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.
But by mid-way through the day, hope has ‘changed’ into reality: there’s no substance to the sizzle.
Metaphor complete.
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.
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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