As reported in a Wall Street Journal article, 47.7% of the nation's adults are working full time today. However, using President Obama's logic, while the unemployment rate has fallen, the drop is due to the fact that 2.4M Americans have dropped out of the labor force. Think about it this way: If everyone quit looking for employement, the unemployment rate would be 0%! Wouldn't that be great?
The so-called economic "recovery" President Obama touts is 50% of what it was following the nation's past four recessions. The evidence:
- Since 2007, 1M positions in high-wage industries have been lost.
- Since mid-2007, the U.S. population has grown by 17.2M. However, there are 374k fewer jobs since the November 2007 peak.
- Since February 2010, low-paying jobs have comprised 44% of all job growth.
- Today: 3M+ U.S. residents are considered long-term unemployed; the labor force participation rate is 62.8%. That's a 36-year low and down from 2008's rate of 66%; and, an all time high 91M U.S. residents 16+ years of age are not working.
Those bragging rights are misleading. Not only to they give the false impression of a successful economic recovery, but they also give the false impression that those jobs that offer low pay, little if any benefits, and little job security are as good as full-time jobs. Yes, the President would have people believe that lots of folks are on the hunt for and happy with part-time jobs.
Whoever would believe that, except for the fact that the mainstream media doesn't report that part of the story?
What they're also not reporting, as The Motley Monk has posted on previous occasions, is that this increase in the number of part-time jobs is in large part attributable to Obamacare, which encourages employers to cut the number of hours of the work week.
How's that "hopium and changium" working out? If one was to believe the President and his compliant minions in the mainstream media, the answer would be "Four More Years!"
Let the discussion begin...
To read the Wall Street Journal article, click on the following link:
"The Full-Time Scandal of Part-Time America."