At what point will the weight of the scandals and bad decisions sink the Obama ship?
A time machine. See with a time machine we could all go back to 1979. Why 1979? Well Chris Wysocki figures that today’s “bright” economic news, unemployment hit 7.5%, would really be good news, if this was 1979.
Good news America! The unemployment rate has dropped again! It’s now at 7.5%, and employers are adding more jobs than ever!
U.S. employers added 165,000 jobs in April, and hiring was much stronger in the previous two months than the government first estimated. The job increases helped reduce the unemployment rate from 7.6 percent to a four-year low of 7.5 percent.
The government revised up its estimate of job gains in February and March by a combined 114,000. It now says employers added 332,000 jobs in February and 138,000 in March. The economy has created an average of 208,000 jobs a month from November through April — above the 138,000 added in the previous six months.
Alas every silver lining has a cloud. Or 2.
First, the workforce participation rate remains stubbornly stuck at 63.3%, the lowest it’s been since 1979. Because once you’ve given up, you’ve given up. And your president has likewise given up on you.
Second, and perhaps more ominously, ObamaCare is pushing more and more people into part-time work.
Many part-timers are facing a double whammy from President Obama’s Affordable Care Act. The law requires large employers offering health insurance to include part-time employees working 30 hours a week or more. But rather than provide healthcare to more workers, a growing number of employers are cutting back employee hours instead.
See! Even good news is bad news in Obamaland. So, would we REALLY be better to go back to 1979? Well, in 1979, Carter was president, and things were not great at all. But there was no Obamacare looming over us, and do you recall what happened the very next year? Yep, Reagan was elected! Also, there was no MSNBS, no reality TV, of course there was no internet, and no blogs, so, what would I be doing with my time?
Steve at Motor City Times gives us job, tax, and spending numbers from Singapore, HMMMMMM
Singapore’s economy expanded more than economists estimated last quarter, averting a recession even after the central bank refrained from monetary stimulus as it sought to contain elevated inflation.
Proof that an economy can grow without government spending. Of course this will come as a surprise to any off the shelf lib. All the keep saying is that an economy can’t grow without government spending.
Also, in case you are wondering, Singapore also has one of the lowest tax rates in the world as well.
Employment increased last year even amid a smaller annual expansion, with the jobless rate at a six-quarter low of 1.9 percent in the three months ended September.
The country’s tax rates are among the world’s lowest, luring investment from companies such as Rolls-Royce Holdings Plc, Europe’s largest maker of commercial aircraft and ship engines, which opened a S$700 million ($572 million) manufacturing and assembly plant in February.
Well, what do you know, less government, less spending, less taxation equals more jobs and more economic growth!
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Unemployment, as measured by Gallup without seasonal adjustment, hit 10.3% in February – up from 9.8% at the end of January. The U.S. unemployment rate is now essentially the same as the 10.4% at the end of February 2010.
The percentage of part-time workers who want full-time work worsened considerably in February, increasing to 9.6% of the workforce from 9.1% at the end of January. A larger percentage of the U.S. workforce is working part time and wanting full-time work now than was the case a year ago (9.3%).
Underemployment Surges in February
Underemployment, a measure that combines part-time workers wanting full-time work with those who are unemployed, surged in February to 19.9%. This resulted from the combination of a sharp 0.5-point increase since the end of January in the percentage unemployed and a 0.5-point increase in the percentage working part time but wanting full-time work. Underemployment is now higher than it was at this point a year ago (19.7%).
Jobs Situation Deteriorates in February
There is essentially no difference between the unemployment rate now and the one at this time a year ago; January’s rate, in contrast, showed a 1.1-percentage-point year-over-year improvement. This suggests that the real U.S. jobs situation worsened in February. That is, jobs are relatively less available now than in January.
In the broader underemployment picture, the situation is much the same. January’s year-over-year improvement of 1.0 points became -0.2 points in February. In turn, this suggests job market conditions in terms of underemployment also worsened during February.
This deterioration in the jobs situation combined with surging gas prices, budget battles at the federal and state level, and declines on Wall Street tend to explain the recent plunge Gallup recorded in consumer confidence. They also align with the continued “new normal” spending patterns of early 2011. Although Gallup’s Job Creation Index has improved over the past year and showed modest improvement in February, the improvement has not been significant enough to positively affect underemployment and unemployment.
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