The Big Fail: Three Strikes Against Obamanomics

For The Third Straight Month, The Economy Delivers A Blow To Obama’s Claim For Reelection

The Associated Press : “U.S. Employers Added Only 80,000 Jobs In June, A Third Straight Month Of Weak Hiring That Shows The Economy Is Struggling.” (Christopher S. Rugaber, “US Employers Add 80,000 Jobs As Economy Struggles,” The Associated Press, 7/6/12)

ANOTHER WEAK JOBS REPORT HIGHLIGHTS HOW OBAMA’S FAILED POLICIES HAVE LEFT THE ECONOMY “STUCK IN LOW GEAR”

Reuters Headline: “U.S. Hiring Stuck In Low Gear In June” (Jason Lange, “U.S. Hiring Stuck In Low Gear In June,” Reuters, 7/6/12)

  • Reuters : “Job Creation During The Month Wasn’t Enough To Bring Down The Country’s Lofty 8.2 Percent Unemployment Rate.” (Jason Lange, “U.S. Hiring Stuck In Low Gear In June,” Reuters, 7/6/12)

Politico : “The Dour News Is A Blow To President Barack Obama …” “The dour news is a blow to President Barack Obama, who is asking voters for a second term amid constant attacks from Mitt Romney over his handling of the economy. Economists had projected the monthly job’s figure would fall between 90,000 and 100,000 – with a smattering of optimists going as high as 125,000.” (Patrick Reis, “Jobs Report Only 80K Last Month,” Politico, 7/6/12)

  • The Fix’ s Chris Cillizza: “80k Jobs Added And Unemployment Rate Unchanged=Major Political Problem For Obama.” (Chris Cillizza, Twitter Feed, 7/6/12)
  • The Washington Post ‘s Ezra Klein: “Below Expectations. Below The Number Needed To Keep Up With Population Growth. Bad.” (Ezra Klein, Twitter Feed, 7/6/12)
  • ABC’s Jake Tapper: “The Economy Created 80,000 Jobs In June. April And May Numbers Were Revised To Show 1,000 Fewer Jobs Added In Those Months.” (Jake Tapper, Twitter Feed, 7/6/12)

CNBC’s John Harwood: “That Makes The Second Quarter The Weakest Job Adding Quarter In Two Years, An Average Of 75,000 Jobs Added In The Second Quarter Of This Year.” CNBC’SJOHN HARWOOD: “Just 80,000 jobs added in the month of June, Michelle, 8.2% unemployment rate, unchanged, 12.7 million unemployed people, also unchanged, that makes the second quarter the weakest job adding quarter in two years, an average of 75,000 jobs added in the second quarter of this year, compared to 226,000 in the first quarter, hours worked up 0.1%, hourly wages up six cents an hour, labor force participation rate is unchanged at 63.8%, revisions for April and May, April was down 9,000, May was up 8,000, so on net just a 1,000-job change.” (CNBC’s “Squawk Box,” 7/6/12)

  • Harwood: “A Very Disappointing Report For The Obama Administration And Of Course For The Country And People Who Are Unemployed.” “So guys, a very disappointing report for the Obama administration and of course for the country and people who are unemployed.” (CNBC’s “Squawk Box,” 7/6/12)

FOR THE 41st STRAIGHT MONTH UNEMPLOYMENT REMAINS ABOVE EIGHT PERCENT AS THE ECONOMY STRUGGLES THROUGH THE WORST QUARTER FOR JOB GROWTH IN TWO YEARS

Since President Obama Took Office, The Nation Has Lost 473,000 Jobs And The Unemployment Rate Has Increased From 7.8 Percent To 8.2 Percent. (Bureau Of Labor Statistics, Accessed 7/6/12)

In June, The Hispanic Unemployment Rate Remained At 11.0 Percent. (Bureau Of Labor Statistics, Accessed 7/6/12)

  • The African American Unemployment Rate Increased From 13.6 Percent To 14.4 Percent. (Bureau Of Labor Statistics, Accessed 7/6/12)

The Unemployment Rate Has Remained Above Eight Percent For A Record 41 Straight Months. (Bureau Of Labor Statistics, Accessed 7/6/12)

  • The Average Duration Of Unemployment Has More Than Doubled From 19.8 Weeks To 39.9 Weeks. (Bureau Of Labor Statistics, Accessed 7/6/12)

The Real Unemployment Rate, Including Those That Are Working Part-Time Due To Economic Reasons, Increased To 14.9 Percent. (Bureau Of Labor Statistics, Accessed 7/6/12)

23.4 Million Americans Are Unemployed, Underemployed Or Have Given Up Looking For Work. (Bureau Of Labor Statistics, Accessed 7/6/12)

  • The Number Of Unemployed Workers Increased By 29,000 To 12.75 Million.(Bureau Of Labor Statistics, Accessed 7/6/12)
  • The Number Of Workers Working Part-Time For Economic Reasons Increased By 112,000 To 8.21 Million. (Bureau Of Labor Statistics, Accessed 7/6/12)
  • There Are Currently 821,000 Unemployed Workers That Have Given Up Looking For Work. (Bureau Of Labor Statistics, Accessed 7/6/12)

BEHIND THE NUMBERS, THE SITUATION IS EVEN WORSE FOR UNEMPLOYED AMERICANS THAT HAVE GIVEN UP ON OBAMANOMICS

The Wall Street Journal Headline: “Unemployment Line Longer Than It Looks.”(Spencer Jakab, “Unemployment Line Longer Than It Looks,” The Wall Street Journal, 7/6/12)

From The Start Of 2011 To The End Of The Year, The Number Of Unemployed Fell By 822,000 Yet The Number Of People Not In The Labor Force Grew By A Larger 1.24 Million. “The headline unemployment rate has been flattered by the number of people no longer counted in the denominator used to calculate it. For example, a comparison of jobs data between the start and end of 2011 shows the ranks of the unemployed fell by 822,000 while the number of people not in the labor force grew by a larger 1.24 million.” (Spencer Jakab, “Unemployment Line Longer Than It Looks,” The Wall Street Journal, 7/6/12)

The Labor Force Participation Rate Has Fallen By 2.3 Percentage Points Over The Four Years Through May To 63.8 Percent, A Three Decade Low. “In fact, the participation rate-the share of the working-age population either working or looking for work-has fallen by 2.3 percentage points over the four years through May to 63.8%, a three-decade low.” (Spencer Jakab, “Unemployment Line Longer Than It Looks,” The Wall Street Journal, 7/6/12)

  • “Nearly 88 Million People-About Seven Times The Ranks Of The Officially Unemployed-Aren’t Part Of The Headline Rate’s Calculation.” “Nearly 88 million people-about seven times the ranks of the officially unemployed-aren’t part of the headline rate’s calculation.” (Spencer Jakab, “Unemployment Line Longer Than It Looks,” The Wall Street Journal, 7/6/12)

The Male Rate Of Labor Force Participation Peaked Near 88 Percent Over 60 Years Ago And Has Declined Sharply Since. “For example, the male rate of participation, which peaked near 88% over 60 years ago, has declined sharply with rising life expectancy.” (Spencer Jakab, “Unemployment Line Longer Than It Looks,” The Wall Street Journal, 7/6/12)

  • The Civilian Employment Ratio Has Dropped From 63% To 58.6% In Just Five Years. “The civilian employment ratio, which simply divides employed people by total population, has dropped from 63% to 58.6% in just five years.” (Spencer Jakab, “Unemployment Line Longer Than It Looks,” The Wall Street Journal, 7/6/12)
  • At 148,000 In The Past Year, Payroll Growth Is Just Barely The Minimum Needed To Absorb New Entrants To The Labor Force. “Payroll growth has averaged just 148,000 in the past year-barely the minimum needed to absorb new entrants to the labor force.” (Spencer Jakab, “Unemployment Line Longer Than It Looks,” The Wall Street Journal, 7/6/12)

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