It’s another dreary jobs report out this morning from the Bureau of Labor Statistics, detailing yet another month of the apparently endless “Obama Recovery,” the worst since the Great Depression lingered on and on in the 1930s.
Employment rose by 155,000 and the unemployment rate stayed the same at 7.8 percent (the November unemployment rate, originally reported at 7.7 percent, was revised upwards a notch in this report). It’s not surprising that it stayed the same, as the civilian workforce rose by 192,000 last month. In other words, job growth is barely keeping pace with population growth. And part of the job growth is probably due to Hurricane Sandy, as 30,000 construction jobs were added in December, not ordinarily a good month for construction jobs.
Unemployment for blacks (14.0 percent) and teenagers (23.5 percent) remained dismal, as did unemployment for those aged 18-29 at 11.5 percent. Long-term unemployment is stuck at 4.8 million, or 39.1 percent of all unemployed, and 7.9 million are working part-time although they would rather work full-time. The number of employed people as a percentage of the total population remains at 58.6, the same as it was a year ago. That is not exactly a sign of a recovery that is gathering steam.
Why is the dismal Obama recovery so much like the dismal Roosevelt recovery of the 1930s? Could it be because both presidents pursued the same policies—high taxes on high-income earners, greatly increased regulation on business, government “investment,” and redistribution of wealth? Yep, it could be.
Unemployment is especially bad amongst those groups most likely to have voted for Obama. Shocking, isn't it?
Mike_ste .. You will see no sympathy from me. Blacks/ latinos/ young single women voted Mr. O… And they are suffering.
I'm with you – as harsh as it sounds. Liberals have set up the "us against them" paradigm. So if "them" is going to vote for those candidates most committed to keeping them servile, I won't waste any sympathy. The problem is, the more they suffer, the more they will see candidates like Obama as their salvation. That's why this election was so depressing – many of those who should have known better either voted for O or stayed at home.
Obama is destroying everyone his murder boards for the seniors and his no jobs board for the young people. He continues to spend billions on the failed green energy projects of solar and wind. If the republicans ever get back in power and take away the subsidies that keep these fragile industries going, then they will die as they did in the seventies. Dust, clowds and night are the culprinds of solar and too much and too little the enemies of wind energy. So what is still needed to take up 70% of the load? The same old fossil fuels that have saved the day for over 100 years and will save the day for hundreds more. If Obama was the president of an engineering company hired to fix the enery woes of the nation then he world be facing many life times in prison for malefeasence. It’s all so mind boggleing.
job numbers from the last six months of 2012: 181 192132 137 161 155 n njob numbers from last six months of 2008: -210 -274 -432 -489 -803 -661 n njob numbers from the last six months of 2006: 209 183 157 -9 204 171 n nObama's current numbers fairly match the numbers described as "robust" during the Bush years. n nDo you conservatives have any shame? n n
Was our debt over $16 TRILLION under W???? nHave you no shame! No, you libs don't.
Debt under Bush doubled from 5 to 10 trillion. His two tax cuts took 2T in revenue out of the treasury. That money might have paid for two wars. Instead, those wars were put on a credit card. Medicare Part D was unfunded. It costs 36 billion dollars a year. Ten years of that deficit spending has added nearly 400 billion more in debt. Medicare Part D also has an unfunded liability of over 7T. n nHalf of the debt under Obama is revenue lost from the recession. As for the Democratic Congress, please name any major new spending bills that were not vetoed by President Bush from Jan. 2007 to Jan. 2009. Also, a majority of Democrats in Congress voted against the Bush tax cuts, the Iraq War Resolution and Medicare Part D. n n n n
2006 marked the same 4 years into recovery for Bush as 2012 does for Obama. n n
16 TRILLION pj…. W never did that. And besides, the last several years under W were run by… hold on…. DEMOCRAT CONGRESS.
Let us try posting again. n nGiven a 3% growth rate in population per year, that works out to 176,000 new jobs needed each month to break even. nLast month 155.000 new jobs were created which was a 12% regression from the break even point. n nI will say it again, FDR's Depression Era economic policies will produce Depression Era results. nWe are starting the 5th year of Obama 2nd Great Depression and it will not end until Obama and his minions are gone. nAll the "Pollyanna" fiddling with the governmental economic data can not hide economic the reality of boarded-up store fronts, no jobs and little to no economic activity. n nLooting the "Private Sector" to inflate the "Public Sector" kills the economy. nKeynesian Economics simply does not work and is only a intellectual rational to loot the Private Sector.