Economic Blog March Numbers
As another month passes, we continue to see the desired and intended economic realities of central planning, progressive idealists. This progressive ideal is diametrically opposed to what’s needed to recuperate the lost jobs, wages and capital- not to mention faith and optimism of the American people- during this “recovery.”
The unemployment rate is 6.7%; for blacks it’s 12.4% and for black teens, the rate is 36.1%. Over 20 million Americans (the unemployed, the long-term jobless, marginally attached to the labor force) still remain on the margins of the labor force, of which the participation rate is 63.2%. Only 192,000 jobs were added last month, but it doesn’t approach what’s needed to maintain pace with population growth.
It’s been said before, but it bears repeating. Despite what the unemployment rate is doctored to say- and how the Obama administration spins it, the country continues its descent into the murkiness of economic apathy and stifled productivity.
In regards to doctored data, not only has the unemployment data been intentionally manipulated to favor Obama- if one can call this information, favorable- but it appears that the Consumer Price Index may have also been falsified. The CPI- used to gauge several economic categories- measures the variation of prices for goods and services to determine the development and effect of inflation. It’s also responsible for affecting the increase of military pay and retiree benefits. The falsifying of CPI data would have costly effects to those whose income is dependent on the CPI’s report. The Obama administration has earnestly demonstrated its willingness to lie to the country regarding his healthcare promises and about the severity of the unemployment situation. That he would lie about inflation levels while cheating service members out of earned pay and the elderly out of benefits is no surprise at all.
But there is good news. Now that Obamacare has over “seven million” Americans “enrolled,” ‘we now pivot to job creation,” so says Democratic House Minority Leader Nancy Pelosi.
Now? Now?? That Obamacare was the focus when the country suffered through double-digit unemployment and then remained the focus as more and more Americans left the workforce confirms just how serious the progressive-minded, utopian fools are when it comes to the economy.
Consider this. Aside from jobless claims increasing last week:
– Radio Shack, Staples, Sony, Office Depot, Sears Holding (which owns Sears and Kmart), JC Penney, and Disney – among many others– all announced plans to either close stores and or layoff employees in March;
– Two million people more people were unemployed this past month that at the same time last year;
– According to a report by the Center for Immigration Studies, almost 17 million Americans wanted- but were unable to find full-time work in 2013;
– The housing market remains weak;
– The Federal Reserve Chair Janet Yellen said that though the Fed has decided to taper its bond-buying bailout to $55 billion per month (over $4 trillion total), it will continue for “some time” to combat sustained levels of unemployment;
These are real, tangible indicators that the economy hasn’t recovered. In addition, almost 45% of Americans feel they are no longer part of the middle class. Worse still, forty percent now self-identify with being lower middle or lower class, economically.
It’s bad news for an economy that urgently needs resuscitation, but it’s significantly worse for those who are poor, who lack basic job skills and who have a checkered work history. It’s remarkably bad when the lack of available jobs intensifies the competition to find work. This glaring realization, though evidenced in the country generally, characterizes the black economic and employment situation, specifically.
As mentioned above the unemployment rate for blacks and black teens is 12.4% and 36.1%, respectively. If not for a few voices, including Project 21, many Americans would be clueless to the economic struggle and anxiety felt by many black Americans.
According to Newsbusters, over the last year ABC, NBC and CBS gave a mere TEN SECONDS – combined– in reporting the exceedingly bleak black economic plight and the black unemployment. According to the Media Research Center’s Business and Media Institute, of the 145 jobs-related stories during the past year, the black unemployment rate was mentioned… twice.
Obama, ABC, NBC and CBS have continually ignored the fact that since January 2009- Obama’s first month in office- the black unemployment rate has been below 12% once; it’s been at or above 14% thirty-nine times, at or above 15% twenty-nine times, and at or above 16% eleven times. They have also continually ignored black teenage unemployment, which during the same period, has been below 35% only four times.
Yet Paul Ryan is the enemy…
This is inexcusable, but not surprising.
And nothing will change. Expect the Obama administration and his party to deliver practiced, sympathetic talking points about “putting America back to work” in solemn and determined tones, attached to concerned faces as they attempt to fleece the American public on the way toward the midterms in November.
What’s worse is that after all the destructive evidence resulting from the policies this administration advocates, that fleecing may prove convincing.