Well, another month, another mediocre jobs report. The economy added 157,000 jobs in January while the unemployment rate ticked up a notch to 7.9 percent.
Those who have been unemployed long-term remained at a dismal 4.8 million and were 38.1 percent of all unemployed. There were 8 million people working part-time who would rather be working full-time. That number might well go up in the future as companies adjust their workforces to avoid Obamacare mandates requiring health insurance (or a fine) if there are more than 50 full-time employees.
The terrible figures for teenage unemployment (23.4 percent) and black unemployment (13.8 percent) are little changed.
In sum, the economy is continuing the most dismal recovery since the Great Depression and is now virtually at a standstill. The GDP ticked down last month, unemployment ticked up (and if it ticks up one more notch, it will be back to 8 percent, a significant psychological benchmark, especially as it would have been trending upwards since its September level of 7.7 percent).
The Fed has announced that it will continue its easy money policy, buying more than $90 billion of federal bonds and mortgage-backed securities a month, until the unemployment rate hits 6.5 percent. Judging from the last few months, that means for the foreseeable future.
It is beginning to look like that between globalization of the economy, high immigration to the US, and Democratic Party policies (& regulations) nobody in the future will have a job. The middle class will be a distant memory. The only people who will have jobs will be gov't. workers. Lords and serfs time again. "Forward" to the Middle Ages! Oh well, at least we will all get really good at scavenging.
Obama-voting dredge; somehow "We told you so" doesn't quite capture it, does it?
Jobs and the economy are talking points for this administration to batter Bush and the Republicans. This was never a priority for Barry, and so he can expand social services, gut the military, and contract our global footprint and diminish American power. n nThis admin is masterfully using this issue to force their s*c**l*st agenda down our throats. n nWithout this dismal jobs picture, and dismal economy, do you think Barry could have pushed through all his big gov't bailouts and expand welfare, food stamps, disability recipients, unemployment insurance……