President Obama addresses the need to reduce the nation’s deficit while creating jobs across the country and wishes Americans a happy Fourth of July. Image Credit: whitehouse.gov
Unemployment In Barack Obama's Economy - The Masters Of Disaster
Today, the government's reporting of the June 2011 unemployment numbers came out. As always, the mainstream media, who blatantly support our current political leadership, reports these numbers out as ... unexpected, well below economists' expectations, a continuing "soft patch", and a disappointing downturn.
The fact of the matter is that this jobs report of only 18,000 new jobs created in an economy where just to keep up with population increases needs to add 150,000 per month and to start to recover back to the levels of unemployment set to before this economic downturn (and get it back within five years) of 350,000 jobs in the private sector per month. Of course the government constantly under reports these numbers so it could be less than the 18,000. The growth of 54,000 jobs previously reported for May 2011 was revised down today to just 25,000. Using this habit of softening the ugly blow of FAILURE through under-reporting, the numbers released today may be revised even more downward to about 8,500 or so.
In the first ever Twitter Town Hall at the White House, President Obama answers your questions (of 140 characters or less) on jobs and the economy and asks for your feedback on reducing the deficit. Image Credit: whitehouse.gov
This excerpted and edited from The Los Angeles Times -
Dismal jobs report shows unemployment rising to 9.2%
July 8, 2011 | 6:19 am
The U.S. employment picture went from bad to ugly last month as employers added almost no new net jobs and the unemployment rate edged up for the third straight month, to 9.2%.
The report Friday from the Labor Department is sure to be a huge disappointment and will raise fresh questions about the sustainability of the recovery, now technically starting its third year.
Analysts had raised their job-growth forecasts for June to 100,000 or more in recent days, hopeful of a rebound after surprisingly few job gains in May, which many attributed to temporary factors such as Japan's earthquake and the spike in oil prices.
The unemployment rate, meanwhile, ticked up to 9.2 from 9.1% in the previous month and this year’s low of 8.8% in March. Many thousands of people in June dropped out of the labor force, some presumably because of the discouraging outlook.
Friday’s jobs report was remarkable in that there was nothing positive in it.
Even for those with jobs in June, there was bad news. The average weekly work hours declined by 0.1 to 34.3. And the average hourly earnings for all private-sector employees dropped by one cent to $22.99.
"It's just an across-the-board retreat," said Heidi Shierholz, a labor economist at the Economic Policy Institute. So bad was the report, she found it hard to describe it and its portent for the future. "This is two months of really scary reports."
Of course, Obama adviser David Plouffe said that two days before the June jobs report was released that economists anticipate 100,000 or 125,000 jobs to be added that month. After hearing the 18,000 number, Plouffe claimed (as quoted by Bloomberg), "The average American does not view the economy through the prism of GDP or unemployment rates or even month jobs numbers."
"People won't vote based on the unemployment rate, they're going to vote based on: 'How do I feel about my own situation? Do I believe the president makes decisions based on me and my family'," Plouffe continued.
Austan Goolsbee, chairman of the White House Council of Economic Advisers, said in a recent interview on Bloomberg TV, “We want to be for any policies that are going to help incentivize and stand up the private sector to drive the recovery.”
I have a suggestion to Masters Goolsbee, Obama, and Plouffe, why don't we get the weight of the Government to "Stand Down" so that the private sector can "Stand Up" and begin to create the recovery from the overbearing socialist agenda this 44th Presidency has implemented since taking office Jan. 20, 2009.
Barack Obama, David Plouffe, and Austin Goolsbee are just the beginning in the naming of the economic masters of disaster in this era of United States economic failure here in Carter's Second Term.
(Article first published as Unemployment In Barack Obama's Economy - The Masters Of Disaster on Technorati)