Skip to comments.Obama's Next Big Bounce May Be Out Of Office
Posted on 09/11/2012 8:44:23 AM PDT by nhwingut
The bounce expected from Barack Obama's Democratic Convention speech collapsed the following day under the reality check that the current unemployment figure is 8.1%. And 40.7% of those people have been out of work for 27 weeks or more.
Those numbers tell only a small part of Obama's failure to deliver on his promises. The real unemployment figure is closer to 19%. The official count doesn't include the 8 million unemployed who have given up and stopped looking for a job, the people who have had to settle for part-time work, those who had to take lower-paying jobs that are well below their qualifications or the 11 million who are out of the workforce collecting Social Security disability checks.
The plight of young Americans is even worse. For 18- to 29-year-olds, the unemployment rate is 12.7%.
The majority of jobs lost during our current depression were well-paying jobs, while the majority of jobs that Obama brags about increasing are lower-paying jobs.
The National Employment Law Project reports that occupations in construction, manufacturing and information, with median hourly wages of $13.84 to $21.13, accounted for 60% of job losses and only 22% of job growth. Meanwhile, 58% of the job growth Obama bragged about was lower-paying jobs with hourly wages of $7.69 to $13.83.
The jobs with the fastest growth were retail sales, where the median wage is $10.97 an hour, and food-preparation jobs that pay $9.04 per hour. Some of these jobs are taken by entry-level workers, but many others are taken by older Americans who were laid off from well-paying jobs.
A Labor Day weekend report also came from the Department of Agriculture, which showed us that 46,670,373 Americans are now receiving food stamps at an annual cost to the taxpayers of $71.8 billion.
(Excerpt) Read more at news.investors.com ...
But...but...food stamps are good for the economy, they make people spend money!
I hope someone shows this piece to Mr. Romney.
Great title of article. Bounce his sorry ass all the way back to Mars or Kenyan, wherever in the hell he came from.
What about all those illegal aliens that 0bama recently empowered by giving Work Permits to?
An absolutely remarkable lady, a true American treasure.
What about the double dippers that are claiming unemployment but they’re lying and taking a job someone else could be doing?
Great to hear from Phyllis Schlafly.Because she was an early opponent to radical feminism,the Media tried to make her a non-person.Great Lady!
Team Romney should at least glance at the wages and benefits scams the Chicago Teachers Union is perping, and then have his surrogate attack dogs go out and savage Obama and the scam of Obamanomics.
Democrat logic. Geez. I remember that. "Unemployment helps the economy." - Nancy Pelosi.
In Nancy's pea sized vacuum packed but porusly decayed brain, giving people money allows them to spend money on something that helps the economy. The scary part is that OBAMA believes the exact same thing on a Global level.
Reagan, Kennedy, Bush all cut taxes and allowed consumers (and businesses) to keep more of their money. Consumers were then able to go out and patronize businesses that provided value in the form of goods and services at an acceptable price. The consumers picked the winners and losers based on merrit. Successful businesses see demand go up, expand and hire more taxpayers. The tax money saved gets to the private job creators from the citizens and the cycle energizes the economy.
Obama, in all his one firing nuetron fueled brain, decides it best to cut out the middle man (citizen) and just write checks to the businesses so they will hire people. Then more people will have jobs with money to spend and the economy will turn around. OR give the banks money to "lend" to people who can then buy stuff that will grow businesses and fuel growth in the economy.
Supply and demand of goods and services go unnaffected under the brilliance of this a$$hat/president. The handouts went to cash positions and eventually investors/stockholders (stock market is up). Coupled with the cash pumps, the stock markets are doing great and businesses are reporting proffits as a result of their debt reductions and cash infusions from the government. But there is no good justifications to expand operations for most, that is add jobs. This befuddles our economic wizards in the white house. "They must be just evil, greedy capitalists if they won't use those profits to hire workers they don't need."
Socialists have the successful economic recipes exactly backwards. They falsely believe that we have to add workers so they can get paychecks and spend money that will justify the addition of useless hired employees. What's worse than that is that they have some obtuse understanding that a government worker that pays taxes helps our economy.
This little nugget is worth some consideration. When you spend $50,000 on a salary that will produce nothing consumable or profitable, it is wasted money in the private industry. But to Obama and the cronies, this equals $7,500 dollars in tax collections and about $1,000 in campaign contributions (union dues). They have to spend $50,000 of other peoples money to get $1,000 dollars for their next election. But they sell the $7,500 in taxes to the ignorant American public. And nobody tends to ask, "What value is the $50,000/year employee/investment adding for me?"
Imagine if a CEO tried to justify buying a corporate jet so they would have more tax deductions against their profits. Yea. That's Obama logic.
I am waiting for debate...hoping he cannot scam the debates.
There is another set of figures that interests me.
How many people are getting out of either high school or college each year who are ‘ready to work’ & thus become part of the group looking for work?
They cannot apply for UNEMPLOYMENT because they have never worked before.
How many people are retiring each day/year?
IOW- How many new members of the labor force are coming online compared to those who are retiring???
In a growing population, I think the ‘new’ persons is substantially higher a number.
Then there are the illegals who are invading each day to consider.
They are trying to work, but also do NOT qualify for unemployment, which is the number the Democrats cling to to make Obama look good.
The UNEMPLOYMENT number is a complete scam, IMO.
If Obama has a error, it’ll go back to the pattern of making a joke about it and have a good laugh with the media, and then the media is to make sure it doesn’t come up again.
Outstanding graphic. Thanks.
This is good stuff and accurate but nobody that needs to know reads this.
People who don’t read this are on the left, love obastard, will vote for him under any conditions and will not be swayed to change their vote for any reason.
Well stated and you’re watching how it works out in Greece right now——that is their exact model. And their bonds have mostly collapsed. The next plan is for them to sell more worthless bonds to the rest of the Euros. It ain’t gonna take long to see how well that works out. I’m gonna need a new popcorn machine to keep up with all the national financial disasters we’re watching right now.