That tweet came from former CEO of General Electric, Jack Welch, after the new jobs numbers were reported today. I agree.
What is funny about the 7.8% figure is that conservative talk radio host Rush Limbaugh actually predicted that the national unemployment number would fall below 8% right before the presidential election! Lo and behold - shazaam!!! It happened! Rush had been reporting this for months. Coincidence? Well, conservatives aren't the only ones shaking their heads in disbelief. The numbers just don't add up...
"Job growth remained tame in September, with the economy creating just 114,000 net new positions though the unemployment rate fell to 7.8 percent, the first time it has been below 8 percent in 43 months. The report presented a slew of contradictory data points, with the total employment level soaring despite the low net number.The falling jobless rate had been a function as much of the continued shrinking in the labor force as it was an increase in new positions."
ABC News reporter Chris Cuomo also tweeted:
I do think that Mitt Romney can use this to full advantage in the next debate. We cannot believe fudged numbers that just don't match reality. The number of Americans who have stopped looking for work has never been higher - due to the economic conditions and anti-business climate created by Obama & Co. For Obama to "celebrate" 7.8% (when Obama had promised that the unemployment rate would be 6% by 2012) is horrible and is akin to a baseball team having a losing season and winning a few games. Time to party? No. The team is still a loser.
Here is an excellent read on the recent unemployment numbers (that will only be "adjusted" after the election!):
Come mid-November, that 7.8% number will miraculously be revised - perhaps a wee bit above 8%?
In the words of Gomer Pyle: "surprise, surprise, surprise!"
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