Unemployment, Real vs. “Official”

The true level of unemployment is being understated, just as other government statistics are being manipulated to present a more favorable picture for the political class.

Matters appear to be getting so disgraceful that even financial wards of the State feel compelled to criticize the practice. Here is Doug Ross’ article on Bank of America’s interpretation of the real unemployment picture:

Merrill Lynch Chart Kerplodes the Administration’s ‘Official’ Unemployment Number

The central bankers-slash-crony capitalists who run the financial system can’t be happy with Bank of America’s disclosure of the following:

One can write lengthy essays, op-eds, and client letters explaining both why the labor force participation rate is plunging due to innocuous reasons such as everyone over 40 retiring yesterday full of jouissance and excitement to begin the sunset phase of their lives using copious life savings earning 0.0001% in interest, or, inversely, why this is one great big propaganda ploy by the BLS to make Obama look good a few short months ahead of the pre-election debt ceiling breach, pardon, his re-election date. We prefer cutting to the chase. Here is today’s chart of the day from BofA, which begs one simple question: when will the two time series recouple, because recouple they will, and how will America react to the realization it was lied to for 2% worth of unemployment “improvement”? The chart says it all.

I can just see Turbo Timmy now, screaming at anyone who will listen, “BUT WE BAILED THEM OUT! WE BAILED THEM OUT!! AND THEY JUST STAB US IN THE BACK!!!”

SOURCE: EconomicNoise.Com