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calendar   Saturday - July 06, 2013

Net Jobs “Created Or Saved”: Less Than Zero

image

This graph does NOT show the massive number of former full time workers now working part time

or at much lower paying full time jobs. It only shows people with jobs relative to the whole population



Obama Sets A Record: 54 Months With Unemployment At Least 7.5%



Trillion dollar stimulus might have reduced unemployment by 0.1% - 0.4%: effectively nothing, just hundreds of millions pissed away.

Since January 2009, when Barack Obama was inaugurated as president, the United States has seen 54 straight months with the unemployment rate at 7.5 percent or higher, which is the longest stretch of unemployment at or above that rate since 1948, when the Bureau of Labor Statistics started calculating the national unemployment rate.

Today, BLS reported that the seasonally adjusted national unemployment rate for June was 7.6 percent, the same it was in May.

In December 2008, the month after Obama was first elected and the month before he was inaugurated, unemployment was 7.3 percent. In January 2009, it climbed to 7.8 percent. In February, the month Obama signed what the Congressional Budget Office would later determine was an $830 billion economic stimulus law, the unemployment rate climbed to 8.3 percent.

In the Obama era, the unemployment rate peaked at 10.0 percent in October 2010. It did not dip below 9 percent until October 2011, when it hit 8.9 percent.  From August to September 2012, it dropped from 8.1 percent to 7.8 percent—the first time during Obama’s tenure it went under 8 percent.

Since then, the lowest it has gone has been 7.5 percent—the rate it hit in April. But after April, it ticked back up to 7.6 percent in May and stayed at 7.6 percent in June.

And all this time, the labor force has been shrinking every month. The 7.6% rate you hear is the most tweaked and bullshitted number on the planet. As the graph above shows, given the same size labor force as in 2008, real unemployment is probably at least 10%. It is probably not possible to figure out the impact of the “I used to have a good job, but ...” folks who now work for peanuts either full time or part time. Under Obama, who has spent his entire regime doing NOTHING about actually getting the economy fired up again - hell, he’s spent years doing his level best to RUIN it - middle class America has shrunk vastly. The “Net Jobs LOST or DEGRADED” rate might be somewhere around 15%. I see an awful lot of closed shops around me, and I bet you do too.

Read more at the link if you want. You already have figured out just how prescient those bumper stickers from 2007 were that read One Big Ass Mistake America. And we’ve 3 more years to go, with no real Conservative leader on the horizon.

Oh, and here’s more: only 47% of US adults have a full time job.

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Posted by Drew458   United States  on 07/06/2013 at 06:24 PM   
Filed Under: • EconomicsObama, The One •  
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