Another month of high expectations for jobs, another month of deep disappointment. How long does this lackluster performance have to go on before we recognize its true cause?
Some economists and pundits viewed the 169,000 new jobs created in August as confirmation of a continuing modest rebound in job growth that’s now underway.
They’re wrong. In fact, the data are far worse than they appear. Not only did the actual number of jobs come up short, but June and July totals were revised down by 74,000. Recovery summer, anyone?
Other data in the jobs report show similar weakness:
• Some 90.5 million Americans are now out of the labor force, with almost a third of a million leaving in July alone and nearly 10 million workers departing since Obama took office. Meanwhile, 115,000 fewer Americans were employed in August than in July.
• The “good news” of a dip in unemployment from 7.4% in July to 7.3% in August turns out to be a mirage. It was due to a decline of 312,000 in the workforce. Without that, joblessness would have risen to 7.5%.
• Add the number of unemployed to part-timers who want full-time work and those who have given up looking, then the real unemployment rate is 13.7%.
• At 63.2%, the labor force participation rate is now at the lowest since 1978. And the 69.5% for men is an all-time low.
• Unemployment among blacks, Obama’s most loyal supporters, rose to 13% from 12.6%.
• Job growth over the last six months has averaged 160,000 a month. At this rate, it’ll take until mid-2024 to return to 2007’s pre-recession level.
We’ve heard all the excuses.
Republicans — who controlled nothing for the first two years of Obama’s presidency and just one branch of the legislature ever since — are somehow to blame.
Or the minuscule cuts in the budget “sequester” killed growth by slashing government spending.
Or the Fed’s plan to “taper” its quantitative easing program from buying $85 billion a month in federal debt to just $65 billion or so is the villain.
Or “Wall Street bankers” just refuse to lend.
You get the idea. It’s always somebody or something else to blame — never the foolish, extreme policies of President Obama and his Democrat allies in Congress, who have systematically set about dismantling what was once the world’s most dynamic growth engine.
Americans bought into the idea that President Obama was a victim of extraordinary circumstances, not of his own incompetence. He won a second term.
They’re now finding out in a variety of areas — the economy, health care, foreign affairs, race relations, to name just a few — how very wrong they were.
What ails this economy is no secret. Higher tax rates on entrepreneurs, ObamaCare, a regulatory siege, soaring government debt and record spending have all hurt.
Our vibrant economy could be restored if we addressed those problems, one by one. But that can only happen if Americans demand an end to the status quo.(IBD)
With the latest numbers out this week from the Bureau of Labor Statistics stating that over 90 million people are out of the work force, I would say that the White House is well on its way to fulfilling its Cloward and Piven dream.
One of the main objectives to lead us down the path to a “socialist utopia” is to collapse the welfare system, cause a crisis and then have the government come in and change us into a communist republic. Yes, I said it.
Over the past five years, Barak Obama has “fundamentally transformed America” and we have the statistics. Here are a few of his accomplishments:
1. As of this week, there are a record number of Americans out of the work force.
2. There are a record number of Americans on food stamps.
3. There are a record number of Americans on disability.
4. There are a record number of Americans working part-time.
5. The unemployment rate for black youth in July was more than 46%.
6. Obama has succeeded in hurting the people who voted and supported him the most. Women, minorities and the young.
With the dismal statistics this week it is transparently obvious that we are headed in the wrong direction. There is no recovery and no matter how they want to spin it, there isn’t one on the way. Not with Obamacare and a pending war with Syria on the horizon.
Let’s go back to August of 2008. Back then, before the collapse of the financial markets and the beginning of the Great Recession, the participation rate for the work force was 66.1%. Last month the rate dropped to 63.2%. That is almost 3 points lower than it was five years ago. If the participation had stayed the same over the past five years the unemployment rate would not be the number that was released last week of 7.3%. With a working age population that would have grown by about 10 million the real unemployment rate would be at least 9.7% or possibly even higher.
This administration can spin it all they want. They make excuses for the lower participation rate by saying that it is due to “Baby Boomers” retiring and women not as active in the work force as they once were. I say that is all smoke and mirrors.
With the entitlements that are being offered, more and more people are opting out of trying to find a job. With jobs being scarce and only part time work being offered, it is very enticing to sign up for an EBT card, go on disability and take full advantage of what the government is handing out. In some places, like Hawaii, you can receive as much as $60,590 a year from government benefits!
This kind of behavior is what Obama and liberals are depending on. Their goal is government dependency. They want as many people as possible to be on the government dole so that eventually the system collapses under its own weight. We are heading in that direction and now with Obamacare, the train is barreling out of control.
Why do we not have more than just a few lonely voices in Washington calling this administration out on all of this? Are they just so afraid of standing up to Obama that they would rather see our country go down the drain? Many in Congress have constituents who are screaming for help and getting silence or recorded voicemail messages as an answer.
They need to hear us. WE NEED JOBS. WE NEED TO DEFUND OBAMACARE. WE NEED TO SECURE THE BORDER and WE NEED TO STAY OUT OF THE MIDDLE EAST CONFLICTS. Pretty simple.
What we really need is a leader with America’s interests at heart.
But he’s Barack Hussein Obama, The Most Arrogant Man in the World…