President Obama likes to say that he inherited a terrible economy but has gotten it headed in the right direction. But the employment figures released today by the federal government’s own Bureau of Labor Statistics tell a decidedly different story. During
On C-SPAN's Washington Journal recently, a Democratic member of Congress, Rosa DeLauro, said that the increase of food stamps usage has to do with the "rough economy" and the fact that real unemployment is higher than 8.2 percent. The 8.2 percent number is the one offered by the federal Bureau of Labor Statistics, but accounts for only those looking actively looking for work.
A new chart set to be released by the Republican side of the Senate Budget Committee details an alarming fact: In the last three months, more Americans have joined disability than have found a job:
As the chart shows, between April-June 2012, an estimated 246,000 Americans were added to Social Security's disability insurance program. In that same time period, only 225,000 American jobs were created.
For 280 consecutive months before President Obama took office — a span of more than 23 years — the portion of Americans who were employed always exceeded 60.0 percent (according to official tallies from the Bureau of Labor Statistics). In marked contrast, last Friday’s jobs numbers show that, under Obama, the portion of Americans who are employed has remained below 60.0 percent for 40 consecutive months.
The Republican National Committee has released this web ad, which hits President Obama--because, under his leadership, "Hispanics are left suffering disproportionately under his economic policies," according to an RNC press release.
President Obama, speaking this afternoon in Cleveland, seemed to celebrate the unemployment rate of 8.1 percent, and said it "typically take[s] countries up to ten years to recover from financial crises of this magnitude."
At this point in 1956, President Dwight D. Eisenhower was running for reelection, the Yankees’ 24-year-old Mickey Mantle was on his way to winning the Triple Crown, 37-year-old Jackie Robinson was playing in his final season in the big leagues (eventually helping Brooklyn edge the Milwaukee Braves by 1 game for the pennant), 21-year-old Elvis Presley had just performed “Hound Dog” on The Milton Berle Show, and 57.6 percent of Americans were employed.
Everybody is worried about the nation’s dismal employment situation, and that worry has prompted news organizations, pundits, market watchers, and others to focus intently upon any and all economic metrics that gauge the problem. On the first Friday of every month, the non-farm payroll report from the Bureau of Labor Statistics is hotly anticipated, and can move the markets for days afterwards.