Trump: Jobs Figures ‘Phony,’ Real Unemployment May Be 21 Percent

Tuesday, 10 Apr 2012 09:28 AM

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March's gloomy jobs report would be a lot gloomier if the government accurately depicted the health of the labor market, says real-estate mogul Donald Trump.

The Bureau of Labor Statistics reports the economy added a net 120,000 jobs in March, well below expectations.

The unemployment rate fell to 8.2 percent from 8.3 percent in February, largely due to a decline in the labor force, as frustrated workers who quit looking for jobs are not counted as part of the equation.

Editor's Note: Did Obama Betray America? Video Reveals Truth

Unemployment rates stood at 7.6 percent in January 2009, when President Barack Obama, was sworn in.

"It's a phony system. Look at the last numbers. It went from 8.3 percent to 8.2 percent," Trump tells CNBC.

"It went down because a lot of people have given up looking for jobs so they don't consider them unemployed. The numbers are totally phony numbers. Your real number is probably 18 percent or 19 percent —some people say 21 percent," he said.

"The numbers are fixed so politicians can get elected. That's all these numbers are. The unemployment is high, it's massive and other countries are making our product."

Turning to other countries, Trump reiterated previous statements that the Obama administration has made a secret pact with the Saudis to flood the global economy with more oil, as high gasoline prices would hurt his re-election.

"Energy is really getting bad and there's plenty of it around," Trump says.

"I believe Obama, I assume he's smart enough do this, I believe that Obama made a deal with the Saudis to dump a lot of oil into the system, because if gasoline goes to $5 a gallon, which it very well could this summer for cars, Obama is not going to win the election."

The West has slapped sanctions on Iran for its nuclear ambitions, and Iran has said it has halted exports to part of Europe as a countermeasure.

A European ban on Iranian crude imports is scheduled to take effect in July, although representatives from the U.S., the U.K., France, Germany, Russia and China are reportedly set to meet with Iranian delegates in an effort to end the standoff later this month.

Secretary of State Hillary Clinton met with Saudi King Abdullah bin Abdul-Aziz Al Saud and other senior officials to discuss Saudi Arabia's response to Iranian supply cuts.

The U.S. and Europe may tap emergency crude stockpiles to ease prices at the pump, which some say may pressure Saudi Arabia and others to slash production to offset their western allies.

"If they're going to release reserves they need an assurance from the Saudis that they won't offset it by cutting supply," said one industry source familiar with thinking in Washington, according to Reuters.

"There's no doubt the measure needs the cooperation of Saudi Arabia," a unnamed diplomat also tells Reuters.

While the U.S. and Saudi Arabia are traditional allies, differing views on how to handle the Arab Spring and the Syrian uprising have prompted high-level talks to prevent relations from straining.

Nationwide, a gallon of regular gasoline is averaging $3.92 a gallon, according to the AAA Daily Fuel Gauge.

Editor's Note: Did Obama Betray America? Video Reveals Truth


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