Obama Economic Recovery Update: June 2013 Jobs Report


Obama Economic Recovery Update: June 2013 Jobs Report

 

Re:  one post today on my blog …. “Your claims about Obama’s poor presidency are all fake. You obviously are not listening to what he is saying. He is trying to help this country, but its sad that some people like you are not willing to accept his efforts.”  I respond first by asking this blogger to cite specifics not vapor such as “he is trying to help the country”.  Perhaps this blogger may respond to the poor economy BO is largely responsible for (and I only attack BO on economics as Economics501 is dedicated to  “championing free market capitalism and growing the economy to the max extent possible”).

 

3 links below and 3 graphs from BLS stats well depict the BO economy.  The current recovery is the most sluggish since the Great Depression.  Some facts (from Bureau of Labor Statistics or BLS):

 

Forty-five months after the start of the economic recovery, GDP is only 8 percent higher than it was when the recovery officially began.

  In the average post–World War II recovery, GDP is 16 percent higher at this point.

Year to date, only 130,000 full-time jobs have been added to our economy. The rest of the jobs — 557,000 — have been part time – source Bureau of Labor Statistics (BLS)

And tucked deep into the June 2013 jobs report was this little tidbit: The underemployment rate, which measures those working in a job for which they’re overqualified, or working part-time when they really want full-time work, shot up from 13.8% to 14.3%.

The total number of payroll jobs in the economy, at 135.9 million, is still 1.6% below 5-1/2 years ago, when the recession began. We’re not even back at scratch.

At June’s pace of 195,000 new jobs a month, it will take 11 months to get back to where we were in 2007.

And why is this so?

A prime reason is that BO almost exclusively focused on the much less productive public sector and huge debt expansion for economic recovery – in essence a European model that gave us Greece, Cyprus, Portugal and 27% unemployment rate in Spain.  The Laws of Economics and empirical data reveal that it is the private economy that is the sector that produces new industries, products, jobs that self sustain them and create new ancillary jobs.  That is one reason that the Reagan recovery from equally intense 1980-82 Recession (unemployment over 10%) was much stronger than BO’s. Reagan utilized the private sector which developed the Cisco’s, Microsoft’s and Sun Microsystems that powered the 80’s and 90’s employment booms.

See below links and charts:

0001 GDP.png0001 GDP

June Full vs Part Time Jobs historic

June Full vs Part Time Jobs_2

 

http://www.zerohedge.com/news/2013-07-05/obamacare-strikes-part-time-jobs-surge-all-time-high-full-time-jobs-plunge-240000

http://news.investors.com/ibd-editorials/070513-662689-us-shifts-to-a-part-time-economy.htm

http://www.cfr.org/world/quarterly-update-us-economic-recovery-historical-context/p25774

June Full vs Part Time Jobs_2.jpg

June Full vs Part Time Jobs historic.jpg

http://news.investors.com/ibd-editorials/070513-662689-us-shifts-to-a-part-time-economy.htm

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About economics501

1 - free market Capitalist; 2 - Fitness Entrepreneur; 56 years old, VP at an Investment Bank in NYC, ex Venture Capitalist, happily married with 2 girls. Education: Rutgers and NYU. I allow Ted Hruzd, my friend to blog at will here. He has many posts here. I have known Ted since we were both students at NYU. Ted also works for an Investment Bank as a VP in Equity Global Markets. ------------------------- I was very very Socialist leaning as a 22 year old. I then strongly believed in Gov role in helping the poor. However, as a USDA Child Nutrition Programs, I personally accounted for millions of fraud, abuse, and waste of tax payer money. I came to believe that the poor would be best served with less Gov programs and more with direct aid via tax system. Then after 5 years I became a free market capitalist, was a venture capitalist in 2007 and helped start 2 high tech companies. I dedicate this site to champion free market capitalism as the best road to Prosperity. Please join in. If you disagree, fine, but please post with dignity and class and be civil. Argue with facts always.
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2 Responses to Obama Economic Recovery Update: June 2013 Jobs Report

  1. kimmie0 says:

    “However, as a USDA Child Nutrition Programs after I personally” needs editing. Graphic 1,5,6 links are broken. Interesting data.

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