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Fmr. CBO Director: “The 7.8% Jobless Rate is a Fluke, an Anomaly”

Posted by FactReal on October 8, 2012

(Click image for video)
Last Friday, former Congressional Budget Office (CBO) director, Douglas Holtz-Eakin, talked to Bloomberg about the September U.S. jobs report showing the surprising drop in unemployment rate to 7.8% — the first time it falls below the 8% level since Obama took office in January 2009.

Highlights of what Holtz-Eakin said:

● “The unemployment rate is just a fluke. There is nothing in the data that we’ve seen that suggest that we created 873,000 jobs anywhere in this economy. So this looks like a statistical anomaly. You got to take it with a grain of salt.”

● “If you look inside the very same report, look at the U-6, the broadest measure of unemployment, is unchanged from 14.7%. That’s absolutely in line with everything else in the report. And you ought to just stress that to the American people because that is a realistic picture of what’s going on.”

● “You have seen zero increase in your real disposable income…The jobs have been bad, but the income growth has been worst….People know that. People out there are unhappy with the increasing gas prices and increasing food prices, because their budgets are not expanding and they get squeezed when that happens.”

● “Every now and then you just get a wear number — this one makes no sense.”

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