Posted on 09/06/2014 9:31:05 AM PDT by Kaslin
The economy created only 142,000 jobs in August, down from 212,000 in July, indicating the economy significantly slowed this summer.
Jobs creation is well below the pace needed to reemploy all the workers displaced during the financial crisis—the economy is in crisis!
Although official GDP estimates indicate the economy expanded in the second quarter at a torrid pace—4.2. percent—much of that was inventory build, as consumer spending continued to drag along at a nonplus pace and capital investment, especially in manufacturing, remains subpar.
Third quarter growth is likely in the range of 2 percent, and the Obama Administration spin doctors will have a tough time selling these jobs data as anything but bad news.
Simply, the administration’s big spending stimulus policies and the Fed’s obsession with pumping money into a moribund New York financial industry have failed.
Also, now Americans are seeing the real cost of ObamaCare health care subsidies. Employer mandates are not much good to working families if no one in the family is working.
The official jobless rate is down to 6.1 percent but real unemployment is closer to 18 percent, because so many prime aged adults are sitting out the party. For example, one in six adult males between the ages of 25 and 54 has no job, and may have simply quit looking thanks to “compassionate” government policies that reward able bodied men and women to sit at home and watch ESPN NFL reruns or The View.
Since 2000, Congress has beefed up the earned income tax credit, and expanded programs providing direct benefits to low and middle income workers, including ObamaCare and Medicaid, food stamps, and rent and mortgage assistance.
Those buy votes but do little to encourage work.
Benefits phase down as family incomes rise, and often tax additional income as much as 50 percent. Consequently, government benefits penalize work and encourage one partner in two adult households to be idle.
Also, those programs offer incentives for single people to work only part-time and contribute to skills shortage.
With millions of young college graduates unable to land a professional job and start a career, the president has implemented irresponsible federal student loan policies. And unscrupulous university presidents exploit young people by peddling graduate programs that promise rewarding careers but only deliver a lifetime of debt.
Student loans take disgruntled college graduates off the streets, lower the official unemployment rate and deliver electoral majorities for Democrats but undermine future growth. Simply, too many folks in their late 20s are stuck in dead end jobs, burdened with crippling debt and unable to buy a home or comfortably start families.
The root cause of the jobs crisis is chronically anemic growth, whose sources candidate Obama promised to address in 2008 but has forgotten.
These include the purposefully undervalued Chinese and Japanese currencies, which cheapen imports, siphon off demand for American-made products and destroy factory jobs; federal restrictions on offshore oil and gas development, which unnecessarily perpetuate U.S. oil imports and finance terrorism; business regulations more burdensome than necessary to accomplish worthy objectives, which create prestigious jobs for political supporters and create monopolies for campaign contributors; and a tax structure ranked one of the worst in the world for encouraging sound business decisions and supporting international competitiveness.
A second term president should be a statesman looking to the long-term security and prosperity of the American people.
Instead, Obama continues to campaign, blames his predecessor and congress for his disappointments, and will leave Americans poorer and less safe in the bargain.
“I don’t think there’s a single segment of our economy that isn’t better off today than the day I “took” office.” So sayeth the lyin’ king to the unions in milwackee on labor day. Or something to that effect. And he didn’t even wince saying it.
And how many of these new jobs were taken by H1B immigrants?
I’m an IT consultant with 20 years’ experience, and I’ve been out of work for months because of this flood of high-tech refugees from India and China.
And the Democrats want to double the number of visas next year.
Wife works at a large hospital downtown. The blacks still love the guy. She told them about how he has spent more money than all other presidents put together and we have nothing to show for it.
They didn’t believe her, wanted proof. So they are not paying attention to anything. He’s their guy
The recession was over a long time ago. It has been a full-blown depression for some several years now.
Commencing with the early months of the occupation of the White Hut by the Current Regime. Nothing they have done since that time has reversed or even stopped the slide into oblivion of that territory once known as “the United States of America”.
Of course The Won doesn’t even wince when he claims that there is not a single segment of our that isn’t better off than the day he took office. A person would have to be at least in contact with reality and have a certain degree of empathy to be embarrassed at that remark.
I had a very liberal friend tell me yesterday (a former Bond trader, no less!) that the economy has grown in double digits (annually) since Obama was elected, and that the GDP has expanded by over 2 trillion dollars since 2009 - proof of a roaring economy in the US.
Yup, but no one realizes it because the printing and bond buying has taking the sting out of it.
That arrogant pos wouldn’t know the truth if it hit him in the face.
By all means, let’s add 6 million undocumented to the
unemployed list, that’s sure to help. /s
“The blacks still love the guy.”
So generally speaking, if we take Obama’s 38% approval rating and subtract the 13% of black Americans who still worship him ... that’s only a 25% approval rating.
But it’s failure unrecognized by the American people.
And your idiotic liberal friend believes this of course
True, the American people may be the most stubborn on earth, but maybe not.
I listen to a lot of talk radio during the day. They call in attempting to defend their guy but are painfully bereft of any facts or logical arguments. I used to find it humorous but now I find it frightening. He’s been this much of a disaster and still they defend him, imagine how far he could go and they’d still back him up.
Absolutely!
That arrogant pos occupant of 1600 Pennsylvania Avenue and his administration took most away from the troops
Plus there’s a hardcore group that will always see his low numbers as proof that he is either a victim, an underdog, or a revolutionary (the Limbaugh Theorem). They are obsessive ideologues whose opinion shouldn’t count because they don’t see reality in a rational manner. It’s like taking a survey of ten people, and 2 of them are lunatics shouting on a street corner.
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