Ever since May of his first term, President Obama has been saying that he ‘will not rest‘ until every person that wants a job gets a job. Or health insurance, or this, or that. His SOTU speeches are the same every year. He says we need more “investments” (that means spending) in roads, bridges, infrastructure, education. And after $7 Trillion in new debt for it, you’ll hear it again in his weekly address below. Nothing gets fixed, and the only growth is in the size of government.
Here’s a dose of reality from the BLS.
- From May of 2013 to May 2014, 2.1 million people have dropped out of the work force. 1.4 million of them were men and 800,000 of them were women.
- Multiple job holders are up over last year. People who got a second or third job to get by. These are jobs that Obama counts as a new job created.
In his address, the president said . . .
Today, over the past 51 months, our businesses have created 9.4 million new jobs. By measure after measure, our economy is doing better than it was five years ago.
Actually, Mr. President. GDP contracted by 2.9% in the first quarter of 2014. The shrinking economy is the worst performance for five years. And as usual, the regime is blaming the weather. Never their policies.
- According to the BLS, the number of unemployed persons was unchanged in May at 9.8 million.
- Long-term unemployed (over 27 weeks w/o a job) is 3.4 million.
- Real unemployment rate, the U-6, is 12.2%. Not the 6.3% adjusted figure that the regime touts and the media reports.
- Labor force participation rate is 62.8%. The lowest since Jimmy Carter.
- The labor force participation rate for Latinos and Hispanics is 65.6%, which indicates that an open border will not benefit our economy but rather exacerbate the unemployment situation.
- The Consumer Price Index went up 2.1% over last year. The largest increases coming from Food and Energy. It’s what I call The Poor Tax.
This president hasn’t a clue how to grow the economy, and the numbers bear that out. Not only do the numbers bear that out, but his understanding of how an economy grows puts real-world economics and free-market capitalism on its head. He says . . .
[W]e know from our history that our economy doesn’t grow from the top-down, it grows from the middle-out.
No, we don’t know that. No economist will support that premise. And that’s not our history. But his rhetoric is swallowed hook, line, and sinker by the media and his low information constituents. He says he’s for working people, women, minorities. He says he wants to give everyone a raise. As though it is government that generates wealth. Government only generates power. And the more it has, the less you have. In every piece of bait the president hands out, whether he actually does or not, there’s a hook.
The truth is, Obama’s economic policies are hurting the people who elected him more than any other demographic.
President Obama was re-elected with 51% of the vote. Five demographic groups were crucial to his victory: young voters, single women, those with only a high-school diploma or less, blacks and Hispanics. He cleaned up with 60% of the youth vote, 67% of single women, 93% of blacks, 71% of Hispanics, and 64% of those without a high-school diploma, according to exit polls.
Family income decrease from President Obama’s 5 most dedicated demographics since his “recovery” began.
- -7% single women households, with or without children
- -9.6% under age 25
- -10.9% Black heads of households
- -4.5% Hispanic heads-of-households
- -8% incomes of workers with a high-school diploma or less fell by about 8% (-6.9% for those with less than a high-school diploma and -9.3% for those with only a high-school diploma).
To put that into dollar terms, in the four years between the time the Obama recovery began in June 2009 and June of this year, median black household income fell by just over $4,000, Hispanic households lost $2,000 and female-headed households lost $2,300.
The middle class is getting poorer. While the minimum wage remained steady, the median family income has fallen every year since Obama’s “recovery” began.
With all this in mind, listen how the community organizer blames everyone but himself for his failures, and lies about his successes.