Yes, 92 million people are now out of work in America. However, the good news is that the unemployment rate doesn’t count people who have pretty much given up looking for work. This means that the unemployment rate is actually dropping right now. This chart vividly illustrates what has been occurring.
If we add people who want jobs but have given up looking for work, the unemployment rate has been holding steady at around 11%. (Actually, others have looked at the figures and say that the real unemployment rate is much higher.) The only reason that the unemployment rate has dropped to 6.7% is that some people are no longer trying very hard to find jobs.
Of course, to the White House, a dropping unemployment rate in and of itself constitutes success for their economic policies. At the rate things are going, soon everyone who is out of work will give up looking for work, and the unemployment rate will drop to zero, making Obama’s economic policies the untold success story of the 21st century. And thus, we see how statistics are made and success defined in a Soviet republic.
(H/t Ed Driscoll)