Obama job legacy: Grade F, White american employment down over 725k, down 107k last month, Hispanic up 5 million almost 25 percent, 94% of all new jobs under Obama were part time
“In December 2014 there were 18 million immigrants (legal and illegal) living in the country who had arrived since January 2000. But job growth over this period was just 9.3 million — half of new immigration.”…Center for Immigration Studies February 2015
“The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) was little changed in September at 7.1 million. These individuals, who would have preferred full-time employment, were working part time because their hours had been cut back or because they were unable to find a full-time job.”…US Labor Dept. September 2014
“The official unemployment rate, which cruelly overlooks the suffering of the long-term and often permanently unemployed as well as the depressingly underemployed, amounts to a Big Lie.”…Jim Clifton, CEO of Gallup
Obama just completed his last full month in office.
His much touted jobs added as portrayed by the fake news mainstream media?
Obama gets a grade of F for his jobs performance.
Unless of course you are an illegal alien.
From December of 2007 to December of 2016 the following occurred:
White Americans.
More than 725,000 fewer employed.
In the last month alone 107,000 fewer employed.
Almost 11 million more not in the labor force.
Hispanics.
Almost 5 million more employed.
That’s almost a 25 percent increase.
From Zero Hedge December 25, 2016.
“Top Ex-White House Economist Admits 94% Of All New Jobs Under Obama Were Part-Time
Just over six years ago, in December of 2010, we wrote “Charting America’s Transformation To A Part-Time Worker Society“, in which we predicted – and showed – that in light of the underlying changes resulting from the second great depression, whose full impacts remain masked by trillions in monetary stimulus and soon, perhaps fiscal, America is shifting from a traditional work force, one where the majority of new employment is retained on a full-time basis, to a “gig” economy, where workers are severely disenfranchised, and enjoy far less employment leverage, job stability and perks than their pre-crash peers. It also explains why despite the 4.5% unemployment rate, which the Fed has erroneously assumed is indicative of job market at “capacity”, wage growth not only refuses to materialize, but as we showed yesterday, the growth in real disposable personal income was the lowest since 2014.
When we first penned our article, it was dubbed “fringe” tinfoil hattery, or in the latest vernacular, “fake news.”
Fast forward 6 years, when a report by Harvard and Princeton economists Lawrence Katz and Alan Krueger, confirms exactly what we warned. In their study, the duo show that from 2005 to 2015, the proportion of Americans workers engaged in what they refer to as “alternative work” soared during the Obama era, from 10.7% in 2005 to 15.8% in 2015. Alternative, or “gig” work is defined as “temporary help agency workers, on-call workers, contract company workers, independent contractors or freelancers”, and is generally unsteady, without a fixed paycheck and with virtually no benefits.”
“Krueger, who until 2013 was also the top White House economist serving as chairman of the Council of Economic Advisers under Obama, was “surprised” by the finding.
Quoted by quartz, he said “We find that 94% of net job growth in the past decade was in the alternative work category,” said Krueger. “And over 60% was due to the [the rise] of independent contractors, freelancers and contract company workers.” In other words, nearly all of the 10 million jobs created between 2005 and 2015 were not traditional nine-to-five employment.”
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