James Pethokoukis: What the plunging unemployment rate really means for Obamas reelection. Those headline economic numbers are terribly misleading, hardly reflecting the devastation most Americans still see every day. An 8.5 percent unemployment rate? Please. If the size of the U.S. labor force [were] as large as it was when Barack Obama took office, the unemployment rate would be 10.9 percent.
But since so many people have gotten discouraged and stopped looking for work and [were] thus disappeared by government statisticians the jobless number has been artificially depressed.
A better gauge of the jobs picture is the broader U-6 rate, which includes part-timers who would rather have full-time jobs. It stands at a whopping 15.2 percent. [Italics,
Statistics don’t lie, White Houses do. [Much