Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

10/11/2012 (1 year ago)

Catholic Online (www.catholic.org)

Jack Walsh explains why the figure is too subjective to decide an election.

In an op ed in the Wall Street Journal, Jack Welch, explained just why he finds the Obama unemployment numbers to be wrong. And of course, he's right. 

Jack Welch found himself in the crosshairs of the Obama administration after he correctly pointed out the jobs figures were bogus.

Jack Welch found himself in the crosshairs of the Obama administration after he correctly pointed out the jobs figures were bogus.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

10/11/2012 (1 year ago)

Published in Business & Economics

Keywords: Jack Welch, election, unemployment, Obama, Romney


LOS ANGELES, CA (Catholic Online) - Jack Welch made headlines earlier this week when he tweeted,  "Unbelievable jobs numbers..these Chicago guys will do anything..can't debate so change numbers." 
Welch's implication that the Obama administration somehow "cooked the books" was unappreciated by the Obama campaign which proudly declared the 7.8 percent figure to the public as a sign of progress. And a significant one at that too - no president has ever been reelected with unemployment over 8 percent. 

So the Obama camp certainly has motive, but motive doesn't mean they would go so far as to deliberately manipulate the data to show improvement. Turns out, they don't even have to. 

We all know there are three kinds of lies in the world. Lies, damn lies, and statistics, as the saying goes. But why are these statistics so questionable?

The Labor Department will be the first to admit that there is considerable subjectivity in their reports. In fact, there's so much subjectivity that it is standard practice to change the numbers in the months that follow, as new, more concrete data is fed into the statistics. It is wiser to regard the report as a preliminary estimate, rather than a hard finding. 

The methods of gathering the number include attempting to contact some 60,000 people, most by phone, and some by visit, to ask if they are working. The definition of who is and isn't working is fairly broad, so as Welch explained in his op ed, a woman who is babysitting for a week to earn bus fare is counted as working. 

Welch says he believes the economy is improving, however he notes that the growth is very slow. The economy isn't roaring back as it did during the Reagan years. Of course, if you listen to the Obama camp, they're proud of the 7.8 figure and are trumpeting it at every opportunity as a sign that Obama's policies are finally paying off. 

Interesting, because that 7.8 percent payoff in any other year would be considered a source of shame for most presidents. 

So what are people to do? 

Nothing suggests Welch. "The coming election is too important to be decided on a number," he wrote. "Especially when that number seems so wrong." 


---


Pope Francis: end world hunger through 'Prayer and Action'


2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for July 2014
Sports:
That sports may always be occasions of human fraternity and growth.
Lay Missionaries: That the Holy Spirit may support the work of the laity who proclaim the Gospel in the poorest countries.



Comments


More Business & Economics

HAIL BRITANIA! Britain declared fastest growing economy in developed world Watch

Image of Britain is now

By CNA/EWTN News

There will always be an England, as the old song goes. While the United Kingdom has experienced highs and lows, it's always recovered - and prospered. This was born out by the recent news that Britain will be the best performing major economy in the developed ... continue reading


Amazon sits on slippery slope as investors pull out from company Watch

Image of Amazon, despite constant reinvestment into technology like smartphones and drones, continues to lose investors and profits.

By Catholic Online (NEWS CONSORTIUM)

Amazon lost over $16 billion in value on the night of July 26, a sign that investors were growing weary of the retail giant's repeated failures to make a consistent profit. LOS ANGELES, CA (Catholic Online) - This was Amazon's largest quarterly loss in two years, ... continue reading


The buck does stop here: Chinese currency set to close the gap between it and the dollar Watch

Image of A new study from China indicates that the Chinese yuan is likely to become the third most used international currency by 2019.

By Catholic Online (NEWS CONSORTIUM)

China's currency, the renminbi (RMB), is looking to become the third-largest international currency behind the U.S.'s dollar and the euro by 2019 said the Renmin University of China in a report published on July 20. LOS ANGELES, CA (Catholic Online) - Last year, ... continue reading


Financial consultant warns that U.S. is entering third largest stock bubble Watch

Image of A new study by financial consulting firm Smithers & Co. warns that the U.S. is entering another major stock bubble, the third largest in U.S. history.

By Catholic Online (NEWS CONSORTIUM)

A new research report by financial consultant Andrew Smithers, chairman of Smithers & Co., suggests that the U.S. is in the midst of another stock-market bubble, much like the bubbles in 1853, 1906, 1929, 1969 and 1999. LOS ANGELES, CA (Catholic Online) - ... continue reading


WARNING: The most important article you may ever read - We need a moral revolution at the top, before pitchforks appear in the street Watch

Image of In the game of plutocracy you start by owing money to the bank and as it progresses, you owe more.

By Marshall Connolly, Catholic Online (NEWS CONSORTIUM)

An article published in 2011 in Forbes is making the rounds again and people are talking, but despite the dust on the copy, it's a timely conversation. The article by Brendan Coffey reveals that there are four companies that control 147 other companies and those 147 ... continue reading


U.S. to shortly overtake Saudi Arabia, Russia in production of natural oil Watch

Image of In Texas and North Dakota, oil extraction is soaring at shale formations as companies split rocks using high-pressure liquid in a process known as fracking.

By Catholic Online (NEWS CONSORTIUM)

The United States has often found itself at the mercy of unstable nations for the majority of its oil imports. That day may soon be past after American begins the extraction of energy from shale rock, eventually overtaking both Saudi Arabia and Russia in oil ... continue reading


Unemployment among black Americans twice that among whites Watch

Image of The jobless rate among whites last month was 6.6 percent; among blacks, 12.6 percent. The unemployment rate for blacks has averaged about 2.2 times that for whites.

By Catholic Online (NEWS CONSORTIUM)

When African-Americans marched on Washington in 1963, it was under the banner of "Jobs and Freedom." There remains a great inequity with the former; the number of unemployed blacks in America remains twice as much as whites, and has remained that way for ... continue reading


Don't read this if you enjoy shrimp -- and hate slavery Watch

Image of Forced to work on old fishing boats, slaves work 20-hour days, often with drugs to keep them going. They are not paid, having been bought and sold into the industry.

By Catholic Online (NEWS CONSORTIUM)

A shocking investigative report from The Guardian reveal that virtually all shrimp harvested in Thailand is in some way a product of slave labor, and that much of this shrimp ends up in the mainstream food supply chain. If you eat shrimp, it is likely you are consuming ... continue reading


How bad is it? So bad even the capitalists are quoting Marx Watch

Image of IMF managing director Christine Lagarde gave a keynote address where she quoted Karl Marx.

By Catholic Online (NEWS CONSORTIUM)

The elites of the free world may be awakening to the fact that their unfettered pursuit of more is perhaps the single greatest existential threat to their existence. At a recent invitation-only conference in London, several billionaires as well as the head of the IMF ... continue reading


Yes, corporate tax havens cost you too! Watch

Image of It's common and it cheats millions of their due.

By Catholic Online (NEWS CONSORTIUM)

Surprise, surprise, surprise!  The same day Cardinal Maradiaga condemned unethical business practices that do nothing to help those at the bottom of society, a report was released that shows a majority of Fortune 500 companies stash their money offshore to avoid ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Sirach 44:1, 10-15
1 Next let us praise illustrious men, our ancestors ... Read More

Psalm, Psalms 132:11, 13-14, 17-18
11 Yahweh has sworn to David, and will always remain ... Read More

Gospel, Matthew 13:16-17
16 'But blessed are your eyes because they see, your ... Read More

Saint of the Day

Saint of the Day for July 26th, 2014 Image

Sts. Joachim and Anne
July 26: By tradition Joachim and Anne are considered to be the names of ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter