Unemployment is not getting better, it’s getting worse.
Even the establishment media is taking notice.
“Widely followed pollster Gallup puts the nation's unemployment rate at an ugly 8.6 percent in August,” reports CNBC, “a startling jump from the 7.8 percent the organization recorded for July. When counting the underemployed, the rate zooms to 17.7 percent, off its 2013 high of 18.2 percent.”
If you count in those who have dropped out of the work force, you get closer to 24 percent unemployment.
Gee, and all this time I thought that the job situation was getting better.
That’s what we were told.
“This time we mean it,” “The recovery is finally here,” “We tried capitalism, and it didn’t work,” “We tried our plan, and it worked,” “Obama killed Osama…with his bare hands,” and “Does my head look big with this teleprompter?”
In the U.S. the number of employed has only grown by 922,000 people since July of last year. And as many have noticed, over 70 percent of those jobs are part time.
The growth of the labor force itself has slowed so much that it has caused the BLS to revise previous projection of the growth of the labor force through 2012-2025 from 0.9 percent annually to 0.8 percent annually, according to HousingWire.
And don’t get me started in GDP. GDP actually reflects the poor state of the economy. Despite what liberals want you to believe companies want to hire workers. But they hire workers only when they think they’ll make more money from it.
A consequence of the poor jobs environment is that GDP has suffered.
Since 2008, growth in GDP has posted about a 0.6 percent average annual rate or 3 percent over five years.
That compares with the historical average long-term rate of 3.28 percent.
In a way the GDP numbers epitomizes Obama’s economic philosophy: He’s managed to squeeze a whole year’s worth of economic activity into five years and counting.
There are over million Californians who today remain unemployed, many of whom are still jobless after using up 99 weeks of unemployment benefits made available by the state and federal government according to an article by the San Diego Union Tribune.
Get the Market Movements in Advance: William's Edge Webinar for Monday, March 10th, 2014 | John Ransom