×

Warning

JUser: :_load: Unable to load user with ID: 9592

Friday, 02 August 2013 13:21
July jobs report unhealthy, Obamacare to sicken economy more
Written by 

sick economyA new jobs report was released today and it shows a very weak economy. Only 162,000 new jobs were added last month, less than predictions and much less than the average monthly gain of 202,000 jobs from the first half of 2013.

 

This means the Federal Reserve will continue their quantitative easing program, in which they pour $85 billion a month into bond purchases in an effort to sustain growth. Simply, the economy is not strong enough to survive without the infusion of cash from the Federal Reserve.

The weakness of the economy is clearly shown in these job numbers. Of all of the jobs created this year, an amazing 77% have been part-time. It is no wonder that a recent AP survey showed that 80% of Americans are either in poverty or close to poverty. In fact, a Bankrate.com survey showed that 76% of Americans are living paycheck to paycheck and 27% of Americans have no savings at all.

In this toxic environment, a new healthcare plan will be implemented which will lead to higher health insurance premiums. Basic expenses like gasoline prices have increased steadily in recent months, while wages have not kept pace. Last month, average hourly wages fell .1% to $23.98, while the average work week dropped to 34.4 hours, nowhere near the former standard of a 40 hour work week. These numbers explain why 47 million Americans receive food stamps to cover the costs of feeding their families.

The media likes to parrot the administration’s claim of an economic recovery. They cite an improving stock market and a declining unemployment rate, but beneath the numbers, the real picture is another matter altogether. Most Americans are not able to enjoy the benefits of an improving stock market. This certainly helps the very rich, who have done well during the Obama years. According to a new University of California study, the wealthiest Americans in the top 1% enjoyed a growth of 11.2% in the first three years of President Obama’s term. In contrast, the bottom 99% of Americans suffered an income decline of .4%.

With incomes declining in real terms, millions of Americans are in no position to invest in the stock market or anything else; they are just trying to survive in this Obama economy.

The new labor report showed that the unemployment rate fell to 7.4%, but that figure is practically meaningless with the surge of part-time workers throughout the nation and the millions of Americans who have left the workforce. In July, another 37,000 Americans left the workforce and the labor force participation rate fell to an anemic 63.4%.

The July labor report also revised downward the minimal job gains from the previous two months, meaning that 26,000 fewer jobs were created than initially reported.

Overall, the economy is still in big trouble, Americans are hurting and nothing is on the horizon to help the situation. Instead, Americans can expect more economic misery when the health care law takes effect and medical costs start to rise.

In the guise of helping Americans, our government is just making everything much, much worse. 

 

Jeff Crouere

Jeff Crouere is a native of New Orleans, LA and he is the host of a Louisiana based program, “Ringside Politics,” which airs at 7:30 p.m. Fri. and 10:00 p.m. Sun. on WLAE-TV 32, a PBS station, and 7 till 11 a.m.weekdays on WGSO 990 AM in New Orleans and the Northshore. For more information, visit his web site at Ringside Politics.

Visit Jeff Crouere's Google Plus Page

Visit Bayoubuzz's Google Page

Website: www.ringsidepolitics.com
Login to post comments
  • Despite 5th plea, Schiff says House Intelligence Committee pursues Flynn's documents
  • Facebook Live: Discuss harm of Trump budget proposal on Louisiana coastal economy, restoration
  • Governor Edwards welcomes Pence with Medicaid, budget, Louisiana coast wishlist
  • World Premiere tonight in N.O. Bilderberg, the Movie

flynn2Despite General Michael Flynn’s announcement via his counsel that the General and former head of National Security, would take the 5th Amendment in Congressional proceedings, the Intelligence Committee will pursue information, regardless.

Read More

560 usgs land loss map 2The efforts to rebuild the Louisiana coast has suffered a major and immediate setback, assuming that Congress goes along with the most recent budget proposal from President Trump.

Read More

penceToday, Governor John Bel Edwards welcomed Vice President Mike Pence to Louisiana as he Veep is attending a event with top Louisianqa Republican officials. Along with the welcome, however, is a wishlist of requests including an item of recent vinctage involving the current Trump budget which tears a hole into the funding for the Louisiana coastal restoration. 

Read More

bilderbergIt is always an honor when a movie premiere is held in New Orleans and tonight is no exception. At 7:30 p.m. Bilderberg, the Movie will premiere at the historic Prytania Theatre, 5339 Prytania Street.

Read More

latter-blum2

Sen. Appel talks budget, economy

TRUMP TALK

Dead Pelican

Optimized-DeadPelican2 1 1