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Unemployment has fallen?
By Erick Erickson  

February 4, 2012 

Editor: Read this carefully, then factor in those who have given up looking and those working two or more part-time jobs. Media and political spin is alive and well. 

The household survey says unemployment has fallen. Jobs are being created. A few days after American Airlines announced it would lay off 15,000 employees and other companies are laying off as well, the unemployment rate fell with new hires. 

It is good news for Barack Obama, except not really. 

The unemployment rate fell, but so did the number of people participating in the workforce. If those people were factored in, the unemployment rate would be 11 percent. In fact, people 55 years and older and people just entering the workforce are having a ridiculously hard time finding jobs. 

We know this is so by the number of foreclosures in the country — which are still high. The household survey data suggests good news for Barack Obama’s re-election prospects, but reality suggests otherwise. 70 percent of Americans, according to Rasmussen, know someone struggling to find a job. And these people will take it out on the incumbent. But there is a danger for the GOP. If the unemployment number keeps falling, they’ll need a bigger platform than just claiming they can put people back to work. They will have to work hard to cut through the media noise cheerleading unemployment numbers that ignore those who’ve just given up on Obama’s hope. 

—Erick Erickson