The Democrats are spinning away that adding 80,000 Jobs last much is “going in the right direction”. And we’ve “created private sector job growth” every month, yada yada…Just at a snails pace. And the snails are winning.
And that’s Congress’s fault.
Not the over regulation and overtaxing and a Democrat Senate that hasn’t passed it’s own budget in 3 1/2 years and refusing to even debate anything the “obstructionist” Republicans pass.
The National Center for Education Statistics (NCES) projects 1,781,000 students at the bachelor’s degree level will graduate as the college Class of 2012.
Joblessness among new entrants to the workforce is 300,000 higher than three years ago.
And That’s on top of the Millions still out of work, some for years at a time.
Unemployment topped 8% for the 41st month in a row.
And even though the current unemployment rate of 8.2% is officially below the level three years ago, that’s because millions have given up looking for work and so aren’t counted as unemployed. If you adjust for that change, today’s unemployment rate would be 10.9%.
This is already the longest jobs recession since the Great Depression at 53 months. Payrolls aren’t on track to reach the old highs until June 2015, assuming the sluggish economic expansion lasts that long. (IBD)
So does it sound like a celebration to you?
Only if you a liberal. Only if you’re trying desperately to sell sand to man dying of thirst in a desert.
But that’s Bush’s Fault too.
To explain away the ongoing jobs debacle, <Chief Economic Advisor Alan> Krueger claims “there are no quick fixes to the problems we face that were more than a decade in the making.” Translation: Cut your griping and be thankful Obama has been able to do so well, given the terrible hand he was dealt.
It’s all Bush’s Fault!
According to American Enterprise Institute researcher (and former IBD staffer) James Pethokoukis, it will take 219,000 net new jobs each month to bring the unemployment rate below 8% by Nov. 6’s Election Day.
VP Joe Biden: Romney, he said, believes “somehow that those so-called job creators will make everything OK for the rest of us.”
And that’s a bad thing. After all, Romney to the left is a mustache twirling Monopoly board/cartoon Millionaire villain tying grandma to the railroad tracks as the steam train is bearing down her!
Government central planning and doling out of union jobs and more government sector union jobs is the way to go! Federal jobs (ex post office) are up 10.7%.
Establishments less than a year old, including those belonging to the same firm, totaled 556,553 in 2010, according to the latest Commerce Department data. That’s down 26% from the peak of 747,278 in 2006. Meanwhile, the number of employees at startups has plunged, with a greater share of new firms with no employees — one-man shops. Very small startups are less likely to invest or to grow, a bad sign for future hiring. (IBD)
New York Times: It is increasingly apparent what the economy will look like when President Obama faces voters in November: pretty much what it looks like today.
So that’s the “right direction” and everything is “fine”.
The economy created just 80,000 jobs in June, the Bureau of Labor Statistics reported Friday. But that same month, 85,000 workers left the workforce entirely to enroll in the Social Security Disability Insurance program, according to the Social Security Administration.
The disability ranks have outpaced job growth throughout President Obama’s recovery. While the economy has created 2.6 million jobs since June 2009, fully 3.1 million workers signed up for disability benefits.
In other words, the number of new disability enrollees has climbed 19% faster than the number of jobs created during the sluggish recovery. (Even after accounting for people who left the disability program because they died or aged into retirement, disability ranks have climbed more than 1.1 million in the past three years.)
And the disability ranks will continue to swell. In just the last month, almost 275,000 put in applications for disability benefits. Experts say that more people try to get on disability when jobs are scarce, and changes to eligibility rules enacted back in 1984 have made it far easier to qualify.
In addition, while hiring has been very weak during the recovery, the number of people who have dropped out of the labor force entirely has exploded by 7.3 million since June 2009, an IBD analysis of BLS data show. Some aged into retirement, but most either signed up for disability, stayed in school, moved back in with parents, or just quit looking for a job.
As a result, the “labor force participation rate” — the number of people who have jobs or are actively looking for one compared with the entire working-age population — is now 63.8%, down from 65.7% in June 2009. This participation rate is at the lowest levels in 30 years. In previous recoveries, the participation rate has almost always risen, not fallen.
Other indicators show that the three-year-old economic recovery isn’t producing jobs in adequate numbers:
The unemployment rate has been above 8% for 41 consecutive months. In the previous 60 years, the jobless topped 8% in a total of only 39 months.
The number of people with jobs is still nearly 5 million below its pre-recession peak.
The number of long-term unemployed — those out of work 27 weeks or more — is still 5.4 million — almost 1 million higher than when the recovery began, and almost twice the level it ever reached prior to Obama’s recovery.
The median length of unemployment is 19.8 weeks. Throughout Obama’s recovery, it has averaged 20.6 weeks. Prior to Obama, that number had had never exceeded 10.5 weeks.
So, say it with me because you can here screaming in your LEFT ear, “But that’s Bush’s Fault!” , he left us a ‘mess’ ad nauseum.
The poor recovery has also driven people to sign up for food stamps in record numbers. From June 2009 to April 2012, food stamp enrollment surged 11.3 million, or 32%, according to the Department of Agriculture.
In addition, the soft jobs market has driven median household incomes down more after the recession ended than during the recession itself, according to Sentier Research, which tracks monthly household income.
After adjusting for inflation, median annual household income tumbled 5.3% from June 2009 to May 2012. In contrast, median incomes dropped 2.6% during the 18-month recession, Sentier found.
“The recession was bad enough,” said Sentier’s Gordon Green, “but what’s extraordinary is the even larger decline during this so-called economic recovery.”
It shows, Green said, “how much ground we have to make up just to get back to where we were.” (IBD)
But the Private sector is “doing fine”.
More people on the government dole, less people working a whole new crop of unemployed college grads…
Now that’s “moving in the right direction” Mr. President!
NOVEMBER IS COMING!