Prior to my Friday Squawk on the Street interview, CNBC posted a commentary I wrote titled, Obama has failed on jobs. In the article, I cite a recent CNBC All-America Economic survey that found that just 24 percent of Americans say they are extremely or quite confident in the president’s economic policies and goals, while 44 percent say they have no confidence at all in the president on the economy. Obama fails to see (or fails to admit) that our economy is not creating enough jobs to keep pace with the number of people entering the employable population. Based on the formula used by the Bureau of Labor Statistics (BLS) to calculate the unemployment rate, since the president took office in January 2009, the employable population has increased by 13.7 million people. Unfortunately, the number of people employed has increased by only 4.5 million. That’s 9.2 million more people than jobs. That’s a serious problem.
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