Penny Pritzker, the Obama donor who serves as the Secretary of Commerce, attributed this month’s shockingly poor jobs report to the weather. If the numbers were good, she still would have attributed it to the weather. Construction was down only 1,000 jobs. There is no reason to believe the weather is the overriding concern.
Heavy regulations and taxes are hurting jobs and we are not seeing incomes return. There is no underlying structure to bring the economy back. The printing of money sets up temporary relief only – just as the Stimulus gave us temporary and part-time jobs.
Joe Biden promised us Recovery Summer and 5% job growth. It never happened.
We’ve been muddling along at 2% to 2.5% job growth, nothing to crow about but the Obama administration does anyway.
The January and February job numbers have been revised downward by 65,000 jobs. In March the economy only created 126,000 jobs- the forecasters were predicting 250,000.
We have a record 93,175,000 Americans currently out of the workforce and not looking for work. The labor participation rate is down .1%.
There are 2.6 million Americans out of work for at least 27 weeks.
There were 738,000 discouraged workers in March.
There has never been a high growth rate under the Obama policies. It’s muddled along at 2% to 2.5%. When there is a problem, it has no cushioning.
There are no structural reasons for the economy to improve.
This has been wageless recovery. We never got our jobs back. Jobs that came back currently pay 30% less.
Last August, a U.S. Conference of Mayors report stated that U.S. jobs pay an average 23% less today than they did before the 2008 recession. The report found there was a $93 billion in lost wages.
Jobs lost during the recession paid an average of $61,637. As of 2014, same sector jobs paid an average of $47,171 annually.
When compared with their report in 2001-2002, the wage gap was 12% but as of 2014, it was 23%, according to the Conference of Mayors in a statement.
The poor aren’t doing well either. The report found that 73% of metro area households earn salaries of less than $35,000 a year.
QE hasn’t created jobs and it hasn’t reached mainstream. We’ve reached Wall St. Obamanomics is a rich man’s economic windfall. Don’t get me wrong, I want the rich to do well but what we need is not economic justice, which doesn’t work, what we need is a reasonable economic leveling of the playing field with reasonable policies that let the free market work and do not burden the middle class and businesses-that-aren’t-rich-enough-to-evade-taxes with taxes and regulations.