September’s Job Numbers

With so many threats facing or involving our country- and the president’s perpetual, head-shaking incompetence in dealing with these threats- be it confronting the perils of ISIS, dealing with Iran as it continues its pursuit of nuclear weapons; the socio-economic consequences stemming from illegal immigration; that Ebola and the “mysterious” Enterovirus both pose a considerable health threat to the nation- there’s been an understandable tendency to overlook the country’s lagging economic situation which in its own way, also poses a threat to the well being of the country.

 

And as if on cue, the president- in an attempt to remind the nation that he hasn’t forgotten about our continued financial struggles- has taken to giving yet another campaign style speech (midterms, anyone), this time at Northwestern University, to praise his administration’s economic achievements. At this point in his presidency, that he has to remind our reassure the country that the economy is slowly “recovering” is a sure sign that a majority of Americans don’t feel as optimistic as the president would mislead them to be. And according to one poll, almost 60 percent of likely voters disprove of the president’s economic leadership.

 

And for good reason- very few believe him. Given the president’s tendency to aggressively flee from the responsibility of leadership on almost every issue, it’s easy to see why he’s lost the trust of the American people.

 

The Bureau of Economic Analysis said that based upon its third estimate of second quarter data, GDP grew at an annual rate of 4.6 percent, an increase from its previous estimate of 4.2 percent.  But before opening bottles of cheap champagne, know that when averaged with the first quarter’s 2.1 percent contraction, it means the economy has only grown 1.25 percent this year.

 

The overall unemployment rate shockingly dropped to 5.9 percent while the U-6 rate is 11.8 percent. The unemployment rate for blacks and black teens dropped to 11 percent and 30.5 percent, respectively. The labor force participation rate also declined to 62.7 percent– the lowest it’s been since February 1978, a 36- year low (it was 65.7 percent in June ’09 when Obama declared the recession over) while 9.3 million people are considered “unemployed.” A record 92.5 million people remain out of the workforce altogether.

 

Job creation for the month of September was up from the previous month, with ADP estimating that 213,000 private sector jobs were created, while the BLS said that 248,000 jobs were created, a considerable improvement from the previous month, even after the number of jobs created was revised upward to 180,000 from 148,000. Of those jobs, too many continue to be part time employment, which is more proof that all jobs aren’t created the same. Over 7 million people are forced to work part time jobs because they can’t find full time work, a slight decrease from the previous month. So though jobs are being created, which is obviously good, not enough full time jobs are being created at the pace needed to have the kind of economic impact many Americans need like increased employment at higher wages.

 

And speaking about not having enough jobs, a survey form Rutgers University found that 20 percent of workers were laid off in the last five years (post recession), while more than 20 percent of those who lost their jobs still haven’t another one. The survey also said that it took almost seven months for the nearly 40 percent of those who were laid off to find another job. Further, half of the estimated 30 million people who were laid off found work that paid less than their previous jobs.

 

The Senate Budget Committee released a report showing the stark facts related to this jobless recovery. The report says that 25 percent of Americans in their prime working years- almost 30 million Americans between the ages of 25-54, aren’t working.

 

Other economic related news of note-

  • A recently released Pew Research Center report shows that a majority of Americans- 79 percent- sees the current economic conditions as “fair” or “poor” while only 22 percent see the economy improving a year from now. So when the president says, as he did in his speech at Northwestern University, “Believe me, we’re better off,” most Americans simply don’t feel the same way.
  • The negative effects of Obamacare on businesses continue to grow. According to data from a report released by the American Action Forum, take-home pay at small businesses was dramatically reduced by almost $23 billion as a result of Obamacare-related insurance premium increases, totaling nearly $1000 per employee. The report also found that these insurance-related premium increases were responsible for the loss of over 350,000 jobs. The employer mandate begins in 2016, which means this kind of business-related preparation will increase meaning more lost jobs.
  • The Department of Agriculture says that 46,496,145 Americans receive SNAP assistance. This number is large enough to fill Yankee Stadium 925 times.

 

No matter how hard president Obama shakes his pom-poms in an effort to fool the country into believing his economic policies have been successful, too many Americans remain unemployed and underemployed with lower wages, coupled with rising costs. Very few Americans believe things will improve in the near future- economically or otherwise- under his tepid, incompetent and uninspiring leadership.

 

It’s the direct result of electing an inexperienced academic to the presidency.

 

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March’s (Un)Employment Numbers

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 ShackStaplesSony, 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.

Again.