It is becoming laughable to hear the Obama administration talk about a so-called “recovery.” Supposedly, this “recovery” started in June of 2009; however, in reality our economy is on life support and the latest jobs figures just confirm this horrible news.
In the government’s December labor report, the nation’s unemployment rate dropped to 6.7 percent, which is our lowest rate since October of 2008. While this may be heralded as good news, it is truly disturbing. Unfortunately, only 74,000 new jobs were added last month, the worst job growth numbers since January of 2011.
This is anemic job creation, a fraction of the 200,000+ new jobs needed each month just to keep pace with the nation’s population growth. It is even more shocking since most analysts predicted approximately 193,000 new jobs in December.
Even worse, of the new jobs, 40,000 were temporary positions, not what wage earners need to care for their families. Not surprisingly, the average work week for Americans dropped to only 34.4 hours. So, there are few full time jobs being created and on average Americans are working less. No wonder there are 47 million Americans on food stamps and over 50 million people who are considered poor.
The reason the unemployment rate dropped is that an astounding 347,000 Americans left the work force in December. This means that 5 times more Americans exited the labor pool than located new jobs. Our country now has 91.8 million Americans not in the work force. These are Americans who are receiving benefits, living off their savings or living on the streets. Many of these Americans have given up any hope of finding work and for these poor individuals; the hope of the American dream is over.
Saturday, January 25, 2014
If there was a Republican in the White House this economy would be hailed an unmitigated disaster.
Posted by traderrob at 8:24 AM