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We're Down 4-Million Jobs from 2008

Recorded on May 6, 2012

From The Heritage Foundation, I'm Ernest Istook.

Every month America gets a report card. It's the monthly “jobs report” from the U.S. Labor Department.

It has hundreds of numbers, but most media focus attention on one single item—but it's the wrong one.

Whether the unemployment rate went up—or down—is totally misleading. That rate improves if more people find work, or if more people quit trying to find work. The definition of unemployment rate is deceptive.

So in April the rate improved a wee bit. But it wasn't because 115,000 jobs were created; it's because 342,000 people quit trying to find work.

Four years ago 145-million Americans had a job. Today only 141-million do. We're down four million jobs.

Disregard al the mumbo-jumbo. We're down 4-million jobs from 2008. That's what matters.

From The Heritage Foundation, I'm Ernest Istook.