Obama’s Legacy: Part-time America
Full-time hype can’t hide the decline: Millennial unemployment at record highs, job participation at record lows
Every monthly jobs report announcement since 2009 seems to be a perfect symbol for Barack Obama’s entire presidency.
When the jobs numbers are first released at 8:30AM each month — the expressions of ‘hope’ and hype dominate the morning news cycle.
Breaking: The economy added 288,000 jobs in June while the unemployment rate dropped to 6.1 percent, Labor Dept. reports.
— POLITICO (@politico) July 3, 2014
#Progress MT @AP: U.S. economy added a robust 288,000 jobs in June, the fifth straight big gain, jobless rate has dipped to 6.1 percent.
— The Democrats (@TheDemocrats) July 3, 2014
But by mid-way through the day, hope has ‘changed’ into reality: there’s no substance to the sizzle.
US economy added 288K jobs in June, but U-6 is still 12.1% and workforce participation rate at 62.8%, a 36-year low http://t.co/fDxxOEGnGc
— Ed Morrissey (@EdMorrissey) July 3, 2014
Labor force participation rate stays under 63%, lowest since Jimmy Carter in 1978. Tell me more how today's job report is good news.
— Razor (@hale_razor) July 3, 2014
So, if you only read The White House twitter feed, the Associated Press initial report or watch the major news networks — you’d think our economy had finally turned the corner. You’d be very wrong.
The overall long-term job outlook for the United States is in reality pretty awful.
The labor market participation is indeed at its lowest level since 1978 and not because Baby Boomers are retiring. Because people given up and because they cannot find a full-time job.
For the 49th time in the past 50 months, more jobseekers gave up looking than found work. http://t.co/TGA8q2d3D7 pic.twitter.com/psxEfjix7X
— FiveThirtyEight (@FiveThirtyEight) July 3, 2014
Young people are particularly hard-hit by the Obama “recovery” policies.
Some 40% of unemployed workers are millennials, according to an analysis of U.S. Census data by the Georgetown University Center on Education and the Workforce released to MarketWatch, greater than Generation X (37%) and baby boomers (23%). That equates to 4.6 million unemployed millennials — 2 million long-term — 4.2 million unemployed Xers and 2.5 million jobless baby boomers.
[T]he unemployment rate for 18-29 year olds, including those who have given up looking for work, is 15.2% in June, according to a calculation by Generation Opportunity, a non-profit think-tank based in Arlington, Va.
And finally, most of the growth of jobs in June was in part-time work, not higher-paying full-time jobs.
Another 3 percent of the adult population reported that they are working part-time because they cannot find full-time jobs. This figure remains far above the December 2007 level of about 1.8 percent. In fact, part-time jobs accounted for two-thirds of all new jobs in June. Some economists expect employers to draw on this pool of partially employed workers as the economy continues to expand. Others, however, argue that at least some of these workers will not be able to find full-time work because of their shortcomings or because the economy is shifting toward part-time jobs.
In fact, the entire Obama economy seems to be centered around historic growth in part-time jobs.
In June the BLS [Bureau of Labor Statistics] reports that the number of full-time jobs tumbled by 523K to 118.2 million while part-time jobs soared by 799K to over 28 million!
Something tells us that the fact that the BLS just reported June part-time jobs rose by just shy of 800,000 the biggest monthly jump since 1993, will hardly get much airplay today. Because remember: when it comes to jobs, it is only the quantity that matters, never the quality.
That’s Barack Obama’s legacy. The economic “recovery” plans that this White House with its Democratic Congress passed in 2009-11 — including Obamacare — are directly responsible for the state of our anemic jobs picture today.
No wonder most Americans still think we are in a recession, not a five-year recovery.
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Part time is part of the solution. Gives a person more time to volunteer for Organization for America.
Ever since I found out the data was doctored at least once I have no confidence in them.
Stock market at an all time high. B-U-B-B-L-E.
When even the bears are capitulating and saying “BTFATH” you know this low-volume insider market is nearing the top.
Shorts are covering at a rapid pace and fewer are going short. When you shake out all the shorts, it means one of two things: either we are coming up on a major correction, or history means nothing at all.
If it takes more dollars to buy “X”–whether that be food or gasoline or stocks–it can mean one of two things.
(1) “X”–whether food or gasoline or stocks–has become intrinsically more valuable.
(2) Or the dollar possesses intrinsically less value than previously.
Given that the gasoline I purchased in 2007 is for all practical purposes the same product I’m buying today, it serves as a useful benchmark of value.
In the month before Obama was first elected the Dow was at 14,000. Today it’s at 17,000. That’s an increase of 21%.
In the month before Obama was first elected, US average gasoline price per gallon was $2.70. Today it’s at $3.70. That’s an increase of 40%, double the run-up on the stock market.
On that basis the stock market has cratered since Obama first won the Presidency.
You’re welcome. Happy 4th, everyone! 🙂
We always knew you could game the system, we just never understood the ramifications of doing so. Now we know. Gaming the system stunts recovery, and produces happy numbers disguising a sad reality. Perverse incentives abound.
Organic to the BIG GOVERNMENT model. All the components you listed, starting with “gaming the system”.
See the trend?
No matter which way you slice it, America’s best days are in the rear view mirror … and fading fast.
“when it comes to jobs, it is only the quantity that matters, never the quality”
Quality is only important when a Republican is President.
Problem is, most of the new jobs are going to immigrants.
In Obama’s America, immigrants (legal or illegal) have more rights and higher priority than taxpaying citizens, veterans and businesses.
When you are using ‘play money’ anything goes.
Like 110% of them Uncle Samuel,
just like Obama’s “election” results!
When you vote for stupid, inept, “screw the rest of you”…you get stupid, inept, “screw the rest of you”: Obama, Pelosi, Reid, NYC mayor de Blasio, Sen. Cochran et al.
The one bubble I hope bursts right now is the Stupid Bubble.
All of that hot air coming out might create “OMG!” global warming but we can all live with short term effects of that.