Phony Recovery: 97% of New Jobs Are Part-Time
Jay Leno joked several nights ago that, “[I]n his speech about the economy, President Obama said we’ve all been distracted by phony scandals, and it’s time we started getting distracted by the phony recovery.”
Unfortunately, a “phony recovery” is exactly what it is. Wayne Allen Root wrote an article several days back explaining what’s wrong with the US economy. Collapsing jobs, fall in income, falling wages, rising poverty — the “recovery” doesn’t exist. Things are worse today than they were before.
For example, now over 97% of net new jobs created this year are part time. Yes, that means that the only reason the “unemployment” rate is going “down” is because the feds are counting part time work like it’s full-time work. Trusting the government to honestly report on the economy is like trusting a fox in a hen-house. It won’t end well.
From the McClatchy Company:
The unemployment rate is measured by the separate Household Survey, and it fell two-tenths of a percentage point to 7.4 percent, its lowest level since December 2008. That’s due in part to slow growth in the labor force. The jobless rate is based on a sample of self-reporting from ordinary people across the nation, and it’s the Labor Department measure that shows a very troubling trend in hiring.
“Over the last six months, of the net job creation, 97 percent of that is part-time work,” said Keith Hall, a senior researcher at George Mason University’s Mercatus Center. “That is really remarkable.”
Hall is no ordinary academic. He ran the Bureau of Labor Statistics, the agency that puts out the monthly jobs report, from 2008 to 2012. Over the past six months, he said, the Household Survey shows 963,000 more people reporting that they were employed, and 936,000 of them reported they’re in part-time jobs.
“That is a really high number for a six-month period,” Hall said. “I’m not sure that has ever happened over six months before.”
“There is something going on if such a large share of the hiring is part time,” Hall said. …
Hall speculated that the implementation of the Affordable Care Act, shorthanded as Obamacare, might be resulting in employers shifting workers to part-time status to avoid coming health care obligations.
“There’s been so much talk about the effects of Obamacare on part-time work,” he said. “This is such an unusual thing to see.”
Obamacare is destroying any possible recovery. If Obama had approached the economy through cutting taxes and regulations, the economy would be well on it’s way to being stronger. Instead, he’s sabotaging the economy for his own political agenda in order to concentrate power.
It’s not just Obamacare. From the Wayne Allen Root article we discussed earlier:
But wait, isn’t that Obama’s exact prescription for the nation? High taxes, more spending, more debt, and more government employees. Bingo. Help isn’t coming folks. The cavalry isn’t riding in to save us. They are coming to destroy us.
Detroit is certainly the future of America under Obama. It’s the exact same policies. We are experiencing Groundhog Day — doing the same stupid things, and expecting a different result.
It’s the entire system of trying to tax and regulate to prosperity. It won’t work and it can’t work. It’s backfiring, and people are suffering the consequences.