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43 Months of Depressing Misery

The worst economic stewardship since FDR extended the Great Depression.

by
Tom Blumer

Bio

September 9, 2012 - 11:07 pm
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The administration’s sole support for its contention that there has been meaningful job market improvement on its watch rests on one carefully chosen statistic: “The economy has now added private sector jobs for 30 straight months, for a total of 4.6 million jobs during that period.”

That claim is incorrect. It is true that the Establishment Survey at the Bureau of Labor Statistics shows that private-sector employers had 4.63 million more workers in August than they did in February 2010 after seasonal adjustments. However, the BLS’s separate Household Survey tells us that the ranks of the unincorporated self-employed, all of whom are certainly private-sector participants, shrank during that time by 440,000 to a seasonally adjusted 9.46 million, knocking down the administration’s cherry-picked number by 9.5%. (The BLS doesn’t seasonally adjust its figures for the far smaller cadre of those who are self-employed but incorporated; their respective raw values in February 2010 and August 2012 were virtually identical.)

Qualitatively, the job market decay is all around us. The following stats only scratch the surface of the ugliness (all figures are seasonally adjusted):

  • Full-time employment only increased by 43,000 in August. It’s down (yes, down) by 902,000 since March, and by over 1.4 million since Obama took office.
  • 562,000 fewer married men and 700,000 fewer married women were employed in August than were when the recession officially ended in June 2009.
  • 22% of the 3.47 million private-sector jobs created since the recession’s end have been at temporary help services.
  • What about what the new jobs created actually pay? The National Employment Law Project recently reported that “Lower-wage occupations were 21 percent of recession (job) losses, but 58 percent of recovery growth. Mid-wage occupations were 60 percent of recession losses, but only 22 percent of recovery growth.” The leftists at the NELP wouldn’t state the obvious, so I will: Their research proves that the Obama administration’s economic policies are gutting the middle class.

President Obama’s failed stimulus program, brutally expensive and common law-shredding auto company bailouts, bankrupt “green energy” initiatives, and other exercises in “fundamentally transforming” the economy have extended a deep recession which predominantly traces its origins to decades of dangerous Democrat-driven housing policies, pervasive fraud against Wall Street and investors at Democrat crony-controlled Fannie Mae and Freddie Mac, and 2008 campaign promises by Obama and fellow Democrats which the nation’s entrepreneurs, businesspeople, and investors correctly saw as threats. The president’s and fellow party members’ bully-pulpit hostility directed at the productive (“You didn’t build that“), the regulatory regime’s unprecedented overreach, and the prospect of ObamaCare’s disruptive implementation have created an atmosphere of chilling uncertainty virtually guaranteeing that the nation’s economic malaise will continue as long as they control the levers of power.

That cannot be allowed to happen.

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Along with having a decades-long career in accounting, finance, training and development, Tom Blumer has written for several national online publications primarily on business, economics, politics and media bias. He has had his own blog, BizzyBlog.com, since 2005, and has been a PJM contributor since 2008.
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