Skip to comments.Top Ex-White House Economist Admits 94% Of All New Jobs Under Obama Were Part-Time
Posted on 12/23/2016 2:47:44 PM PST by blam
Just over six years ago, in December of 2010, we wrote "Charting America's Transformation To A Part-Time Worker Society", in which we predicted - and showed - that in light of the underlying changes resulting from the second great depression, whose full impacts remain masked by trillions in monetary stimulus and soon, perhaps fiscal, America is shifting from a traditional work force, one where the majority of new employment is retained on a full-time basis, to a "gig" economy, where workers are severely disenfranchised, and enjoy far less employment leverage, job stability and perks than their pre-crash peers. It also explains why despite the 4.5% unemployment rate, which the Fed has erroneously assumed is indicative of job market at "capacity", wage growth not only refuses to materialize, but as we showed yesterday, the growth in real disposable personal income was the lowest since 2014.
When we first penned our article, it was dubbed "fringe" tinfoil hattery, or in the latest vernacular, "fake news."
Fast forward 6 years, when a report by Harvard and Princeton economists Lawrence Katz and Alan Krueger, confirms exactly what we warned. In their study, the duo show that from 2005 to 2015, the proportion of Americans workers engaged in what they refer to as alternative work soared during the Obama era, from 10.7% in 2005 to 15.8% in 2015. Alternative, or "gig" work is defined as "temporary help agency workers, on-call workers, contract company workers, independent contractors or freelancers", and is generally unsteady, without a fixed paycheck and with virtually no benefits.
The two economists also found that each of the common types of alternative work increased from 2005 to 2015with the largest changes in the number of independent contractors and workers
(Excerpt) Read more at zerohedge.com ...
And yet, for eight full years they covered for this lying ass!
Well. Fracture the job market and then brag of how many pieces there are.
And should Trump reverse this trend, doubtless some die hard lefties are going to be screaming about the “fewer jobs.” We’ll chuckle in their face and say nice job of comparing grapes to watermelons!
A big cesspool in the swamp that is badly in need of draining!
Most at FR saw this as it was happening.
The author may have a point but he doesn't support it in this article. The Obama era didn't begin in 2005 and I'm pretty sure this trend towards contract labor was in place even before then.
And, the media pumped out the distortions and maintained the concealment too. For most people it seemed... if the media didn’t say it, it wasn’t so. They had been habituated to leaning on the media as their oracle.
Donald Trump’s campaign shook up these presumptions among the people. The media have been caught with pants down, so what are they doing? Crowing about the nudist colony we supposedly are.
EVERYTHING about Zero and his ilk is fake, fraudulent and despicable. Anyone who supports or follows this asshat is either an imbecile or a traitor ... or both
This is why the unemplioyment rate is so low. If you earn a dollar, you aren’t considered unemployed.
Or else, if you have fallen off the UI rolls.
NOW he admits this????
I want you to think about this for a moment.
We know the number of claimed jobs is 45 million below where it should be. That is solid, and I can prove it.
Imagine what the number of partial jobs are, and add them to that 45 million, for either no jobs or very sub-par jobs, 1 to 30 hours per week.
Then add in the number of full timers who are now making half or far less than they didn’t ten years ago.
The ramifications of this are absolutely staggering.
Of course they were part time...that way employers don’t have to pay for the costly ‘odumbecare’ the workers do...that was the plan all along...
I feel like we have lived the last 8 years as all fake news. Can I wake up now and realize that the last 8 years were just fake? Obama was just a fake news creation? Obamas world is just a fake news creation? Where did the last 8 years go? All fake news.
Anytime the POS’s lips were, or are, moving, he lied or is lying. He has NO credibility with anyone anywhere. He has made himself totally unbelievable, thus useless.
Even full-time jobs are a f*cking joke. Maybe 1 time out of 5 a manager will get back to you no matter how many people make how many promises. Even if you make a 2nd-round interview it’s excuses, excuses, excuses. With dozens, hundreds or even thousands of applicants for the position you could literally put candidates on a dartboard or pull one out of a hat. You do not need to agonize for weeks over who to hire for a bottom-rung position when you’ve already filtered out anyone who isn’t practically a boy scout.
I’m having an increasingly hard time defending capitalism to my peers when everything is straight out of a Dilbert cartoon.
Zero Hedge sometimes goes off the deep end.
This article really hoses the meaning of part time .
Because of Obamacare, 30 hours a week or 120 days a year is full time. So anything less than that is part-time.
This article is talking about temporary employment or contract employment where people may be working full time without benefits for a short period of time.
Not only part-time but seasonal and temporary. Every year you would see the same seasonal and temporary jobs touted as “jobs added” only to see them disappear later and then the next year the same thing all over again,
These are the employment numbers Yellen leverages as she prepares to try to dampen what Trump plans for the economy - her allusion to job saturation is a farce.
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