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Saturday, January 11, 2014

Why Does Unemployment Rate Go Down When 5 Times as Many People Gave Up Looking as Found Jobs?

Did the same bunch who try and cook the global warming numbers fudge employment numbers too?

The December jobs report was a real wake up call. 347,000 Americans gave up looking for work and only 74,000 new jobs were created. Yet somehow, the unemployment rate dropped from 7% to 6.7%.  More and more Americans simply gave up looking for work (hardest hit are blacks and women) and so, they are no longer counted in the employment survey. Meanwhile, the jobs that are created are mostly low paid temporary positions as we continue to lose better paid manufacturing jobs. Approval of the Keystone XL Pipeline and permitting more drilling for oil and gas could solve much of this but Democrats refuse to consider it.

Here's a few quick numbers that highlight how bad the jobs situation is:
January 11, 2014

How Bad Is Obama's Jobs Record? Let's Count The Ways

By Investor's Business Daily

for some badly needed perspective, we've created Obama's Jobs Index to show how Obama's policies have failed to create adequate job growth.

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.
White House: Don't Blame Obama!

On Friday, ABC News' Jonathon Karl pointed out that Obama claimed credit when jobs numbers were good and asked WH Spokesman Jay Carney if Obama was to blame for this bad report. Short answer? NO! But you can bet the next good report Obama will claim credit again.

And if things remain bad, Obama can always fall back on his tried and true solution: give another speech. Thus far, he's "pivoted to the economy" 14 times and the results speak for themselves!

What Obama will never do is acknowledge what so many of us have known for years. It's Obama's policies on taxes, regulation, ObamaCare and energy that are largely to blame for the inability for more Americans to find good paying jobs. This is the weakest jobs recovery in modern history and there's only one man to blame and it's not George Bush.

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