If you like your doctor, you can keep your doctor, there’s not a smidgeon of corruption in the IRS, and “it’s true” by “almost every economic measure, America is better off than when I [Obama] came here…”.
US growth is stagnant, dangerously so. This past month, only 38,000 jobs were added which might turn out to be fewer when all is tallied.
The Feds will have to reconsider raising interest rates.
Keep in mind that these interest rates are killing savings, particularly for the elderly. The money that retirees would have for extras is gone.
“Boy, this is ugly,” said Diane Swonk, an independent economist in Chicago. “The losses were deeper and more broad-based than we expected, and with the downward revision to previous months, it puts the Fed back on pause.”
Wages held but they were already reduced and they held because workforce participation is down by .2%.
Under Barack Obama, job growth has averaged 1.55% and has not once reached 3%. He is the first president to attain that dubious achievement. He is also the first president to oversee our rating downgrade and the first to add ten trillion in debt as he overwhelms the system with welfare programs, calls for expanded Social Security though the program is near bankruptcy, and pushes job creation into the sewer with high taxation and more than 20,000 new regulations.
Obamacare is another serious drain on business and on individuals but the Socialists want more of it in the form of Single Payer.
The unemployment rate is down to 4.7% but that’s in part due to the fact that there are plenty of minimum wage jobs in an Obama economy and even fewer Americans have left the labor force. Americans participating fell .2 percentage points to 62.6% and back to December 2015 levels – they aren’t counted in unemployment numbers. It’s also due to the hike in the minimum wage which kills job creation.
The US economy, for all intents and purposes, is stalled and the new jobs being created are mostly low-level positions. This is the new normal.
The broad measure of unemployment, and a more realistic one, that includes Americans stuck in part-time jobs or too discouraged to look for work held steady at 9.7%, unchanged from April.
David Stockman said that “during the equivalent 77 months in the Reagan era the US economy actually generated 150 times more jobs!”
“Since January 2000—when Bill Clinton was enjoying his last days in the Oval Office—the US economy has created only 7.5 million net nonfarm payroll jobs,” Stockman wrote. “That amounts to less than 45,000 per month or not even 30 percent of the monthly growth in the pool of the working age population.”
“That comparison alone points to a up-coming crisis, but not one of the type imagined by the stock market cheerleaders on bubblevision. The crisis that we are drifting into owing to the failure of meaningful economic growth and job creation during this century is one of fiscal dependency…”
This is our new normal under Obamanism, which Mr. Obama bragged about just days ago.