Obama economy fails in election, Main street suffers while Wall St prospers for now, Jobs wages food stamps part time jobs replacing full time, You can’t fool all the people all the time
“One of the CBO’s most intriguing estimates is that by 2017 there will be 2 million fewer full-time jobs on the market than there would have been without Obamacare, and that figure could climb to 2.5 million by 2024.”…Market Watch February 4, 2014
“Nearly half of U.S. companies are reluctant to hire full-time employees because of the ACA. One in five firms indicates they are likely to hire fewer employees, and another one in 10 may lay off current employees in response to the law.
Other firms will shift toward part-time workers. More than 40 percent of CFOs say their companies will consider switching some jobs to less than 30 hours per week or targeting part-time workers for future employment.”…Duke University Fuqua School of Business December 11, 2013
“Freedom is the freedom to say that two plus two make four. If that is granted, all else follows.”…George Orwell, “1984″
Obama lies about jobs and the economy fooled only his hard core supporters.
Many of his young supporters are disenchanted.
Lincoln was right. You can’t fool all the people all the time.
The jobs situation, despite the best efforts of Obama and the mainstream media to obfuscate, is horrible.
Record numbers of people have dropped out of the labor force. Record numbers of part time jobs have been created or evolved from former full time jobs.
This is the only reason the stated unemployment rate has dropped.
We have record numbers of people on public assistance and food stamps.
Young people, instead of saving are taking from assets, living with their parents, unable to afford houses.
The financial markets are being propped up by the FED and accounting smoke and mirrors.
Once again, Zero Hedge provides insights.
“Why The Stock Market Is Detached From The Economy”
“Think about this for a moment. The stock market is comprised of thousands of companies doing business in the economy. Therefore, it only makes sense that the value of the stock market should be a reflection of the economy. As the economy ebbs and flows, so should the values of the companies that are operating within it. This idea can be demonstrated by looking at the real, inflation-adjusted, price of the S&P 500 as a percentage of real GDP.”
“From 1960 through 1980 the economy was growing faster than asset prices as the U.S. was the manufacturing powerhouse of the post-WWII industrialized nations. However, beginning in 1982 the economy begin to shift from a production and manufacturing-based society to a service based economy with finance at the core. As interest rates and inflation began a 30-year decline, the demand for credit rose to offset a rising standard of living that outpaced both economic and wage growth. Between 1982 and 2000 the price of the market caught up with, and eventually surpassed, real economic growth.
Following the turn of the century, prices have continued to push higher as continued declines in inflationary pressures and interest rates were enhanced by sequential floods of liquidity from mortgage equity extractions, easy credit terms and recently direct injections from the Federal Reserve. Since 2000, the price of the market has far outpaced the growth of the underlying economy.”
“Over the last decade in particular, financial engineering has distorted the relationship between the financial markets and the underlying economy. Corporations have resorted to a host of tools to maintain asset prices in the face of weak economic growth. To wit:
“In order for profitability to surge, despite rather weak revenue growth, corporations have resorted to four primary weapons: wage reduction, productivity increases, labor suppression and stock buybacks. The problem is that each of these tools create a mirage of corporate profitability.”