Tags: chao | unemployment | obama

Fmr. Secretary Chao: Obama's Unemployment Rate Is Really 14.7%

Tuesday, 09 Oct 2012 07:22 PM

By Dan Weil and Kathleen Walter

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Elaine Chao, Labor Secretary under President George W. Bush, says President Barack Obama has failed massively when it comes to jobs.

“It’s not just one policy. I wish it were,” she tells Newsmax TV in an exclusive interview. “In fact, it’s a whole panoply of anti-employer policies devised by this administration and legislated by the Democrat-controlled Congress in the first two years of his administration that has created this terrible situation.”

Unemployment totaled 7.8 percent in September, according to preliminary data. But including those who have dropped out of the workforce, the rate would be more than 11 percent, and counting the underemployed, it would be 14.7 percent, Chao says.

“Employers don’t have the confidence nor do they have the certainty that the economy’s going to do better,” she says. “All they see coming down the pike are more taxes, more regulations.”

Watch the exclusive interview here

If companies have any money now, they’re sitting on it, thanks to all the regulatory uncertainty, Chao says. “They’re not expanding. They’re not investing in new capital expenditures. They’re just holding back, and that’s why job creation’s not occurring.”

Some commentators, including former General Electric CEO Jack Welch have accused the Obama administration of cooking the books to produce the decrease of the unemployment rate in September from 8.1 percent in August.

So where does Chao stand on that issue? “When I was the Secretary of Labor, we respected the professionalism of the Bureau of Labor Statistics staff, and we never interfered,” she says. “But I’m not there now, so I can’t certify to the accuracy of these numbers.”

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