Pelosi: Pres. Obama’s misguided economic policies have failed to create jobs... worst record since President Hoover

A statement by Nancy Pelosi (via drudge):

Washington, D.C. -- House Democratic Leader Nancy Pelosi released the following statement today on the Bureau of Labor Statistics' announcement that 470,000 people abandoned their job searches in January and that 3.2 million private sector jobs have been lost since President Obama took office:

“The fact is that President Obama’s misguided economic policies have failed to create jobs. Since President Obama took office, the country has lost 3.2 million jobs, the worst record since President Hoover. And today we learned that in July nearly half a million people gave up looking for a job.

“Job losses are taking a real toll on the financial security of American families. ...

“According to today’s survey, while the national unemployment rate dropped slightly, it still stands at a near record high. In addition, the unemployment rate for African Americans was still over 11 percent in January , and the unemployment rate for Hispanics was 8.2 percent in July.

“It is time for President Obama ... to get to work for all Americans, not just the elite few.”

Now substitute Bush for Obama above and you have Pelosi's statement from August 1, 2003, hitting Bush on the jobless recovery. Also, substitute 4.3 million for the 3.2 million in the first paragraph. The unemployment rate for black and Hispanics has skyrocketed as well. The unemployment rate in January dropped to 9.7% as jobs were lost. You might be wondering how the unemployment rate can go down as jobs are lost, but accounting gimmicks are what they are. As people give up looking for work, they are not considered unemployed anymore as that number only includes those that don't have jobs but are looking for them. Being that the unemployment rate is still essentially 10%, recall that Obama rammed through his stimulus boondoggle to keep unemployment from going into the double digits:

How's that stimulus working out for you all? Here is what has been happening with Biden's 3-letter word last year:

January US jobs lost: 598,000 jobs
February US jobs lost: 706,000 jobs
March US jobs lost: 742,000 jobs
April US jobs lost: 545,000 jobs
May US jobs lost: 345,000 jobs
June US jobs lost: 467,000 jobs
July US jobs lost: 247,000 jobs
August US jobs lost: 216,000 jobs
September US jobs lost: 263,000 jobs
October US jobs lost: 190,000 jobs
November US jobs lost: 11,000 jobs
December US jobs lost: 85,000 jobs
January US jobs lost: 20,000

Total US jobs lost under Obama: 4,435,000 jobs

4.44 million fewer jobs to lose. Thus why be surprised that there are less job losses as time goes on anyway? Remember that the stimulus package was supposed to stop the unemployment rate at 8%! A crisis could become a calamity? Remember that? Here's how that looks (via Michael's Comments):

And the jobs picture:

Ouch. Yet it is the dip in the unemployment rate that the liberal MSM are trumpeting, knowing full well it is an artificial decrease due to people giving up on finding a job. From the NYT via memeorandum: Jobless Rate Down to 9.7%; 20,000 Jobs Lost in January. So much contradiction in one short headline. Or this one from the AP (via the Detroit News) that omits the job losses entirely: January unemployment drops to 9.7%

The unemployment rate dropped unexpectedly in January to 9.7 percent from 10 percent while employers shed 20,000 jobs.

The Labor Department says the rate dropped because a survey of households found the number of employed Americans rose by 541,000. The job losses are calculated from a separate survey of employers.

The report also included an annual revision to the estimates of total payrolls, which showed there were 930,000 fewer jobs last March than previously estimated. The department also revised down its estimates for April through October of last year, adding another 433,000 job losses.

You would figure this to be far bigger news. You'd be wrong.

November was revised up, however, to show a gain of 64,000 jobs.

All told, the department says the Great Recession has eliminated 8.4 million jobs. That's the most of any recession since World War II as a proportion of total payrolls.

Mostly under Obama, but let's keep that under wraps, eh? Wink, wink - nod, nod.