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: