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April 05, 2013

The Truth About Jobs In America Today

Here’s what the White House wants you to believe.

While more work remains to be done, today’s employment report provides further evidence that the U.S. economy is continuing to recover from the worst downturn since the Great Depression. It is critical that we continue the policies that are helping to build an economy that creates jobs and works for the middle class as we dig our way out of the deep hole that was caused by the severe recession that began in December 2007.

Today’s report from the Bureau of Labor Statistics (BLS) shows that private sector businesses added 95,000 jobs last month. Total non-farm payroll employment rose by 88,000 jobs in March. The February and March employment numbers were revised up by a total of 61,000 jobs. The economy has now added private sector jobs every month for 37 straight months, and a total of nearly 6.5 million jobs has been added over that period.

The household survey showed that the unemployment rate fell from 7.7 percent in February to 7.6 percent in March, the lowest since December 2008. The labor force participation rate decreased by 0.2 percentage point to 63.3 percent in March.

Now let’s look at this – it has taken over 4 years for Obama to get the economy back to where it was during the last full month of the Bush Administration. In other words, we have had over four years of economic failure from Barack Obama.

Let’s look at a few things here that ought to also be considered. The number of new jobs created last month was 88,000 – well below the 190,000 that had been forecast. What’s more, we ordinarily need something like 120,000 new jobs to drop the unemployment rate by even a tenth of a percentage point like we saw this month. Then how could we have had this drop? Easy – we had some 663,000 Americans drop out of the labor force, meaning they are no longer looking for work. Let’s put that in perspective for you.

Things just keep getting worse for the American worker, and by implication US economy, where as we have shown many times before, it pays just as well to sit back and collect disability and various welfare and entitlement checks, than to work .The best manifestation of this: the number of people not in the labor force which in March soared by a massive 663,000 to a record 90 million Americans who are no longer even looking for work. This was the biggest monthly increase in people dropping out of the labor force since January 2012, when the BLS did its census recast of the labor numbers. And even worse, the labor force participation rate plunged from an already abysmal 63.5% to 63.3% - the lowest since 1979!

Let’s see – 1979. Who was president back then? Why that would have been Jimmy Carter, the second worst president of my lifetime. What we have now is the lowest percentage of American adults looking for work since the malaise-filled days of the Iran Hostage Crisis! That means that our economy is not recovering, but is instead crashing and burning as we develop a permanent welfare class.

Recovery? What recovery?





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