On Wednesday night, former president Bill Clinton assured us that nobody could have managed the Great Recession better than Barack Obama. He compared Obama’s tenure to the period between 1993 and 1996, when the economy was recovering but people were not yet feeling it. He assured us that, soon enough, we will feel this recovery.
In response to a statement about the high unemployment rate for those with college degrees, Robert Gibbs, a surrogate for President Obama's reelection campaign, admitted that things are particularly bad for those without college degrees:
“But boy that unemployment rate when you get out of college is tough," MSNBC host Chuck Todd said. "It's higher than the national average."
It was reported this morning that weekly jobless claims are up for the second straight week, and this week's unexpected increase exceeded analysts' expectations. The numbers (372,000 jobless claims last week) don't suggest that the next unemployment report will be awful, but it's a safe bet that there won't be good news for the unemployed either. Weekly jobless claims usually have to be at or below 325,000 to be consistent with job creation.
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.