Still above 8 percent: Unemployment rate down to 8.5

Grand Canyon Nat'l Park

Yes, it is good news that the unemployment rate is down to 8.5 percent and that the economy created 200,000 jobs in December. But this Santa Claus bump may peter out now that Christmas has passed. Also, the real unemployment rate is probably closer to 16 percent--because the Department of Labor doesn't included "discouraged workers" who have given up seeking employment or those who have part-time gigs but want a full-time job.

Also, once again I have to remind you that the White House promised in 2009 that the unemployment rate would not exceed 8 percent if President Obama's stimulus was enacted.

It's still above that level.

The unemployment rate was 8.6 percent in November. The December rate is the lowest in three years.

But here is what Weasel Zippers says: MSM Headlines: Unemployment Rate Drops To 8.5%! — Reality: Unemployment Rate Would Be 10.9% If Size Of Workforce Was Same When Obama Took Office…

UPDATE 11:15am CST: The US Chamber of Commerce says that our economy needs to add 676,000 jobs per month if employment levels are match pre-recession levels by September. President Obama is patting himself on the back as I write this post because 200,000 jobs were created in December.

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