Democrats: Bringing You One Good Year of Economic Growth Over a Five Year PeriodJohn Ransom/ Townhall Finance Editor
Even the establishment media is taking notice.
“Widely followed pollster Gallup puts the nation's unemployment rate at an ugly 8.6 percent in August,” reportsCNBC, “a startling jump from the 7.8 percent the organization recorded for July. When counting the underemployed, the rate zooms to 17.7 percent, off its 2013 high of 18.2 percent.”
If you count in those who have dropped out of the work force, you get closer to 24 percent unemployment.
Gee, and all this time I thought that the job situation was getting better.
That’s what we were told.
“This time we mean it,” “The recovery is finally here,” “We tried capitalism, and it didn’t work,” “We tried our plan, and it worked,” “Obama killed Osama…with his bare hands,” and “Does my head look big with this teleprompter?”
In the U.S. the number of employed has only grown by 922,000 people since July of last year. And as many have noticed, over 70 percent of those jobs are part time.
The growth of the labor force itself has slowed so much that it has caused the BLS to revise previous projection of the growth of the labor force through 2012-2025 from 0.9 percent annually to 0.8 percent annually, according to HousingWire.
And don’t get me started in GDP. GDP actually reflects the poor state of the economy. Despite what liberals want you to believe, companies want to hire workers. But they hire workers only when they think they’ll make more money from it.
A consequence of the poor jobs environment is that GDP has suffered.
Since 2008, growth in GDP has posted about a 0.6 percent average annual rate or 3 percent over five years.
That compares with the historical average long-term rate of 3.28 percent.
In a way the GDP numbers epitomizes Obama’s economic philosophy: He’s managed to squeeze a whole year’s worth of economic activity into five years and counting.
There are over million Californians who today remain unemployed, many of whom are still jobless after using up 99 weeks of unemployment benefits made available by the state and federal government according to an article by the San Diego Union Tribune.
“In total, there are 1,044,000 Californians who have used up all of the weekly checks,” writes UTSanDiego.com, “the state Employment Development Department announced this week. At one point a person could receive up to 99 weeks of unemployment insurance through a series of federal extensions.”
There are another million Californians who are receiving benefits because they can’t find jobs.
And that’s why the Republican National Committee calls Obama a “lame duck.” Obama and his Democrats friends have been ducking the really tough issues like jobs.
They’re ducking those problems because they have no answers.
This is the Democrats’ economy. It’s everything they asked for.
They got nationalized healthcare, they got the auto bailout, they got the pork barrel spending we call stimulus. They also got the opportunity to put a million electric vehicles on the road.
They invested in solar, in unions, in government. And still, they’ve produced the worst recovery ever.
It’s because they got nationalized healthcare, and they got the auto bailout, and they got the pork barrel spending we call stimulus; plus they got the opportunity to put a million electric vehicles on the road; AND because they invested in solar, in unions and in government that we have the worst recovery ever.
From 1932 to 1937, during the “Great Depression” the GDP of the United States grew 25 percent or at an annual average rate or 5 percent per annum. Yet the average government spending was about 15 percent of GDP during that period. Today, government spending is nearly 40 percent of GDP and we are getting about 1/10th of the return that our grandfathers enjoyed.
There’s a connection between unemployment and GDP.
It’s starts with bad investment decisions.
Imagine that: Politicians making bad investment decisions.
The best decision that we can make as a counter is getting politicians to make no investment decisions at all.