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Posts Tagged ‘The Obama Boom’

How To Refute The Economy Running On All Cylinders Meme In One Graph

by Flyovercountry ( 251 Comments › )
Filed under Barack Obama, Democratic Party, Economy, Regulation, taxation, unemployment at April 25th, 2014 - 6:00 am

Political Cartoons by Henry Payne

Let me begin with my penance. All hail the Gods of the Third Party. Hail to thee, hail to thee, hail to thee. Forgive me my transgression of mentioning elections and wining them without touting you as the sole way forward for humanity’s best hope. Now that this is out of the way, on with the reason for the post.

It’s the start of another midterm campaign season, and the stupidity from the left is already in full bloom. It’s bloomed early this year, and the leftist arguments concerning economics are no exception to that. “Barack Obama brought us back from the brink of collapse.” “it would have been worse had McCain or Romney won.” “the economy is just starting to recover and is running on all cylinders,” will be heralded from the roof tops and accepted by a compliant and completely incurious media. Those statements and more are just a taste of what we’re about to hear as we crawl our way towards that first Tuesday in November, that next opportunity to mitigate the damage done by two Barack Obama terms in the Oval Office.

I realize that many in our nation, especially those who claim that America was perched on the brink of the proverbial abyss in January of 2009, will not remember the middle to late 1970’s, most specifically the state of our economy during those halcyon days. Jimmy Carter had managed to disprove the theory that a correlation betwixt unemployment and Inflation existed. Inflation was so high that banks were beginning to flat out refuse to loan even a single thin dime, unless the borrower agreed to an interest rate that made loan sharks scratch their heads and cry WTF. Gas lines were miles long, and rationing had begun. During the winter months, the nightly news dutifully reported how many days of coal for heating were left in stockpiles, and took the extra step of comparing that estimation with the number of days left in the winter season. Those are just some of the reasons why you hear a derisive laughter when stating that the George W. Bush economy was the worst since WWII.

When Ronald Reagan took over from Jimmy Carter in ’81, things were actually worse economically compared to when Obama took over from George W. Bush in ’08.
Consider these three important comparisons of economic indicators, then and now:

– Unemployment was at 10.8% versus 7.7%
– Inflation (Consumer Price Index) was at 13.5% versus 2.7%
– Interest rates (prime rate) was at 21.5% versus 3.25%

Obama v Reagan Net Jobs

What the above graph shows is the net new jobs created in proportion to the population growth. During the upcoming election cycle, be prepared for the baloney. They’ll bandy about some highly suspect and nebulous figure for how many jobs, Barack Obama, created. It’ll be in the millions, and we’re supposed to be amazed by it’s size, never actually comparing it to the size of our population, the size of our population’s growth, let alone how many of those jobs were additions to the tax paying public’s burden for all of this, or how many jobs were lost or disappeared during the same time frame.

I have said this many times before, but it bears saying again. We, meaning those of us who believe in small government limited in scope and authority by the consent of those governed, in free market economic principles, in the rule of law as codified in our Constitution’s original intent, must get our collective crap together and begin winning elections. Our problems run much deeper than Barack Obama or any of his small band of incompetent minions. Our collective pain has been achieved politically, and politically is the only way we will be able to remedy that pain.

You’ve probably all seen this before. I first saw this quote in March of 2009, but that does not change the fact that it is spot on, eloquent, and quite possibly the best description of the state of America today.

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Cross Posted from Musings of a Mad Conservative.

Perception

by Flyovercountry ( 252 Comments › )
Filed under Business, Economy, unemployment at January 30th, 2014 - 12:00 pm

Take a good look at the graph above. This is from the St. Louis Federal Reserve. Yesterday, and last night, I heard about an economy currently, “firing on all cylinders,”. What the above graph shows is the percentage of Americans who actually have jobs as compared to the entire population. This is called the labor force participation rate. The more astute among you might notice that the graph shows bad news irrespective of the reported unemployment rate coming down over the last couple of years. This shows that the percentage of Americans with jobs had not only declined sharply during the 2008 and 2009 time period, but never recovered in the slightest. This my fellow gentle snow flakes is what those of us who live here call reality. In the land of reality, we don’t have Unicorns to ride, and the Green Fairy has not provided the jobs of the future as promised by a man child President wielding a magic wand. In the land of reality, a record number of Americans now need federal assistance in order to feed their families. In that land, 1 in 5 among us are on food stamps, a percentage that matches the reality of the Great Depression which occurred during the 1930’s. In the land of reality, nearly one half of all Americans are not working. That is what 5 years of Obamanomics have done for us. We may be destined to experience 3 more years, with the ability to mitigate the final two of them, but there is no reason why we should subjugate ourselves further beyond that point. (Here’s my shout out to the impeach him now crowd. Even if we impeach this pock on our nation, that would give us a President Biden, which would in no way be different.)

Unfortunately for our friends who live in that Unicorn infested Universe, reality has some very real consequences that tend to intrude themselves upon both the believers and non-believers alike. When the President and his minions use accounting tricks to obfuscate the unemployment rate, and more specifically the labor statistics which drive that headline, it will produce not one steak more for the tables of Americans sitting down to enjoy their meals. People know the difference between actual groceries, and those wonderful food pellets that are doubtless on our horizon should we continue down this Socialist path. When the Soviet Union collapsed in 1989, the citizenry who lived under that oppressive system invited the world in to see an entire nation which resembled Detroit of today. The Soviet leadership also had a track record of publishing glowing economic reports and forecasts for its citizens. That tactic didn’t work there either.

As bad as all of this is, it pales in comparison with what’s coming next. As the November deadline for the employer mandate of the Affordable Care Act nears, businesses with employees greater than 50 will begin taking the necessary measures to insure that they survive the coming storm. At that time, our President who has taken to unilateral decision making in terms of which pieces of any law he deems fit to enforce, and which pieces he deems fit to let slide, and has even gone to the lengths of enforcing some laws for certain citizens while allowing political allies to be granted immunity, will be faced with a decision. He will have to decide if he wants to allow the monstrosity that he authored to destroy any hope he has of maintaining some semblance of an alliance with the Legislative Branch, or whether he wants to, yet again, take the measure of forcing the little people that he cares so much about to subsidize another delay of big business’ share of the massive expense concerning this behemoth. Either way, many or most of those who still have their health insurance supplied through an employer sponsored plan will find themselves kicked off. Greedy Executives and an obstructionist GOP will of course be blamed, but I’m sure by now, even the dumbest among us know that the greedy executives and the GOP had nothing to do with the passage and implementation of this law. (By the bye, the fine this year for noncompliance is $95. Next year’s kick in the pants is scheduled to be $395. It of course will go up from there.)

It might be possible to completely fool enough people in a populace for a short period of time, but ultimately, reality will always shine through. Sunlight really is a great disinfectant. Those families on food stamps, one out of five people in our nation, all know that they are on food stamps. Those who belong to the 20 Million demographic, the ones who did not need food stamps prior to Barack Obama’s inauguration and do now, they realize their reality as well. Maybe the folks who are part of the generational ward of the state demographic are willing to accept their circumstances and are content with their absence of opportunity, but those who have recently moved among that strata of society, not so much. America knows it’s not raining, but the other thing entirely. We’re going to see a wave election come November. I know it, and based on that bit of Kabuki Theater that I saw last night masquerading as a Joint Session Address to Congress, Barack Obama knows it as well.

Every aspect of Liberalism, or Progressivism, or what ever they’ll call themselves and their philosophy next has failed. That failure has been laid bare, and no amount of lipstick will make this pig any prettier. November of 2013 was the turning point. When historians look back on these dark days a hundred years from now and proclaim Barack Obama to be the single worst President in our nation’s history, his epitaph will begin with that point in time. They’ll also note that it was him getting everything that he wanted which ultimately did him in.

Cross Posted from Musings of a Mad Conservative.

Meet This Year’s Liberal Pivot, Economic Justice, It’s Not Just For Deflection Anymore.

by Flyovercountry ( 91 Comments › )
Filed under Barack Obama, Democratic Party, Economy, Marxism, Misery Index, Progressives at January 14th, 2014 - 12:00 pm

This baby’s been making the rounds on facebook, as I’ve seen it now from about a half dozen of my left leaning friends there. I would suggest that you force yourself to watch the whole thing, as this is just the warm up for the strategy our President and his community organizing pals plan to put into place to distract American Voters from the fact that they’ve just recently succeeded in destroying what used to be the best health care system in the world, and left us with a disaster in its wake. That’s right my fellow gentle snow flakes, our old buddy economic justice has been taken out of moth balls, because our collective attention span does not possess an adult memory. A solid year of populist crap is what we’ll be dining on from our ruling political party, and wealth redistribution is pretty much the promise for our Utopian Promised Land.

If you can’t make it all the way through, I wouldn’t blame you. Just know that we’re going to get a solid year of this shinola.

Economic realities not withstanding, those of you with more acute powers of observation would have already recognized this argument in it’s most simplistic form, the, “Robber Baron Myth.” This accounting of events tells the story of a rapacious class of wealthy who became the top wage earners in our nation by, “climbing upon the backs of the little guys,” who of course were all born behind some mythological eight ball, and are completely incapable of overcoming the artificial obstacles those nefarious rich have been placing in their way since time began.

There are just a few points that I’d like to address before moving on, just some pop flies to shag for the practice I’ll need to help combat this lunacy during the run up to the 2014 Midterms. First the cheap shot, dig that spooky music playing in the background. Why are our liberal friends so incapable of making any kind of a point without the cheap and sleazy appeal to the darker emotions? Now, on to the rest of it.

An open letter to the idiots peddling the above video:

Dear community organizing punks who’ve taken to social media in order to peddle your crap,

There are a few things that I’d like to say to you in regards to your wealth redistribution wet dreams. First, all of man kind was born in poverty, with nothing. We did not just appear on this continent with $54 Trillion lying around, some of which was grabbed by the poor, and most of which was procured by the wealthy, who managed to grab a larger share by, “crawling on the backs of those less fortunate.” Any wealth that exists anywhere in the world was in some fashion or another created by someone. The entire reason why America has the unprecedented level of wealth, $54 Trillion worth, according to your video, is precisely because we’ve instituted a political and economic system that allows those who create that wealth to keep the lion’s share of it. The people in the Sudan are not missing cable television because we here in America have stolen it from them. They are missing cable television because when your political system dictates that you slaughter a sizable portion of your own people, chances are pretty good that one of those slaughtered was the person who would have brought cable television to your society. Remove those incentives to create at your own peril, but just realize that the Soviet Union, Cuba, and Venezuela serve as telling laboratories as to what redistributed wealth does for a society. The next way to make this point, and this really is not so diplomatic as the previous method, is this. Who’s business is it anyhow? If somebody else has their own jet airplane, so what? Promoting jealousy for your own political ambition is one of those things in life that is just plain evil. Punishing others, while it may lend itself to a feeling of catharsis for the weak minded, truly will do nothing to help in either the short or long term. I will have no increase in the groceries on my own table simply because some community organizing punk stole into the homes of successful people and confiscated half their groceries.

If there is one positive thing about this six minute unbridled plea for Socialism, it is that the narrator admits that Socialism does not work. I guess they have a new name for it now. Let’s talk for a moment about economic justice or fairness. How did we get to a place in our world where it is suddenly fair or just to rob somebody, and distribute the fruits of that robbery? Just because we have banded ourselves into a society and figured out how to use the government and the laws passed by that government to perform our acts of thievery on our behalf does not change the nature of these acts. Those piles of money referred to in the video represent something more than just wealth accumulated, they represent the extent to which a person or a group of people were able to create benefit for their fellow human beings. There is not one single transaction in America’s private sector that is not voluntary for all parties concerned. When you go to Walmart and purchase that garden hose for $8, you have made the decision that you’d rather have the hose than the $8, and Walmart would rather have the $8 than the hose. All parties concerned feel that they have what they want and that they have gotten the better of the transaction. People capable of buying their own jet airplanes are people who have made a lot of people feel that they’ve received value for their transactions. Yes the executives of Shell Oil and Exxon Mobile have done well for themselves over the years, but my guess is that you drove to work today in a vehicle powered by gasoline, and not in a covered wagon or by walking there. Those motor vehicles by the way have probably served to expand your area for procuring employment, enabling you to search for an optimal paying job, and not merely relying on what you could find within walking distance of your home.

One more point before moving on, nothing is mentioned in this video about the mobility between the economic classes that exists in our nation precisely due to our free market system, and does not exist by the way in any society that uses Socialism as its template. Those people in the bottom 20% this year may not be in that strata next year, and the same holds true for those in the top. People who are just starting out are seldom as well to do as those who have been in the game for a while. The only effect that the minimum wage laws will have will be to prevent those at the bottom rungs of the ladder from getting started. The policies advocated by this crowd are the very things responsible for creating the very things that they’re whining about. Ironic, and yet still unfair.

Warmest regards, John

On Friday we got another one of those ridiculous reports from the Department of Labor that told us how great our economy is humming along. The top line unemployment number, according the Department of Labor is now at 6.7% Never mind the changes in accounting definitions put into place by the Obama Labor Department that have now made any reports that they publish nothing more than a cruel joke. Never mind that several of their employees, paid for by the way with our tax dollars, have admitted to a systematic falsifying of the figures used to generate these works of fiction. When you dig into these reports, things look even worse than anyone would have ever suspected.

Fortunately, the folks at Investor’s Business Daily have taken the trouble to do that digging. Here is some of what they found.

6.3 million: Net new jobs created since Obama’s recovery started in June 2009
13.8 million: New jobs that would have been created had Obama’s kept pace with the average of the previous 10 recoveries.
———————————————————————————–
3.6%: Growth in private jobs since Obama took office.
43%: Growth in the number of temp jobs.
———————————————————————————–
91.8 million: Number of people not in the labor force as of December.
525,000: Increase since November.
11.2 million: Increase since Obama took office.
————————————————————————————-
6.7%: Jobless rate 54 months into Obama’s recovery.
5.1%: Unemployment rate 54 months into George W. Bush’s “jobless” recovery.
————————————————————————————-
13.1%: Jobless rate in Dec. using a broader measure — U6 — which includes people marginally attached to labor force or working part time for economic reasons.
9.2%: Average U6 rate in Bush’s eight years in office.
————————————————————————————-
26%: Share of adults who say at least one household member is unemployed, based on IBD/TIPP Poll data.
10%: Share who say a household member had work hours cut because of ObamaCare.
————————————————————————————-
3.9 million: Number of people who’ve been jobless 27 weeks or more in December.
2.7 million: That number when Obama took office.
————————————————————————————-
37 weeks: Average length of unemployment in Dec.
20 weeks: Average length when Obama took office.
————————————————————————————-
861,000: Number of discouraged workers in Dec.
734,000: Number when Obama took office.
————————————————————————————-
58.6%: Current employment-to-population ratio.
61%: Ratio when Obama took office.
62%: Average employment-to-population ratio in the 30 years before Obama took office.
————————————————————————————-
$1,006: Drop in median household income during the 2007-09 recession.
$2,535: Drop in median income after the recession ended in June 2009, according to Sentier Research.
————————————————————————————-

As I stated before, this is all an attempt at deflection. The marching orders from the ruling political class is that we should blame the disaster of Barack Obama’s economic policies on the lack of populist appeal. Wealth redistribution, feel good minimum wage increases, and flat out jealousy are the mantras we’ll be hearing for the next 10 months. I guess the hope is that if your lust to punish those who you are jealous of, will make you forget that it was this populist baloney that has destroyed our economy in the first place. Remember, Barack Obama and not George W. Bush has been President for the last five years.

I know that I’ve shown it before, but once again the robber baron crap has been pointed to as America’s main problem. So, here is Dr. Milton Friedman with his brilliance to lay waste to that particular fallacy.

Cross Posted from Musings of a Mad Conservative.

The Obama Boom: 162,000 Jobs created in July; Unemployment rate drops to 7.4%

by Rodan ( 114 Comments › )
Filed under Business, Economy, unemployment at August 2nd, 2013 - 10:16 am

 The Economic Golden Age declared by some in the media continues to increase prosperity at an unprecedented rate not seen since antediluvian times. The rate of job growth continues to be historic and is putting the 90’s and 80’s boom to shame. An astronomic figure of 162,000 jobs was created in July. The Unemployment rate dropped to 7.4%, due to the increasing prosperity that is allowing people to drop out of the labor market. The labor force participation rate dropped to 63.4% reflecting a strong robust economy! Wages declined 2 cents due the bulk of job creation being low wage part jobs, which is a sign that people are doing so well, they prefer only working part time!

The above paragraph was a paradoy of how the Obama Regime will spin these numbers. 162,000 jobs are not bad, but it is just treading water. The drop in labor force participation is due to the low pay and bad quality of jobs created. People would rather stay on government assistance that pays more than take a crappy job. Make no mistake, this report is another sign of America’s 13 year economic decline.

Employers added fewer workers than anticipated in July and the U.S. jobless rate dropped to 7.4 percent, indicating uneven progress in the labor market.

The 162,000 increase in payrolls last month was the smallest in four months and followed a revised 188,000 rise in June that was less than initially estimated, Labor Department figures showed today in Washington. The median forecast of 93 economists surveyed by Bloomberg called for a 185,000 gain. Workers spent fewer hours on the job and hourly earnings fell for the first time since October.

[….]

Retailers added almost 47,000 workers in July, the most in eight months. Employment in education and health services showed the smallest gain in a year. Construction employment fell and manufacturing rose for the first time in five months.

[….]

Average hourly earnings fell 0.1 percent to $23.98 in July from the prior month, and were up 1.9 percent over the past 12 months.

The average work week for all workers fell to 34.4 hours from 34.5 hours.

The household survey showed that part-time employment climbed by 174,000 in July, exceeding a 92,000 gain in full-time hiring.

The number of discouraged workers, those not looking for a job because they don’t believe one is available, climbed to 988,000 in July from 852,000 a year ago.

America’s economic stagnation continues without any end in sight. THe Middle Class continues to lose ground and more people c ontinue to depend on government. The Obama Regime’s polcies are afilur, but the Republicans are not offereing any alternative either. Both parties continue to demonize other Americans and just engage in nasty rhetoric to distract from this bad economy.

No amount of media spin can cover up one simple truth, the economuc sucks!

Update: Zero Hedge has a good chart showing 70% of our jobs created were part time.

Part Time

This is a very daming statistic.

Bernanke says the Fed needs to prop up the Obama Boom

by Rodan ( 146 Comments › )
Filed under Bailouts, Business, Economy, Misery Index, unemployment at July 11th, 2013 - 11:30 am

Reading any business website would lead one to conclude Americans are in an era of unprecedented prosperity. A term like economy is on all cylinders and expanding job opportunities are all the rage. Even 1.8% GDP growth is now celebrated as “explosive” and “gaining momentum.” These economic pronouncements are very reminiscent of The Soviets bragging about fictitious industrial and grain production numbers. The reality is the economy is stagnant and sucks.

Ben Bernanke is propping up the Stock Market and Real Estate buy printing $80 billion a month. This has inflated asset prices, but has not benefited the economy. If Bernanke were to stop the money printing, the Stock Market would collapse and the economy would be back in recession. The Fed Chairman was honest in his assessment and says his QE policies will continue because the Obama Boom needs assistance.

WASHINGTON (AP) — Chairman Ben Bernanke says the U.S. economy still needs help from the Federal Reserves’ low interest rate policies.

Bernanke is telling the National Bureau of Economic Research that because unemployment remains high and inflation is below the Fed’s target, the policies are still necessary. He also said the economy is also being held back by higher taxes and federal spending cuts.

Bernanke is answering questions after a speech in Cambridge, Mass. that focused on the Fed’s successes and failures in managing the economy over the past 100 years. Bernanke didn’t signal any changes in the Fed’s bond-buying program during his remarks.

As a result of this admission, The Stock Market is roaring today.

Stocks spiked sharply across the board Thursday, with the Dow and S&P 500 crossing above their record closing highs, after Fed Chairman Ben Bernanke emphasized the central bank intends to keep its stimulus measures for the foreseeable future.

 Wall Street is addicted to the Fed’s easy money policies like a junkie is top Heroin. This is another bubble brewing and one that is not benefitting most Americans. The media will cheer every new high the Stock Market achieves without explaining the printed money behind it. For most Americans, the paycheck to paycheck struggle will continue in the Obama Boom

The Obama Boom: Only the Rich are benefitting

by Rodan ( 69 Comments › )
Filed under Business, Debt, Economy, unemployment at July 2nd, 2013 - 11:00 am

The media continues to crow about the Obama economy. Day after day there are articles online and “experts” on tv proclaiming America has entered an economic golden age of economic prosperity. Some of the economic analysts are even talking about a labor shortage and explosive GDP growth. The economy only grew at 1.8% which is anemic by any standards, but in the age of Obama it is considered red hot.

To the average America, they are baffled by the new media proclaiming an economic golden age. The Obama Loyalists choose to believe it, because Obama is a god like figure to them. The rest of us think this is just propaganda to prop up the faltering god-king. There is a 3rd reason why the media is proclaiming times are great, it is because they are rich and for that class of America things are good economically.

FORTUNE — One reason Ben Bernanke might be thinking it’s time for the Federal Reserve to pull back on its stimulus efforts could be American consumers.

During a speech at the Council on Foreign Relations last week, Fed governor Jeremy Stein was asked where he sees economic growth coming from, and he said consumers were one of the main reasons he was optimistic. “Consumers generally seem to be showing some signs of strength.”

They have seemed like a resilient lot. Despite a payroll tax increase, government furloughs, and the rest of the sequester cuts, consumers in general appear to be spending more this year. But that may be an illusion.

We got a glimpse of that last week. On Wednesday, the government said the economy grew 1.8% in the first quarter. That was down from an earlier estimate of 2.5%. The bulk of the reason for the revision was consumer spending. Americans didn’t open their wallets as wide or as often as originally thought.

To the people living in the media bubble, they really believe the Obama economy is booming because they are receiving the benefits. Ben Bernanke’s money printing scheme is inflating assets that are own by just the wealthy. This has created a disconnect between the perception and the reality of our economic situation. Hence whne these analysts make these proclamations of good times, many of them are actually not lying about their personal situation. For the rest of us, the economy still has not recovered.

Our political and economic elites are enjoying good times at the American public’s expense. This will can’t continue and will not end well for America.

The Obama Boom: 175,000 Jobs in May and Unemployment rises to 7.6%; Update: 122K of the Jobs created were low wage.

by Rodan ( 68 Comments › )
Filed under Barack Obama, Cult of Obama, Economy, Media, Progressives, unemployment at June 7th, 2013 - 11:00 am

The media has popped out the champagne this morning and are cheering exuberantly at May’s jobs numbers. 175,000 jobs were created in the month of May beating expectations. Although this number is in the just treading water category, the Obama Propaganda media is proclaiming this as proof we are in an era of renewed Prosperity. Some CNBC talking head even said that this economy has a 90’s feel to it. They ignore the fact that Labor force participation rate is still at historic lows, hours worked and wages were flat, but it does not matter to the media. It’s all about convincing Americans that times are good and that Obama is awesome.

Despite anticipation of a spring-into-summer swoon, the U.S. economy continued to create jobs at a relatively steady pace in May, adding 175,000 positions as the unemployment rate ticked higher to 7.6 percent.

Economists expected nonfarm payrolls to grow by 170,000 in the month after an initial reading of 165,000 in April, which was lowered to 149,000.

An alternative unemployment measure that includes the underemployed and those who have quit looking edged lower to 13.8 percent.

“The employment report does not look too bad after all, which should soothe recent concerns over a slowing for the US economy in response to domestic fiscal policy and external headwinds,” Andrew Wilkinson, chief economic strategist at Miller Tabak, said of the report.

[….]

The unemployment rate had been moving lower in large part because of a reduction in those looking for jobs. That metric, the labor force participation rate, ticked higher to 63.4 percent after hitting a 35-year low in March and April.

Services led job creation, while retail and the food service industries also contributed.

The numbers got a huge lift as well from a formula—called the “birth-death model”— that the Labor Department uses to estimate the number of jobs that new businesses created or lost. That estimate added 205,000 to the count.

It is very likely less than 175,000 jobs were created in May because the birth-death model might have inflated numbers. Regardless the facts do not matter to the Progressive Obama loving media. They will tout the jobs report all weekend to distract from Obama’s scandals. The media’s Obama Boom narrative is part of the reason no matter what revelations come out from the Obama scandals, his approval rating remains steady.

Back during the best days of the Bush economy which was not great either, the average during 2005-2006 was 150,000-175,000. The media claims it was stagnant growth and paled in comparison to the historical average. Now that its their beloved god-king Obama, they claim 175,000 is spectacular and gang busters. The media’s false Obama Boom narrative is no different than when the Soviets were claiming grain production was at all time highs, when they had food shortages. Sadly many Americans are looking for an excuse to like Obama, hence any news the media spins even if its not true, they will grasp on.

This is a cult of personality in regards to the love Americans have for Obama. I wish more on the Right would understand what they are dealing with and stop expecting some magical political silver bullet will do in Obama. We are stuck with this guy until 2017 and that is the reality.

Update: Zero Hedge digs into the jobs created and it turns out that 60% or 122,000 of the 175,000 jobs created were low wage positions.

The time has come to look at the quality component of the 175K jobs added in May, so without further ado, let’s drill down at where the growth was. Without much surprise, we find that as in months past, the bulk of the job growth continues to be concentrated in the lowest wage jobs:

  • Leisure and Hospitality added the most jobs in May, 43K
  • Retail Trade jobs rose by 28K
  • Education and health added another 26K
  • Temp jobs: the lowest of all paying jobs added another 26K

In summary – of the 175K jobs, 122K was to low wage occupations.

To be fair this has been occuring since 2000 when the 90’s Boom ended. Its obvious our economy has a structural problem and no amount of media cheering will change that.

The Obama Boom: A dismal recovery

by Rodan ( 106 Comments › )
Filed under Barack Obama, Democratic Party, Economy, Misery Index, Progressives, unemployment at June 6th, 2013 - 8:00 am

The media has been pushing hard the last few weeks that the economy is booming. They cite the stock Market and Real Estate as proof that we are now in an economic golden age. They ignore wage stagnation, lackluster job growth and the fact most of the reduction in the unemployment rate was due to people unable to find jobs. None of these facts are getting out to the public instead its the economy is rating and we have prosperity. A UCLA professor debunks the Obama Boom theme.

The country’s tepid growth in its gross domestic product isn’t creating enough good jobs to build a strong middle class, according to a UCLA report released Wednesday.

“Growth in GDP has been positive, but not exceptional,” UCLA economists wrote in their quarterly Anderson Forecast. “Jobs are growing, but not rapidly enough to create good jobs for all.”

The report, which analyzed long-term trends of past recoveries, found that the long-anticipated “Great Recovery” has not yet materialized.

Real GDP growth — the value of goods and services produced after adjusting for inflation — is 15.4% below the 3% growth trend of past recoveries, wrote Edward Leamer, director of the UCLA Anderson Forecast. More robust growth will be necessary to bring this recovery in line with previous ones.

“It’s not a recovery,” he wrote. “It’s not even normal growth. It’s bad.”

Sadly facts do not matter in Obama’s America. With backing from the media and Hollywood, many Americans think Obama is doing a great job and the economy is booming. The logic is that they may personally may not be doing well, but their neighbors are. This thought process is created by media propaganda that would rival Soviet claims of increased grain production that never occur.

This is the new normal for the economy.

The Obama Boom: 165,000 jobs created in April, Unemployment falls to 7.5%

by Rodan ( 9 Comments › )
Filed under Economy, Headlines, unemployment at May 3rd, 2013 - 11:58 am

After a stagnant March jobs report, there was a bit of a bounce back in April. There were 165,000 jobs created in the moth of April. Under normal circumstances, this would be considered mediocre. Since we are in the age of god-king Obama, the media heralds this as great economic news.

Job creation accelerated in April, with the U.S. economy adding 165,000 new positions and the unemployment rate edging lower, quelling worries of a spring slowdown.

New figures from the Bureau of Labor Statistics indicated that a light March payrolls report may have been an aberration, as higher taxes and reduced spending due to the fiscal stalemate in Washington failed to deter growth.

The unemployment rate edged lower to 7.5 percent, due partly to the jobs gains and to a labor-force participation rate that remains at a 35-year low. An alternative rate that also counts those who have quit looking or are underemployed rose to 13.9 percent.

lf Unemployment was 4.5-5%, 165,000 jobs would be an OK number. But with officialunemployment at 7.5% and higher real unemployment, this is not  a good number. Reality does not matter, the media will continue to claim the economy is booming and times are good.

The Obama Boom: 88,000 jobs created in March, but 496,000 leave the workforce

by Rodan ( 109 Comments › )
Filed under Barack Obama, Economy, Progressives, Socialism, unemployment at April 5th, 2013 - 11:30 am

The media has been trumpeting that the economy is running on all cylinders. Thanks to Ben Bernanke’s infusion of $80 billion a month into the financial sector the Stock Market is at record highs. The dirty little secret is that the actual value of the stock market is lower due to a devalued dollar. But it does not matter, the media is claiming we are back in the 90’s again and Obama is awesome. Reality is a starkly different story altogether.

March’s jobs numbers were very disappointing. Only 88,000 jobs were created for the month. The media will trumpet the drop in the unemployment rate to 7.6% as a positive. What they will not tell the public is that the drop is due to 496,000 people leaving the labor force. Want to bet the majority will be put on disability?

Nonfarm payroll employment edged up in March (+88,000), and the unemployment rate was little changed at 7.6 percent, the U.S. Bureau of Labor Statistics reported today. Employment grew in professional and business services and in health care but declinedin retail trade.Both the number of unemployed persons, at 11.7 million, and the unemployment rate, at 7.6 percent, were little changed in March. (See table A-1.)

Among the major worker groups, the unemployment rates for adult men (6.9 percent), adult women (7.0 percent), teenagers (24.2 percent), whites (6.7 percent), blacks (13.3 percent), and Hispanics (9.2 percent) showed little or no change in March. The jobless rate for Asians was 5.0 percent (not seasonally adjusted), little changed from a year earlier. (See tables A-1, A-2, and A-3.)

In March, the number of long-term unemployed (those jobless for 27 weeks or more) was little changed at 4.6 million. These individuals accounted for 39.6 percent of the unemployed. (See table A-12.)

The civilian labor force declined by 496,000 over the month, and the labor force participation rate decreased by 0.2 percentage point to 63.3 percent. The employment- population ratio, at 58.5 percent, changed little. (See table A-1.)

The jobs reports confirms the economy is not booming as the media claims it was. Zerohedge has an even darker and stark analysis of the numbers. The labor force participation rate is at 35 year low!

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! But at least it helped with the now painfully grotesque propaganda that the US unemployment rate is “improving.”

Check out the charts Zerohedge has on this subject. It’s very frightening.

The economy is not roaring or on fire as the media has been claiming. Food stamps and disability claims continue to rise. This indicates an anemic recovery that is not benefiting American workers. Most of the job growth has been in low wage, part time jobs. The Obama Boom is the worse recovery on record.

None of this will matter to most Americans anyway. The media will continue to tell the American public that the economy is booming. OFA will send email talking points out and do Facebook postings extolling the Obama economy. The American public will continue to love Obama as their god-king. No bad news hurts this guy, even bad economic data.

Update: 81,000 people in March went on disability.

Almost as many people signed up with the federal government’s permanent worker disability program as got jobs in March, according to two sets of government data, continuing a troubling trend throughout the Obama recovery.

Last month, 81,804 workers left the workforce to join the Social Security Disability Insurance program. So far this year, nearly a quarter million workers have joined the program.

Over the past four years, 4 million left the workforce to go on disability. Even after accounting for those who dropped out of the program because of death or retirement, the ranks of the disabled have shot up more than 1.4 million under Obama.

This is where the people dropping off the rolls are going.

(Hat Tip: Iron Fist)