I wish Obama and the Democrats could be as passionate about jobs as they are about, say, the contents of Happy Meals. Or the dust from cement factories. Or the habitat of the red-cockaded woodpecker.
While the wizard of DC remains a master of illusion and delusion, focusing everyone’s attention on the man behind the curtain- and his 20 Little Martyrs- the jobless recovery now enters its fifth year with no signs that hiring will be picking up soon.
So instead of worrying about the peckers, I wonder about the 12 million martyrs who remain unemployed. And the 3.6 million martyrs who are not in the labor force. And the 8 million martyrs who can only find part-time work. That’s almost 24 million martyrs, plus their families.
Jobless claims went up fractionally last week, showing little progress in tackling unemployment. Jobs numbers for December weren’t even enough to cover those entering the workforce.
This is exactly what we’ve come to expect under Obamanomics, which has dumbed-down our economy like it was Greece or California.
According to the BLS household data, 192,000 people entered the workforce in December while only 155,000 jobs were created. Those numbers are consistent with trends established in 2011 and in 2012.
“December's overall figures were only slightly better than 2012's average growth of 153,000 per month,” says CNN Money, “which mirrored the 2011 pace. That's not enough to make a significant dent in the unemployment rate, economists said.”
And that has a negative effect on the net economy.
Yet still CNN files the story under “America’s Comeback.”
At average weekly wages of $818.69, that’s about $13 billion of immediate spending and investment missing from our economy every week or nearly $700 billion per year. And that’s not counting the underemployed workers working just part-time.
Today, at 11:20 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for July 30th, 2014 | John Ransom
In Other News: Pro-Palestinian Rally in Tel Aviv Broken Up by Rocket Fire from Palestine | Michael Schaus