Forward: June, July Jobs Revised Down, Participation Level Plummets to 30-Year Low

 

Video: Dismal August Jobs Report: Only 96K Jobs Added

Romney’s Response: 

Romney said the report is a continuation of the “bad news,” and it shows “we are going in the wrong direction.”

Video: Romney:  Today’s Report Is More Bleak News

Forward: June, July Jobs Revised Down, Participation Level Plummets to 30-Year Low

Breitbart.com (by John Nolte):

GOP nominee Mitt Romney probably put it best in a statement released just after this morning’s jobs numbers were released: "If last night was the party, this morning is the hangover."

At 8:30 am ET this morning, we might have received the news that explained President Obama’s startlingly bad performance last night. If there was a single moment Democrats thought they could count on to hit a convention grand slam, it was their clean-up hitter, Barack Obama, who would undoubtedly close the convention on a triumphant note. Instead, what we got was a wan, uninspiring speech from a president who seemed tired and even defeated.

When Obama gave that speech, he already knew the numbers that were just released a few minutes ago. So it’s not hard to imagine that his performance was affected, knowing that in just a few hours a bomb was about drop on his parade.

And what a bomb it is. Expectations for the new jobs numbers ranged from 150,000 to 210,000. Instead, only 96,000 new private sector jobs were created — a brutal number, even worse than last month’s.

The President was given a bit of window dressing in the form of the unemployment rate, which dipped from 8.3% to 8.1%. But even the Obama-worshipping media isn’t attempting to spin this into good news. The reason the number dropped was only due to a staggering number of people, 368,000, giving up the search for work and leaving the workforce.

Romney again: "For every net new job created, nearly four Americans gave up looking for work entirely."

Hope indeed.

Overall, the labor participation rate also hit a new low, falling to 63.5%, the lowest number since the third quarter of 1981.

Areas of special importance to Obama also went backwards: 15,000 manufacturing jobs were lost last month and automakers cut 7,500 jobs.

In worse news, the meager job gains in June and July were revised down as was the average number of jobs the economy is creating when compared to last year:

The government also said Friday that 41,000 fewer jobs were created in July and June than first estimated. The economy has added just 139,000 jobs a month since the start of the year, below 2011′s average of 153,000.

The American Enterprise Institute’s James Pethokoukis is deep-diving the numbers and Tweeting out analysis as he goes. According to Pethokoukis, if the labor participation rate was the same as when Obama took office, the unemployment rate would be 11.2% today. If the participation rate hadn’t dropped just last month, the unemployment rate would’ve increased to 8.4% this month instead of dropping to 8.1%.

This is devastating news for a failed President who proved in his speech last night that he is exhausted and out of ideas. Other than "more of the same," Obama had nothing to offer, and this morning was a startling reminder that "more of the same" is a recipe for four more years of failure.

For the American people, however, these numbers are heartbreaking. The thought of so many people giving up hope and leaving the workforce altogether is a tale of despondency. And there is no greater indictment of this president’s failure than the knowledge that so many are despondent today that we have devolved all the way back to 1981 participation levels.

"Forward" is nothing more than a word on a teleprompter.

Out here in the real world, things are bad and only getting worse.

America’s Voice Corps 

By loriann12:

It’s Time to Choose, America

It’s time to choose, America. Which road do you want America to travel down? We have the road we’re currently on, which leads to socialism. You say, What’s wrong with socialism? It works for other countries, right? Wrong. Most countries are like where America is right now, partially socialistic. They have social programs in place, but they don’t force the issue. Ever wonder why Canadians come to America for health care? It’s because it takes so long to get what you need done in Canada. Pretty soon, even Canadians won’t be able to get health care in America.

I wanted to compare a few statistics that are specific, because everyone keeps saying they’re better off than 4 years ago. I guess you’d have to be blind to think that way, or else you’re ready to totally depend on government for your every need. First, let’s look at unemployment:

Year   
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Annual

2002
5.7
5.7
5.7
5.9
5.8
5.8
5.8
5.7
5.7
5.7
5.9
6.0

2003
5.8
5.9
5.9
6.0
6.1
6.3
6.2
6.1
6.1
6.0
5.8
5.7

2004
5.7
5.6
5.8
5.6
5.6
5.6
5.5
5.4
5.4
5.5
5.4
5.4

2005
5.3
5.4
5.2
5.2
5.1
5.0
5.0
4.9
5.0
5.0
5.0
4.9

2006
4.7
4.8
4.7
4.7
4.6
4.6
4.7
4.7
4.5
4.4
4.5
4.4

2007
4.6
4.5
4.4
4.5
4.4
4.6
4.7
4.6
4.7
4.7
4.7
5.0

2008
5.0
4.9
5.1
5.0
5.4
5.6
5.8
6.1
6.1
6.5
6.8
7.3

2009
7.8
8.3
8.7
8.9
9.4
9.5
9.5
9.6
9.8
10.0
9.9
9.9

2010
9.7
9.8
9.8
9.9
9.6
9.4
9.5
9.6
9.5
9.5
9.8
9.4

2011
9.1
9.0
8.9
9.0
9.0
9.1
9.1
9.1
9.0
8.9
8.7
8.5

2012
8.3
8.3
8.2
8.1
8.2
8.2
8.3

This is directly from the Bureau of Labor Statistics. The Democrats love to say that unemployment was already up by the time that Obama took office, that he inherited a bad situation. Correct me if I’m wrong, but didn’t he take office in January, 2009? It went up between December, 2008 and January, 2009. When then Senator Barack Obama announced is candidacy, in February of 2007, unemployment was 4.5%. It bounced around the 4% mark for several months as we "got to know the Presidential candidate." I remember it was about the middle of 2008 when I personally realized he was a Marxist/Communist/Socialist. That’s apparently when businesses realized it too. They saw the writing on the wall and started down sizing. Perhaps they knew the masses would fall for his rhetoric. The numbers started climbing. Remember the push to pass TARP, as WE HAVE TO DO IT RIGHT NOW! President Obama said that unemployment might get as high as (gasp) 8% if we didn’t do something. As you can see from the chart, it reached 10% even with TARP.
First let’s look at how they determine unemployment numbers. You do realize that as of July, 2012 there were more than 8.3% of the population actually out of work, don’t you? They don’t count those who have had their unemployment insurance run out. They don’t count those who have been looking for work and have stopped. According to this article, the real unemployment number for March, 2012 would have been 22.3%. They used a different way of measuring unemployment up until 1994. Guess who was President in 1994 when they changed how they calculate unemployment? Bill Clinton. Hmmm.
Let’s take a look at another thing that hits closer to home for most of us: gasoline prices. I found this chart on line as well.

It looks pretty rocky right around the time that Obama announced his candidacy. I have to admit, it looks pretty rocky right about the time Bush took office for the second time. That really low spike (around $1.60 a gallon) is when Bush released the reserves. and it never came back down again.
Now let’s look at something even closer to home: Median Household Incomes:

Year
No. of Households
Nominal $
Inflation Adjusted $

2010
118,682,000
$47,022
$49,445

2009
117,538,000
$47,361
$50,599

2008
117,181,000
$47,832
$50,939

2007
116,783,000
$47,752
$52,823

2006
116,011,000
$45,817
$52,124

2005
114,384,000
$44,082
$51,739

2004
113,343,000
$42,167
$51,174

2003
112,000,000
$41,185
$51,353

2002
111,278,000
$40,347
$51,398

2001
109,297,000
$40,148
$52,005

2000
108,209,000
$39,926
$53,164

This chart I only used the data from 2000 until 2010 (the highest it goes). What disturbs me the most about this chart is the last column. It has to be adjusted for inflation. It’s like the gasoline prices, if you don’t adjust it for the fact that the government tried to fix the problem by making your dollar actually worth about 60 cents, it isn’t factual. So, on average, we’ve lost about $3700 in income. Another thing to take away from this chart is that it bounced around the same area between 2000 and 2007. Once again, that was when then Senator Obama announced his bid for the presidency.  Businesses went, "Oh Crap! He’s gonna win, we better scale back." I would say the Democratic party is more interested in the first column…how many households there are. With their policy of pro-abortion and gay agenda, we should see that number fall.

And finally, something that usually makes people’s eye gloss over: National Debt. This web page also includes the current running debt clock.

When Obama took office, the national debt was at about 11 Trillion. Yes, that’s Trillion. As an update, the debt clock went over 16 trillion during the Democrat National convention. As best as I can tell, in 2007 the debt was about 8.5 Trillion. In 2006, the Democrats took control of the House and the Senate. That means the Democrats have doubled the national debt since they’ve been in office.

The problem is not growth, it’s spending. The Democrats have not had a budget for 3 and a half years, and they voted down President Obama’s budget 99-0. I ask you this: If you ran your household with no budget and unlimited ability to borrow, how would it look on your credit?

It is time for a change!!

Video:  $16,000,000,000,000.00

About Ask Marion

I am a babyboomer and empty nester who savors every moment of my past and believes that it is the responsibility of each of us in my generation and Americans in general to make sure that America is as good or even a better place for future generations as it was for us. So far... we haven't done very well!! Favorite Quotes: "The first 50 years are to build and acquire; the second 50 are to leave your legacy"; "Do something that scares you every day!"; "The journey in between what you once were and who you are becoming is where the dance of life really takes place".
This entry was posted in Economy and Money, Knowledge Is Power, News and politics, Politics, Wake Up, Watch the Other Hand and tagged , , , , , , , , , . Bookmark the permalink.

2 Responses to Forward: June, July Jobs Revised Down, Participation Level Plummets to 30-Year Low

  1. Pingback: Bill, Ted, Antonio, Joe, Debbie and Friends Take Us All to an Alternative Universe…. | askmarion

  2. Pingback: Obama’s Hidden Bread Lines | askmarion

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