The media and White House are saying the economy is doing just fine. But... The following set of bullet points paints a reality they arent going to talk about. •The number of people who are not in the labor force has grown, despite a growing working-age population, by 11.9 million. •The number of people who are not in the labor force who want a job has grown by 837,000 during the Obama administration. Many simply gave up on trying to find a job in the Obama economy. •The employment-to-population ratio has remained consistently below 60 percent during the Obama administration’s tenure and has barely budged; in contrast, the ratio averaged 62.9 percent between the start of 2000 through when the president assumed office. •The labor force participation rate has continued to trend downward during the Obama administration’s tenure, from 65.7 percent when the president took office to its current 62.8 percent. •Payroll job growth has been tepid over Obama’s tenure: It has averaged only 74,000 per month, and 140,000 per month since the end of the recession. •There has only been a net 5.3 million payroll jobs created over the Obama administration’s tenure vs. over 7.3 million payroll jobs that were lost during the recession. •The Senate Finance Committee further noted the inflation-adjusted median household income has fallen during the Obama administration from $54,423 in 2008, the year before President Obama took office, to only $51,939 in 2013. Meanwhile, the number of people in poverty has risen from 39.8 million in 2008 to 45.3 million in 2013. The U.S. debt at the same time has increased $8.6 trillion under the Obama administration, from $10.6 trillion when Obama took office to more than $18 trillion today
Posted on: Fri, 16 Jan 2015 06:06:34 +0000
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