Obama Depression Watch: 9.4% Out of Work

It's a lot easier to spin unemployment numbers if you massage them a little first.

Your eyebrows should be raised this morning as you get the "official" Labor Dept. report of job losses that claims "only" 345,000 jobs were lost in May.

Yet the government admits that unemployment has risen to 9.4 percent, a full half-point higher than last month.

However, the ADP National Employment Report earlier in the week -- a private survey of private employment -- found 532,000 jobs were lost in May.

There is a lot of air between the two numbers. The question then becomes: Who do you trust to tell you the truth?

Even taking the Labor Dept. report at face value, there are now 14.5 million official unemployed. This number does not take into account a vast swath of workers who have given up looking.

Naturally, the AP quotes some doofus proclaiming that the worst is over, happy days are just around the corner, blah, blah, blah, and, just in case you aren't drinking the happy juice yet, points out that this "recession" began in December 2007 and has seen the economy lose 6 million jobs.

Translation: It's that damn Bush's fault.

Nevermind that the Stimulus Bill was supposed to have immediately started kicking in on those "shovel ready" projects designed to get construction and factory workers back to work. So how is that working out?

Construction companies cut 59,000 jobs, down from 108,000 in April. Factories cut 156,000, on top of 154,000 in the previous month. Retailers cut 17,500 positions, compared with 36,500 in April. Financial activities cut 30,000, down from 45,000 in April. Even the government reduced employment -- by 7,000 -- after bulking up by 92,000 in April as it added workers for the 2010 Census.

Not so hot, huh?

Of course, the government is massaging the numbers from previous months, claiming that things weren't nearly so bad as first thought.

But still that nagging 9.4 percent unemployment rate?

The Obama Depression is here, folks.

And if they get Health Care Reform and Cap-and-Tax, it will be permanent.