If you believe President Barack Obama’s economic policies are working, you are not paying attention to the numbers. America’s jobs picture is growing more dire. And Obama’s reckless tax-and-spend policies and Obamacare are the main culprits keeping business owners from hiring.
The June jobs report from the Bureau of Labor Statistics came out June 6 and it showed a meager 80,000 jobs were added during the month, well below projections, and the unemployment rate was holding steady at 8.2 percent.
There was another report released that did not get as much press coverage. While 80,000 jobs were added in June, 85,000 people left the workforce entirely and began collecting disability, according to a report from the Social Security Administration.
In other words, more people went on disability in June than jobs were created.
Since the so-called economic recovery began in June 2009, when the Great Recession supposedly ended, 2.6 million jobs have been created while 3.1 million workers went on disability. Put another way, the number of people going on disability has grown 19 percent faster than the number of jobs created since the recovery began.
Also, despite the creation of 2.6 million jobs in the last three years, there are still 5 million fewer jobs today than there were before the Great Recession. When you are down 5 million jobs, the creation of 80,000 is nothing about which to brag.
Another fact largely ignored during the Obama “recovery” is the number of workers who have dropped out of the workforce. According to an Investors Business Daily study of Bureau of Labor Statistics data, some 7.3 million people have dropped out of the workforce since June 2009.
The labor force participation rate is at 63.8 percent, the lowest level in 30 years. The labor force participation rate is the number of people with jobs, or looking for work, compared to the entire working-age population.
The unemployment rate has been above 8 percent for 41 consecutive months. In the previous 60 years, the jobless rate topped 8 percent in a total of only 39 months.
The number of long-term unemployed — those out of work 27 weeks or more — is still 5.4 million, almost 1 million higher than when the recovery began and almost twice the level it ever reached before Obama’s recovery.
Another figure largely ignored is the Bureau of Labor Statistics U-6 unemployment rate, which is actually a more accurate look at unemployment. That is because the figure routinely cited by the media only includes the percentage actively looking for work, while the U-6 rate includes those who want a job but have stopped actively looking or who have taken a part-time job because they could find nothing else.
The U-6 unemployment rate for June was 14.9 percent.
Blacks seem to be doing the worse under Obama’s recovery, with an unemployment rate in June of 14.4 percent.
Another jobs-related issue is the growth of the number of people looking for jobs.
For June, the unemployment rate remained steady at 8.2 percent despite the fact that the number of people considering themselves employed actually grew by 128,000. That is because the number of people looking for work increased by 189,000.
This means the labor force is growing faster than job growth. This is a good sign that the unemployment rate is about to rise, according to The Wall Street Journal. With the labor force growing at nearly 150,000 per month on average, job creation is not fast enough to lower the unemployment rate.
People are remaining unemployed longer.
The average length of unemployment rose to 39.9 weeks in June. It was only 23.9 weeks in June 2009, when the recession officially ended.
This is the real jobs picture. The situation is worse today than it was during the recession.
What the last three years has proved is that big government collectivism makes bad economic policy. In 2009, the Obama administration predicted that if Congress passed its $800 billion stimulus plan, the unemployment rate would be around 5.6 percent today.
The Obama recovery is the worst in U.S. history by every indicator, but especially when it comes to jobs.
These numbers are why Obama is trying to make you feel outraged about what Mitt Romney is doing with his own personal wealth. Instead, you should be more concerned with what Obama is doing with yours.
I’m not sure we can afford four more years of Obama’s “recovery.”