate is 4.4%. This is the “official unemployment rate for February,” published by the Bureau of Labor Statistics (BLS), the U-3 category rate, from the chart of Alternative Measures of Labor Underutilization. The problem is, the official rate is not the most comprehensive rate, and the U-3 category rate, the 4.4% February rate, was never meant to be comprehensive. That means the U-3 category rate of unemployment does not give the leadership of the United States, regardless of your station, race, position or place, and VOTERS, a broad-based, or full and complete understanding, of what is happening in the U.S. economy. The U-3 category rate was never meant to provide us with that information and understanding!

The Democratic party under former president Bill Clinton “started wrongly” promoting the U-3 category rate as being comprehensive back in 1994. Former presidents Bush, Obama, Biden, Trump in his first term, and now in his second term have all followed suit, continually focusing on the U-3 category rate as being comprehensive, of the nation’s monthly Joblessness. This distressingly unwise policy is the main contributor to the woes of Americans, American workers, professional, blue collar, union, and working-class Americans.

Clinton’s gift to the GOP of promoting the U-3 category rate of 4.4%, as being comprehensive, allows Trump to deceive voters and American workers, when it comes to the economy. Mr. Trump says, the nation has a full-employment economy based on that 4.4% unemployment rate, “when it clearly does not.” It allows him to say the nation is doing great under his stewardship, officially that is. Promoting the U-3 rate, as being comprehensive, also allowed former president Joe Biden, during his term in office to crisscross America, as he opened the nation’s borders to millions of economic immigrants, “to wrongly say,” in his promotion of the U-3 category rate, “And [un]employment has been the lowest — been below 4 percent for the longest stretch in 50 years.”

Biden was referring to the U-3 category rate, which at that time, was 3.9%. Was Biden justified, in opening the borders of the United States to economic immigrants, believing our economy needed millions of foreign workers, when the economy visibly, and certainly, did not need these workers? The rate of unemployment, 5.0% or lower is indicative of a full-employment economy. Did he know the U-3 unemployment category rate was not comprehensive, as he did this? He certainly should have, as he was the President of the United States.

Investopedia, a highly regarded financial educational web site, which states their experts offer more than 250 years plus of combined experience to ensure they are giving readers the most accurate information, states, “Unemployment of 5% or lower is often considered full employment in a real-world context.” Investopedia further states, “Full employment is an economic situation, where all workers and laborers who want to work are employed, making it the most efficient employment situation possible.” Use of the U-3 category rate implies, if these fully employed Americans, wanted to switch Jobs in pursuit of a better Job, they could do this with relative ease, as there are enough Jobs being produced monthly, to allow them to do so. Reality check: Trump does not have a full employment economy. The U.S. lost 92,000 Jobs in February.

During this period of time, Biden’s economic team, along with the Federal Reserve chair, Jerome Powell, weighed-in with their opinions, somewhat questioning Biden’s promotional rhetoric, regarding the U-3 category rate, as being reflective of the true nature of the nation’s unemployment situation, that the U.S. was experiencing full-employment, when it wasn’t. Here is what they said, back in 2021, regarding his use of U-3, and viewing it, as being comprehensive.

However, before we do that, it is important to know the category rate, economist’s established as being the most comprehensive rate, when unemployment rates categories were adjusted during the Clinton administration in 1994. Research indicates, economists from the Bureau of Labor Statistics did not intend for the U-3 unemployment rate to be perceived, as a comprehensive measure of the United States’ unemployment situation. This is evidenced by an article in the Monthly Labor Review, a journal established in 1915, and known as the principal journal of the BLS. In the October 1995 issue, John E. Bregger, a retired Assistant Commissioner for Current Employment Analysis, and Steven E. Haugen, an economist, at the time, in the Division of Labor Force Statistics, Bureau of Labor Statistics stated, on page 24 that the U-6 category rate is the most comprehensive among the new range of alternative measures for the U.S. unemployment rate.

Despite this, administrations from Clinton to Trump, have wrongly, and arbitrarily continued to present the U-3 rate, the lower of the two category rates, as being comprehensive of our unemployment situation, essentially undercounting and underreporting the United States unemployment rates. Here is the link to the article, read it for yourself, at your leisure. https://www.bls.gov/opub/mlr/1995/10/art3full.pdf.

The U-6 category rate is a broader measure of labor underutilization or unemployment, and it captures a fuller picture of labor market weakness. It includes not just the unemployed actively seeking work as the U-3 category rate does, but also discouraged workers, those who are available for a Job and have looked for work sometime in the past 12 months. The U-6 category rate also includes those persons employed part time, who want and are available for full-time work, but have had to settle for part-time Jobs in Trump’s economy. Shifting public and media attention to the U-6 category rate, which is 7.9% for February would reveal and expose affordability struggles of Americans, Job scarcity, and underemployment, where workers are in Jobs way below their skill levels because they can’t find full time Jobs. Such situations might be a degreed person working as a door keeper. Now let’s hear from Biden’s economic team, and Powell regarding the nation’s unemployment rates:

Janet Yellen, President Biden’s Secretary of the Treasury, on February 18, 2021, in an interview on CNBC, commenting on the nation’s January unemployment rate said, “We have an unemployment rate that if properly measured in some sense, is really close to 10%.” The U-3 category rate, Biden’s official jobless rate, for the month of January flashed 6.3%, while the most comprehensive, and real unemployment rate, U-6 was 11.1%.

Lael Brainard, the former Vice Chair of the Federal Reserve, and President Joe Biden’s Director of his National Economic Council, stated in an article on February 24, 2021 in the Wall Street Journal the following: “When we take into consideration the more than 4 million workers who have left the labor force since the pandemic started, as well as misclassification, the unemployment rate is close to 10 percent currently—much higher than (Biden’s) headline unemployment rate of 6.3 percent.”

Biden’s former Chair of the Council of Economic Advisers, Dr. Cecilia Rouse, on April 2, 2021, on the White House web site, stated, she felt the March unemployment rate was around 9 %, rather than the 6% official unemployment rate Biden was touting. The real unemployment rate, the U-6 category rate, clocked in at 10.7%.

Finish story here; Trump and Democrats versus Voters and American Workers Who are Now Dealing with HIGH Unemployment.