Today the New York GOP released the following statement on President Obama’s failed economic policies and the dismal August jobs report:
Last month’s jobs numbers are out, and they spell bad news for Barack Obama and worse news for the American people.
368,000 more Americans have dropped out of the workforce, bringing the total number of Americans not in the labor force to 88,921,000. The unemployment rate of 8.1% remains above the 8% threshold that Obama promised the Stimulus Package would prevent us from reaching.
The graph below demonstrates the plummeting rate of participation in our workforce since Obama’s inauguration.
These numbers are devastating, but don’t take our word for it: the President had access to this data before his speech last night, and purposefully left it out, without so much as a cursory mention of America’s unemployed.
The debate over this President’s economic record is over. When Barack Obama should have been focusing on jobs, he was wasting time and money on Obamacare and the failed $800 billion stimulus package, passed with the votes of Dan Maffei, Bill Owens, Louise Slaughter, Nita Lowey, Tim Bishop and Kirsten Gillibrand.
The President is out of time. In November, Barack Obama will join America’s swelling ranks of unemployed when voters send Mitt Romney and Paul Ryan to Washington.
Usually the Democrat candidates are running away from Obama like he has the plague, this time the President is running from the candidate. More specifically, he is running away from today’s recall election in Wisconsin.
The Huffington Post reports:
In the final hours before the Wisconsin recall, President Barack Obama reiterated his support for Milwaukee Mayor Tom Barrett, Democratic challenger to Republican Gov. Scott Walker, over Twitter.
“It’s Election Day in Wisconsin tomorrow, and I’m standing by Tom Barrett. He’d make an outstanding governor. -bo,” Obama said in a tweet Monday evening.
The underwhelming show of solidarity follows weeks of speculation around why the president, who has been traveling around the country for a host of fundraisers as part of his reelection bid, did not stop in Wisconsin to campaign for Barrett.
Governor Walker ripped into the President for shying away from Wisconsin, saying it shows “a real concern” on the left that the recall effort will fail.
“There is a real concern out there. For all the hype a year ago, you would have thought there is no way they can win. I knew once we hit September 1st, people in our state would see our schools were better, in December when property tax bills came out and they saw in many cases their bill went down, I knew it didn’t matter how many attack ads you could run, things like that people could see with their own eyes would trump all the attacks in the world,” Walker said. “I think why you have seen the national Democrats backing away is because as people have seen the facts they realize there was a lot of misguided anger.”
There are basic reasons Obama is avoiding Wisconsin.
First, Walker will likely win the election today and Obama doesn’t need to attach himself to a loser in Barrett.
Second, this recall election represents everything the Democrats hold dear – they asked for this recall based on their belief in a union’s right to strangle a state’s economy. Labor unions have poured millions into Walker’s defeat, and a loss deals a mighty blow to the liberal message.
Not being covered here is this – how will Obama’s lack of support translate to any union support of the President come November? Union leaders and local Democrats have already expressed disgust with the President’s lack of support, and a tweet will do nothing to quell their anger.
Prediction – He is alienating yet another group that he needs desperately to beat Romney.
The headline on Forbes says it all:
Jobs Report Stinks But Stocks Don’t Collapse
Well, thank God for small favors. What about this jobs report ‘stinks’ exactly?
The April U.S. nonfarm payrolls report from the Bureau of Labor Statistics on its face looks like a big disappointment with 115,000 jobs created last month, versus economists’ consensus forecast for 160,000.
There is no way to spin it – the economic recovery does not exist.
But the unemployment rate went down again this month you say. Surely this is a sign of good economic times ahead you say.
Here’s the reality. It’s something we’ve covered here before. The unemployment rate is dropping not due to job growth or creation – it’s due to the high rate of people dropping out of the labor force altogether. A lesser pool of workers to draw from helps to lower the unemployment rate. This is the equivalent of raising Albert Pujols batting average by simply lowering the number of hitless at-bats.
The same Forbes report explains:
A separate report released on Friday showed the unemployment rate falling to 8.1% from 8.2%. This number has very little value as a barometer of economic growth, since it falls as jobless people drop out of the labor force. In fact, the percentage of the population in the labor force at 63.6% in April is at its lowest since 1981, and the U.S. economy has nearly 5 million fewer jobs than it did in 2007 before the recession.
More from Zero Hedge:
It is just getting sad now. In April the number of people not in the labor force rose by a whopping 522,000 from 87,897,000 to 88,419,000. Thisis the highest on record. The flip side, and the reason why the unemployment dropped to 8.1% is that the labor force participation rate just dipped to a new 30 year low of 64.3%.
So next time you here an Obama supporter touting the lower unemployment numbers, gently remind them that it is actually because of his overwhelming failure on the economy that this is happening. His ‘hope and change’ policies have created so much despair that people are giving up.
Also, it wouldn’t hurt to remind them that the unemployment rate is still higher than when he took office, and it is still higher than what he promised it would go if we didn’t pass his stimulus package.
And tell them you heard it here because you were fighting the liberal Mental Recession!
This should be a sobering reminder that the economic recovery being touted by the administration is nothing but a steaming pile of nonsense. Labor Union Report has information which brings a much needed dose of reality to the conversation, in a post titled, From Hope to Hopelessness: Obama’s Economy Has 88 Million “Not In Labor Force”.
…after Friday’s jobs numbers came out (the economy added 120,000 jobs) Labor Secretary Hilda Solis promptly proclaimed: “That’s a noteworthy achievement.”
In fact, for the man who campaigned on the message of “hope” in 2008, the 120,000 jobs added is much fewer (about half) than expected and the edging down of the unemployment to 8.2% is not from job creation but from hopelessness.
There are now 88 million Americans who are “Not In Labor Force,” according to Department of Labor statistics…
Here is a chart to aid in visualizing the rapid climb of the non-working.
Labor Union Report also adds:
The hard truth for Barack Obama is:
People have given up.
They have gone from ‘Hope’ to Hopelessness.
Indeed. They have also gone from paychecks to food stamps. Why work when the government will pay you not to?
This is noticeably omitted from Obama’s comments on the economy. It’s not just smoke and mirrors, it’s flat out number fabrication. If you earn $100 in a day, but then spend $150, you don’t have a net gain of $100. You have a loss of $50. That is what the administration does when it comes to numbers. They cite the millions that have been created, but fail to mention the millions that have been lost due to their policies.
Welcome to the Obama economic boon…
The stock market has recovered its losses since hitting bottom three years ago today. But despite gains in employment during that same stretch, America is still down six million jobs, data shows.
The economy added 227,000 jobs in February, more than the 204,000 economists expected, the Labor Department reported this morning. The unemployment rate remained unchanged at 8.3% from last month. But while the economy has added more than 200,000 jobs for three straight months, the damage to employment done by the Great Recession is still far from repaired.
Between December 2007, when the recession officially started, and February 2010, when the Labor Department’s reports show employment hit bottom, the economy lost more than eight million jobs. Between then and now, we’ve added back more than two million jobs. With that big of a gap yet to fill, it’s extremely unlikely the unemployment rate will fall to a more “normal,” pre-crisis level of 6% by the end of this year, says Robert Johnson, the associate director of economic analysis at Morningstar. A rate below 8% — last seen in January 2009 — is possible by the end of the year, however, Johnson says.
Meanwhile, Gallup still estimates the Underemployment Rate for February at 19.1%
As a result, Gallup’s U.S. underemployment measure, which combines the percentage of workers who are unemployed and the percentage working part time but wanting full-time work, increased to 19.1% in February from 18.7% in January.
American workers are being forced by union leaders to give money to partisan political activity they oppose. On February 8th, three of these workers testified before the House Committee on Oversight and Government Reform about how forced political contributions violate their freedom and rights. But Terry Bowman, Claire Waites and Sally Coomer are not alone: manyworkers are not even informed of their right to control their own hard-earned money, facing threats and intimidation when they are brave enough to speak out against this unfair loss of workplace freedom and fairness. These are the faces of forced contributions to the union special interest agenda.
I’d like to know what parallel universe you have to be in for this to make sens.
Via Washington Examiner:
The increase in number may be a trend since 2000, but the labor force participation rate rose steadily between 1984 and 2000. While it did drop slightly between 2000 and 2007, an extreme drop off occurred beginning in 2008 – when Obama took the reigns on the economy. Here is a graph from Zerohedge:
And of course, we discussed it here last week. The 1.2 million worker drop off in one month was far and away a record number.
The President continues his record-setting ways, and his Press Secretary spins it as a positive.
For those of you (like the mainstream media) who actually believe today’s unemployment numbers are good, here’s a little rundown of why it’s nothing more then smoke and mirrors.
A month ago, we joked when we said that for Obama to get the unemployment rate to negative by election time, all he has to do is to crush the labor force participation rate to about 55%.
Looks like the good folks at the BLS heard us: it appears that the people not in the labor force exploded by an unprecedented record 1.2 million.
No, that’s not a typo: 1.2 million people dropped out of the labor force in one month!
So as the labor force increased from 153.9 million to 154.4 million, then on institutional population increased by 242.3 million meaning, those not in the labor force surged from 86.7 million to 87.9 million. Which means that the civilian labor force tumbled to a fresh 30 year low of 63.7% as the BLS is seriously planning on eliminating nearly half of the available labor pool from the unemployment calculation.
The unemployment rate had no choice but to drop because of a record 1.2 million people no longer even trying to get a job.
To put that in perspective, the only number you are going to hear today (besides 8.3%) is 243,000. That is the number of jobs added last month.
That is a whopping 957,000 less than the number of people who gave up participating in the work force! And this is good news?
That’s like me claiming to eat a lower percentage of french fries because three local McDonald’s closed their doors this month – It’s not because of better eating habits, it’s because I have a limited fry market.
So while MSNBC and the dolts over at Media Matters trumpet these unemployment numbers as a means to get their chosen candidate re-elected, consider this…
Long-term unemployment, though, remains a problem, with the duration dropping from a near-record 40.8 weeks to 40.1 weeks.
Also, the level of discouraged workers surged, rising 7 percent to its highest level since December 2010.
Job growth remains one of the two missing pieces of the recovery puzzle, even though the rate has been on a steady trek lower.
And from Gallup:
Underemployment, which is a measure that combines the percentage of workers who are unemployed with the percentage working part time but wanting full-time work, surged to 18.7% in January. This is substantially worse than the 18.3% in December and is only slightly below the 19.0% of a year ago.
In other words, job growth remains utterly pathetic and stagnant, but we’re still going to call this a recovery.
Steve at No Runny Eggs adds:
The absolute simplest definition of the unemployment rate is to divide the number of people who want a job but don’t have one by the sum of that number and the number of people who have a job. Unfortunately, since that number is often embarrassing to those in public office, it is never publicized, and indeed, has only been able to be accurately calculated since 1994.
They provide a chart that “takes everybody who is unemployed and wants a job and divides it by that number plus those who want a job.”
The 11.9% of the potential labor force who want a job but do not have one is higher than any month prior to March 2009. Worse, the Congressional Budget Office doesn’t see the future as too bright. They don’t see the number of employed returning to the first-quarter 2008 high of 146 million until the first quarter of 2015.
As for 8.3% unemployment, that’s still significantly higher than when Obama was inaugurated, and still higher than the 8% he promised it would never go above.
The shell game with this administration and their media cohorts goes on and on…