(ThyBlackMan.com) Cicley Gay and the Board of Black Lives Matter Global Network are rightfully being put on the spot, when it comes to the issue of the Biden-Harris administration policy of undercounting the unemployment rates of American workers, throwing them under the bus, especially Black Americans. There is nothing more devastating economically than this policy to African Americans. Black American workers have the highest unemployment rate of any worker group, and Biden comes along and understates your unemployment rate, leading to understating layoffs. When you add a historical number of economic immigrants, by the millions, crossing the borders, Black Americans and their communities feel the impact of this poorly thought-out policy.
When you look at how U-3 came to be our official unemployment rate, 3.9% for February, you discover there was no intellectual discussion, or some meeting of experts, that you could point to, who sat around a table somewhere, and after exhaustive, and in-depth discussions, said U-3 should be our official unemployment rate, and as a result comprehensive of our unemployment situation.
No, that did not happen at all! Making U-3 our official rate, which is narrow in scope, and uncomprehensive of our unemployment situation was not at all the result of any expert and all-encompassing decision making. U-3 reflects the unemployment rate of a small worker group. Making it our official unemployment rate was an arbitrary, and off the cuff decision made by someone in the Clinton administration, or per the Secretary of Labor at the time, Robert Reich, by someone in the Bureau of Labor Statistics. So, the nation is stuck with this scam, as you have a president crisscrossing the nation, embracing this rigged and embarrassing decision regarding our Job Rates saying, “And [un]employment has been the lowest — been below 4 percent for the longest stretch in 50 years.”
With that said, economists conveyed, at the time, when the changes to the unemployment categories were done, it was the U-6 category rate that was declared to be the most comprehensive. Mr. Biden is making all of us poorer, as we will never get the opportunity to resolve issues with the Real economy, which has an unemployment rate of 7.3% (U-6) for February, due to Biden’s political rate of 3.9%. The Black American rate is at a “Great Recession era” unemployment rate of 10%, as the Black rate averages 2.7% higher over the Real rate. Black people are hurting economically every day, and they don’t know why, due to the Democratic Party’s scam.
Here is what Dr. Robert Reich who was the Secretary of Labor in the Clinton administration in 1994 said, when the unemployment rate categories changes were done, in a message to my blog. He wrote:
“Dear Mr. Davis.
You write that “it was decided by Clinton, and Reich, that the U-3 category would become his administration’s official unemployment rate.” That is untrue. The Bureau of Labor Statistics is a statistical agency whose independence from politics is critically important to its credibility. Neither I as secretary of labor nor President Clinton intruded on that independence. The BLS decided and continues to decide how the nation’s unemployment rate is defined, measured, and explained to the public.”
It is highly unlikely a bureau within the Labor Department would have the uncontested independent right, and power to declare the official rate of unemployment of any presidential administration. Thus, Biden needs no additional authority when it comes to declaring U-6, our official unemployment rate, just as the Clinton administration needed no additional authority to promote the U-3 rate as being comprehensive of our Job situation, which it is not.
Additionally, the following are some past comments about our unemployment rates from some members of Biden’s economic team that should give all of us some pause.
Lael Brainard, the former Vice Chair of the Federal Reserve, and President Biden’s current Director of his National Economic Council, stated in an article on February 24, 2021 in the Wall Street Journal the following: “When we take into consideration the more than 4 million workers who have left the labor force since the pandemic started, as well as misclassification, the unemployment rate is close to 10 percent currently—much higher than (Biden’s) headline unemployment rate of 6.3 percent.”
Janet Yellen, the Secretary of the Treasury, on February 18, 2021, in an interview on CNBC, commenting on the nation’s January unemployment rate said, “We have an unemployment rate that if properly measured in some sense, is really close to 10%.” The U-3 category rate, Biden’s official jobless rate for the month of January flashed 6.3%, while the most comprehensive and real unemployment rate, U-6 was 11.1%.
Jerome Powell, the Chairman of the Federal Reserve at the Federal Reserve Open Market Committee news conference on January 27, 2021, said, “The real unemployment rate is close to 10 percent (for December) if you include people that have left the labor force.” At that time, the U-3 official rate was 6.7%, and the U-6 rate was 11.7%.
Biden’s former Chair of the Council of Economic Advisers, Dr. Cecilia Rouse, on April 2, 2021, stated on the White House web site, she felt the March unemployment rate was around 9 %, rather than the 6% official unemployment rate Biden was touting. The U-6 rate clocked in at 10.7%.
BLM should adopt the proposal to create an Economic Informational Tour (EIT), Right NOW.
When it comes to the issue and the facts surrounding our unemployment rates, censorship, and in some instances blocked access to the ThyBlackman.com site, has happened. An EIT is a direct pathway to voters and will tell the story of how U-3 became our official unemployment rate. We are still a Democracy, let the voters decide. Through education, we can ensure the integrity of our institutions, like the Department of Labor, which is responsible for our monthly unemployment data. The Truth about the disastrous policy of understating our Job rates by “Joe Biden and Kamala Harris,” will yield common sense solutions, when it comes to creating Jobs. Putting voters, American workers, our children, and our communities first, solve problems and create a bright future, for all American workers.
We have a chance to make a difference, simply by telling the Truth, especially when we see Democracy is in jeopardy and the African American community being devastated, by such a vile policy. That policy leads to understating coming layoffs, as we experience our 3rd Economic Downturn in 16 years. It’s time to ask the question that we all are thinking; “Is Cicley Gay and the Board of Black Lives Matter Global Network masquerading, as an agent of change, when it comes to the economic ambitions of Black Americans?” Or are they too, also purveyors of Falsehoods like the Biden-Harris administration and Democrats?
They are sitting on $30 million in assets. It is a no brainer; BLM you think, should want to expose the Truth, when it comes to lies about our unemployment rates. What organization with the name, “Black Lives Matter” turns its back on Black Americans, saying they don’t see the need of addressing, the devious policy of understating our unemployment rates, which profoundly hurts African American workers and their families more than any worker group? It’s an absolutely honest question, and “we, without procrastination, deserve to have an honest answer,” in these uncertain times.
Staff Writer; James Davis
Mr. Davis is a Financial Analyst. His articles are about relating facts in a usable, truthful, and understandable way. That way, WE ALL WIN. James is, the author of three books, among them, “The Fix This Time,” Boost Your Retirement Income! Simultaneously Create Jobs and Spur Economic Growth (https://www.amazon.com/dp/B00MI3PD2M). Reach out to James @ his blog https://thefixthistime.com.
Question? Comment? One may use this email address; MrDavis@ThyBlackMan.com.