The last jobs report before the election on Tuesday showed that the economy is simply treading water. While some celebrated the Bureau of Labor Statistics report, the reaction reflects the low standards to which Americans have become accustomed under President Obama’s regime.
Despite the spin the Obama campaign is trying to insert into the media, the real number impacting Americans is the “Persons not in the labor force”, which the Peak has covered extensively. This statistic shows the number of people who have given up looking for work and simply left the workforce. Or, in the words of Obama, have given up “hope” – this does not embody the American Dream.
When we compare the numbers from October 2011 and October 2012, its evident that Americans are still suffering under this regime. In total, our economy has seen a total of 2,023,000 depart the workforce over the past year. That number is comprised of 412,000 men and, sadly, 1,611,000 women. Let’s be very clear. This administration has not been favorable to women’s financial well-being.
A few of the other stats:
- The unemployment number rose to 7.9%
- The Bureau of Labor Statistics found that the economy added 171,000 jobs, but that the number of unemployed grew by 170,000, roughly the same amount
- The number of unemployed remained at 12.3 million
The BLS report also highlighted that the black population continues to be disproportionately affected by the lackluster economy:
“Among the major worker groups, the unemployment rate for blacks increased to 14.3% in October, while the rates for adult men (7.3%), adult women (7.2%), teenagers (23.7%), whites (7.0%), and Hispanics (10.0%) showed little or no change.”
Mitt Romney and his campaign issued this statement about the jobs numbers:
“Today’s increase in the unemployment rate is a sad reminder that the economy is at a virtual standstill. The jobless rate is higher than it was when President Obama took office, and there are still 23 million Americans struggling for work. … When I’m president, I’m going to make real changes that lead to a real recovery, so that the next four years are better than the last.”
Even worse, nine million people have entered the workforce since President Obama took office, and just 1.2 million jobs have been created. Further, the former Bureau of Labor Statistics chief Keith Hall told Fox Business that “at this rate, we’re still talking nine or 10 years before the economy gets back to normal.”
That’s a long time. Can the next generation of employees, facing 53% unemployment wait nine or 10 years to start their careers? When President Obama was elected, he promised that if his administration and policies failed to turn the economy around in three years, his tenure would be a “one-term proposition”.
The question remains about whether voters will hold him to that promise on Tuesday.