Obama Obamacare part time job economy lowers household income, Sentier Research household income index June 2013 92.8, Dropped from over 98 when Obama took office
“11.4%: What the U.S. unemployment rate would be if labor force participation were back to January 2008 levels.” …James Pethokoukis, American Enterprise Institute, June 2013
“Middle-class people who have never been out of work find themselves chronically unemployed and slipping into poverty.”…Greensboro News Record August 25, 2013
“Freedom is the freedom to say that two plus two make four. If that is granted, all else follows.”…George Orwell, “1984″
The truth about jobs, unemployment and the economy has been reported here.
You were warned not to believe the stated unemployment rate and the alleged improvement in the jobs situation and the economy.
You have been given the facts about the huge numbers of workers who have dropped out of the labor force since Obama took control of the White House in January of 2009.
The US Labor Force Participation Rate dropped 2.3 percent since Obama took control.
The NC Labor Force Participation Rate dropped 1.4 percent from January to July of 2013.
The huge increase in part time workers and jobs under Obama, in many cases directly attributable to the impact of Obamacare, is an underreported but very important story.
Remember, part time workers are counted as employed and improve the unemployment rate.
However, numbers do not lie.
Sooner or later the truth emerges and here is a good example.
From Sentier Research.
“The Household Income Index for June was 92.8”
“Our household income index permits monthly tracking of median annual household income before taxes. The index has been computed monthly beginning in January 2000. The base index value for January 2000 is 100.0. Each month the latest estimate of median household income is adjusted to reflect changes in prices since January 2000 and then seasonally adjusted to account for seasonal variations in the way households report their income in the monthly Current Population Survey (CPS). The median annual household income for each month is divided by the January 2000 median to compute the index.
Data have been compiled from each monthly CPS survey taken since January 2000 (as of June 2013, 162 surveys in total). Each of these surveys collected data for a nationally representative sample of more than 50,000 interviewed households and their members (approximately 130,000 per month). The survey collects the detailed information needed to determine the employment characteristics of all civilians age 16 years old and over and to compute the official unemployment rate. It also collects key demographic and social characteristics for all household members, including children.
Estimates of household income from the survey are based on a single question that asks respondents to report the total income received by the household during the 12-month period prior to the survey month. The definition of income used in the survey includes the following:
- Wages and salary
- Nonfarm self-employment income
- Farm self-employment income
- Social Security and Supplemental Security Income
- Interest, dividends, net rental income, and royalties
- Cash public assistance (federal and state)
- Unemployment compensation and workers’ compensation
- Retirement income from pensions, annuities, other retirement plans
- Veterans’ pensions and compensation
- Child support and alimony
- Other cash income excluding capital gains or lump sum, one-time amounts”
The Household Income Index was over 98 when Obama took office.
The cost of Obamacare and Obama policies is taking its toll.