Friday, June 24, 2011

The Obama Depression: Two-and-a-half years after the 'Stimulus', there are 'more idle men and women than at any time since the Great Depression'

Who could have predicted that the president's virulent anti-job policies would result in rampant unemployment?

The Great Recession has now earned the dubious right of being compared to the Great Depression. In the face of the most stimulative fiscal and monetary policies in our history, we have experienced the loss of over 7 million jobs, wiping out every job gained since the year 2000. From the moment the Obama administration came into office, there have been no net increases in full-time jobs, only in part-time jobs. This is contrary to all previous recessions. Employers are not recalling the workers they laid off from full-time employment.

The real job losses are greater than the estimate of 7.5 million. They are closer to 10.5 million, as 3 million people have stopped looking for work. Equally troublesome is the lower labor participation rate; some 5 million jobs have vanished from manufacturing, long America's greatest strength. Just think: Total payrolls today amount to 131 million, but this figure is lower than it was at the beginning of the year 2000, even though our population has grown by nearly 30 million.

The most recent statistics are unsettling and dismaying, despite the increase of 54,000 jobs in the May numbers. Nonagricultural full-time employment actually fell by 142,000, on top of the 291,000 decline the preceding month. Half of the new jobs created are in temporary help agencies, as firms resist hiring full-time workers.

Today, over 14 million people are unemployed. We now have more idle men and women than at any time since the Great Depression...

And good news, drones: yesterday, CNBC reported that the employment situation just got worse.

So your plan to destroy America appears to be succeeding.

1 comment:

Anonymous said...

My business has been hemoraging. People don't have money and they are looking for ways to cut costs so they can survive. 25 years, and this is the finale.
No matter, I can live vicariously through Barry's golf and Mooshelle's travels. And to think, we are still feeding Mrs. Robinson, do we live in a great Country or what?