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Saturday, May 18, 2013

Real Jobless Rate Still Above 10% In Most States

From an article by Jeff Cox, CNBC, titled "Real" Jobless Rate Still Above 10% In Most States

GDP growth is in the midst of its longest sub-3 percent annual growth rate since 1929, the beginning of the Great Depression, according to Bespoke Investment Group.

The economy hasn't topped 3 percent since 2005—before Federal Reserve Chairman Ben Bernanke took over—and is unlikely to do so this year.

While the government said the GDP revisions will present a more encompassing look at the economy, critics are howling that the changes are an attempt to mask weak growth and rationalize more debt.

"It shouldn't come as a surprise they are going to change the way this number is reported," said Michael Pento, founder of Pento Portfolio Strategies.

Cowboys and Tea Parties comment:  Just like when this Administration changed the way unemployment numbers are calculated to make it seem like less people are out of work. 

"When GDP numbers are chronically bad [averaging just 1.45 percent in the last two quarters] and the labor force participation rate is perpetually falling, our government will do the same thing they did for the inflation data—tinker with the formula until you get the desired result."

Under the new math, the government will add research and development spending, as well as the capital value of all books, movies, records, television programs and plays produced since 1929. You watch and see the GDP growth numbers go up and Obama taking credit.

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