Hope Fades In May

Obamanomics Hits The Wall In May As Job Creation Grinds To A Standstill, Leaving Millions Of Americans Struggling

“American Employers In May Added The Smallest Number Of Workers In A Year.”(Timothy R. Homan, “Employment In U.S. Increased 69,000 In May,” Bloomberg, 6/1/12)

FOR THE 40TH STRAIGHT MONTH UNEMPLOYMENT REMAINS ABOVE EIGHT PERCENT AS THE ECONOMY ADDS A DISAPPOINTING 69,000 JOBS

“Payrolls Climbed By 69,000 Last Month, Less Than The Most-Pessimistic Forecast In A Bloomberg News Survey.” “Payrolls climbed by 69,000 last month, less than the most- pessimistic forecast in a Bloomberg News survey, after a revised 77,000 gain in April that was smaller than initially estimated, Labor Department figures showed today in Washington. The median estimate called for a 150,000 May advance. The jobless rate rose to 8.2 percent from 8.1 percent, while hours worked declined.” (Timothy R. Homan, “Employment In U.S. Increased 69,000 In May,” Bloomberg, 6/1/12)

Since President Obama Took Office, The Nation Has Lost 552,000 Jobs And The Unemployment Rate Has Increased From 7.8 Percent To 8.2 Percent. (Bureau Of Labor Statistics, Accessed 6/1/12)

The Unemployment Rate Has Remained Above Eight Percent For A Record 40 Straight Months. (Bureau Of Labor Statistics, Accessed 6/1/12)

  • The Average Duration Of Unemployment Has More Than Doubled From 19.8 Weeks To 39.7 Weeks. (Bureau Of Labor Statistics, Accessed 6/1/12)

The Real Unemployment Rate, Including Those That Are Working Part-Time Due To Economic Reasons, Increased To 14.8 Percent. (Bureau Of Labor Statistics, Accessed 6/1/12)

23.2 Million Americans Are Unemployed, Underemployed Or Have Given Up Looking For Work. (Bureau Of Labor Statistics, Accessed 6/1/12)

  • The Number Of Unemployed Workers Increased By 220,000 To 12.7 Million.(Bureau Of Labor Statistics, Accessed 6/1/12)
  • The Number Of Workers Working Part-Time For Economic Reasons Increased By 245,000 To 8.1 Million. (Bureau Of Labor Statistics, Accessed 6/1/12)
  • There Are Currently 830,000 Unemployed Workers That Have Given Up Looking For Work. (Bureau Of Labor Statistics, Accessed 6/1/12)

OBAMA’S DISMAL RECORD ON THE ECONOMY IS WREAKING HAVOC ON AMERICANS

The Washington Post’s Fact Checker: “Obama Comes In Either Last, Second-To-Last Or In The Bottom Half Among Presidents Since The Great Depression.” “But Obama comes in either last, second-to-last or in the bottom half among presidents since the great depression, depending on which way you look at the numbers.” (Josh Hicks, “Obama’s Remarks On Worst Job Growth: Did He End It Or Should He Own It?” The Washington Post’s“Fact Checker,” 5/21/12)

  • The Washington Post’s Fact Checker: “The Worst Numbers On Record Occurred Under His Watch.” “The president said that policies from 2000 through 2008 produced the ‘most sluggish job growth we’ve ever seen.’ Perhaps so, but the worst numbers on record occurred under his watch.” (Josh Hicks, “Obama’s Remarks On Worst Job Growth: Did He End It Or Should He Own It?” The Washington Post’s “Fact Checker,” 5/21/12)

“The Proportion Of Americans In Their Prime Working Years Who Have Jobs Is Smaller Than It Has Been At Any Time In The 23 Years Before The Recession.” “The proportion of Americans in their prime working years who have jobs is smaller than it has been at any time in the 23 years before the recession, according to federal statistics, reflecting the profound and lasting effects that the downturn has had on the nation’s economic prospects. By this measure, the jobs situation has improved little in recent years.” (Peter Whoriskey, “Job Recovery Is Scant For Americans In Prime Working Years,” The Washington Post , 5/29/12)

  • “This Measure Of Prime-Age Workers Captures More Of The Ongoing Turbulence In The Job Market.” “While the unemployment rate may be the most closely watched gauge of the economy in the presidential campaign, this measure of prime-age workers captures more of the ongoing turbulence in the job market. It reflects ‘missing workers’ who have stopped looking for work and aren’t included in the unemployment rate.” (Peter Whoriskey, “Job Recovery Is Scant For Americans In Prime Working Years,” The Washington Post , 5/29/12)

“The Percentage Of Prime-Age Men Who Are Working Is Smaller Now Than It Has Been In Any Time Before The Recession, Going All The Way Back To 1948, According To Federal Statistics.” “The falloff has been sharpest for men, for whom the proportion had been on a slow decline before the recession. The percentage of prime-age men who are working is smaller now than it has been in any time before the recession, going all the way back to 1948, according to federal statistics.” (Peter Whoriskey, “Job Recovery Is Scant For Americans In Prime Working Years,” The Washington Post , 5/29/12)

  • “The Proportion Of Prime-Age Women Is At A Low Not Seen Since 1988.”(Peter Whoriskey, “Job Recovery Is Scant For Americans In Prime Working Years,”The Washington Post , 5/29/12)

More And More Americans Are Relying On Government Benefits Just To Get By

“49.1%: Percent Of The Population That Lives In A Household Where At Least One Member Received Some Type Of Government Benefit In The First Quarter Of 2011.”“49.1%: Percent of the population that lives in a household where at least one member received some type of government benefit in the first quarter of 2011. Cutting government spending is no easy task, and it’s made more complicated by recent Census Bureau data showing that nearly half of the people in the U.S. live in a household that receives at least one government benefit, and many likely received more than one.” (Phil Izzo, “Number Of The Week: Half Of U.S. Lives In Household Getting Benefits,” The Wall Street Journal’s “Real Time Economics,” 5/26/12)

  • 44.4 Percent Of The Population Living In A Household Received Benefits In The Third Quarter Of 2008. “The 49.1% of the population in a household that gets benefits is up from 30% in the early 1980s and 44.4% as recently as the third quarter of 2008. The increase in recent years is likely due in large part to the lingering effects of the recession.” (Phil Izzo, “Number Of The Week: Half Of U.S. Lives In Household Getting Benefits,” The Wall Street Journal’s “Real Time Economics,” 5/26/12)

“As Of Early 2011, 15% Of People Lived In A Household That Received Food Stamps, 26% Had Someone Enrolled In Medicaid And 2% Had A Member Receiving Unemployment Benefits.” “As of early 2011, 15% of people lived in a household that received food stamps, 26% had someone enrolled in Medicaid and 2% had a member receiving unemployment benefits. Families doubling up to save money or pool expenses also is likely leading to more multigenerational households. But even without the effects of the recession, there would be a larger reliance on government. The Census data show that 16% of the population lives in a household where at least one member receives Social Security and 15% receive or live with someone who gets Medicare.” (Phil Izzo, “Number Of The Week: Half Of U.S. Lives In Household Getting Benefits,” The Wall Street Journal’s “Real Time Economics,” 5/26/12)

While Increasing Numbers Live In Poverty

The United States Ranks Second Among The World’s Developed Nations For “Relative Child Poverty.” “The latest edition of UNICEF’s report on child poverty in developed countries found that 30 million children in 35 of the world’s richest countries live in poverty. Among those countries, the United States ranks second on the scale of what economists call ‘relative child poverty’ — above Latvia, Bulgaria, Spain, Greece, and 29 others. Only Romania ranks higher, with 25.5 percent of its children living in poverty, compared with 23.1 percent in the U.S.” (Saki Knafo, “U.S. Child Poverty Second Highest Among Developed Nations: Report,” The Huffington Post, 5/30/12)

  • “The Term ‘Relative Child Poverty’ Refers To A Child Living In A Household Where The Disposable Income Is Less Than Half Of The National Median Income.” “The term ‘relative child poverty’ refers to a child living in a household where the disposable income is less than half of the national median income. Many critics argue that relative poverty isn’t the same as real hardship, or absolute poverty.” (Saki Knafo, “U.S. Child Poverty Second Highest Among Developed Nations: Report,” The Huffington Post, 5/30/12)

“Growing Numbers Of Older Americans Are Spending Their Retirement Years In Poverty.” “Growing numbers of older Americans are spending their retirement years in poverty, according to a recent Employee Benefit Research Institute study. The proportion of older people living below the poverty line has been growing steadily since 2005, and many of those people are falling into poverty as they age and spend down their savings.” (Emily Brandon, “Poverty Increasing Among Retirees,” U.S. News & World Report, 5/21/12)

  • 9.4 Percent Of 65 To 74 Year Olds Live In Poverty. “Poverty rates for people ages 65 to 74 climbed from 7.9 percent in 2005 to 9.4 percent in 2009, according to the EBRI analysis of University of Michigan health and retirement study data.” (Emily Brandon, “Poverty Increasing Among Retirees,” U.S. News & World Report, 5/21/12)

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