Champagne corks are popping in DC over the October unemployment rate. According to the official figures, unemployment is at its lowest rate since 2008. Of course, the official figures are manipulated to lower the official unemployment rate.
For example,the official unemployment rate does not include the record number of people who have withdrawn from the job market. The official unemployment rate also excludes those who would prefer full-time work, but have "settled" for part-time work.
The lower "official"unemployment rate has not been meet with joy on Wall Street since many investors expect the lower unemployment rate to cause the Federal Reserve to raise interest rates in December. Of course, this assumes that the Fed bases its decision on the phony official rate and not the real rates. It also assumes that the Fed is not committed to keeping rates low in order to advance a political agenda.
Learning how the Fed really evaluates the economy, as well as what contingency plans they have in the (likely) event that their policies cause another economic downturn are just two reasons why Congress should pass the Audit the Fed bill.
Fortunately,the Senate will vote on Audit the Fed in the next several weeks. Campaign for Liberty has launched a major effort to pass this bill. Please join our efforts.
Tags: Audit the Fed, Unemployment