Politics & Policies

US – A Very Bad Recovery – Worse Ever ?

The stats are daunting. The unemployment rate has been above 8 percent for 41 consecutive months, yet as cited above, that number only reflects those people participating in the labor force. The labor force participation rate was 63.8 percent last month, one of the lowest percentages on record. If not for that convenient anomaly, unemployment would be 11 percent. Chronic unemployment, which reflects the length of time people remain out of work, rose to 39.9 weeks in June. That number is sixteen weeks higher than the number in June 2009, when the recession “officially” ended. And despite the president’s assertion that “businesses have created 4.4 million new jobs over the past 28 months, including 500,000 new manufacturing jobs,” the nation has endured a net decline of roughly half a million jobs during the president’s tenure in office.

Yet jobs tell only part of the story. 2011 was the worst sales year ever recorded for housing, and home values remain nearly 35 percent lower than they were five years ago. The decline in Americans’ standard of living is the steepest since government began keeping records 50 ago, and family income has declined more post-recession than it did in the actual recession itself. In addition, record numbers of Americans are living on food stamps and a record number are living in poverty. Thus it is no surprise that overall government dependency, defined as the percentage of persons receiving one or more federal benefit payments, is the highest in American history.

Economist Michael Boskin reveals a list of other dubious, post-WW II records set by this administration. They include federal spending as a percentage of GDP at 25 percent, federal debt as a percentage of GDP at 67 percent, and a budget deficit as a percentage of GDP at 10 percent. President Obama has also amassed more debt ($5 trillion since January 2009) faster than any president in the history of the nation, including the submission of four budgets with trillion dollar plus deficits. This marks the first time any president has submitted even a single budget above the trillion dollar mark. Add a first quarter economic growth rate revised downward to from 2.2 to 1.9 percent, a manufacturing decline for the first time in three years, and unemployment rates of 14.4 percent for black Americans, 11 percent for Hispanics and 23.7 percent for 16- to 19-year-olds, and it’s no surprise that Obama presided over another dubious milestone: for the first time ever, America’s credit rating was downgraded…

via The Worst Recovery Ever | FrontPage Magazine.

Discussion

9 thoughts on “US – A Very Bad Recovery – Worse Ever ?

  1. good.

    Posted by Daniele | July 10, 2012, 6:54 am
  2. just stumbled upon your blog and wanted to say that i have really enjoyed reading your blog posts. any way i’ll be subscribing to your feed and i hope you post again soon

    Posted by Aracema | July 10, 2012, 8:16 am
  3. your website is great. when is the next post coming on this topic? i’m happy i found this blog.

    Posted by Arlete | July 11, 2012, 4:20 am
  4. great article.

    Posted by Demilde | July 12, 2012, 12:21 pm

Trackbacks/Pingbacks

  1. Pingback: US Next President – Americans see Jobs as Top Priority « Job Market Monitor - July 30, 2012

  2. Pingback: Office of Management and Budget says high unemployment rates will last « Job Market Monitor - July 30, 2012

  3. Pingback: Book – Sabotage: How the Republican Party Crippled America’s Economic Recovery « Job Market Monitor - August 6, 2012

  4. Pingback: France – A Second Recession In Three Years « Job Market Monitor - August 10, 2012

  5. Pingback: US – Outlook – Budget impasse blocking growth « Job Market Monitor - August 13, 2012

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

Jobs – Offres d’emploi – US & Canada (Eng. & Fr.)

The Most Popular Job Search Tools

Even More Objectives Statements to customize

Cover Letters – Tools, Tips and Free Cover Letter Templates for Microsoft Office

Follow Job Market Monitor on WordPress.com

Enter your email address to follow this blog and receive notifications of new posts by email.

Follow Job Market Monitor via Twitter

Categories

Archives

%d bloggers like this: