Category Archives: Economy

Obamacare to blame for losing full time jobs, Duke Fuqua School of Business CFO Magazine Global Business Outlook Survey December 11, 2013 predicted, Goldman Sachs chief economist Jan Hatzius stated jobs impact

Obamacare to blame for losing full time jobs, Duke Fuqua School of Business CFO Magazine Global Business Outlook Survey December 11, 2013 predicted, Goldman Sachs chief economist Jan Hatzius stated jobs impact

“All of the employment gains among women since the recession hit in December 2007 have been taken by foreigners, even at a time when the numbers of U.S.-born women surged more than 600,000, according to new federal statistics.”…Washington Examiner August 7, 2015

“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

“We are being lied to on a scale unimaginable by George Orwell.”…Citizen Wells

 

 

When Obamacare was passed logic dictated that full time jobs would be impacted.

One did not have to be a rocket scientist to figure that out.

The business world obviously arrived at that conclusion too.

From the Duke University Fuqua School of Business CFO Magazine Global Business Outlook Survey December 11, 2013.

“EMPLOYMENT EFFECTS OF THE AFFORDABLE CARE ACT

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.

“The inadequacies of the ACA website have grabbed a lot of attention, even though many of those issues have been or can be fixed,” said John Graham, Duke Fuqua School of Business finance professor and director of the survey. “Our survey points to a more detrimental and potentially long-lasting problem. An unintended consequence of the Affordable Care Act will be a reduction in full-time employment growth in the United States. Companies plan to increase full-time employment by 1.4 percent in 2014, a rate of growth which is down from last quarter and unlikely to put a dent in the unemployment rate. CFOs
indicate that full-time employment growth would be stronger in the absence of the ACA.”

“I doubt the advocates of this legislation would have foretold the negative impact on employment,” said Campbell R. Harvey, a professor of finance at Fuqua and a founding director of the survey. “The impact on the real economy is startling. Nearly one-third of firms may either terminate employees or hire fewer people in the future as a direct result of ACA.”

In addition, 44 percent of companies say they will consider reducing health benefits to current employees in response to the ACA.”

Read more:

http://www.cfosurvey.org/14q1/PressRelease.pdf

WE WERE WARNED.

From Zero Hedge June 11, 2016.

“It’s Time To Blame Obamacare For Losing So Many Full-Time Jobs

Had a sinking feeling about the economy of late? It may not be your imagination. Economic indicators have flashed yellow for much of 2016, and the latest jobs report shows further depletion of the work force and a dearth of job creation. That trend, says one major bank, may be attributable to President Barack Obama’s signature legislation.

Last Friday, the Bureau of Labor Statistics (BLS) released the worst jobs report in almost six years. The US economy only added 38,000 jobs, less than a tenth of the estimated 458,000 Americans who left the workforce. In fact, thanks to revisions made to the March and April reports, that exceeds the number of jobs created in the past three months (348,000) by more than 100,000. The workforce participation rate dropped back to 62.6 percent, near a 40-year low, and more than three full points below its level at the start of the recovery in June 2009 (65.7 percent).

To call this a wide miss is an understatement. Economists had predicted a moderate jobs gain, with Reuters forecast. The unemployment rate dropped to 4.7 percent, but analysts widely noted that this was a result of the large exodus from the workforce. That included an increase of 130,000 among those who have left the workforce but still desire employment, outnumbering the jobs added in May.

The news on jobs might possibly be worse than even this indicates. An economist at Johns Hopkins called into question the seasonal adjustment calculations used by the BLS. Jonathan Wright recalculated the data and concluded that the economy had lost 4,000 jobs. Instead of a three-month average jobs gain of 116,000 – well below the 131,000-jobs-added level needed to keep up with population growth at a workforce participation rate of 62.6 percent — the three-month average was actually 107,000, and 114,000 for all of 2016.”

“One data point in particular might give at least some indication why. The number of part-time workers in jobs for economic reasons shot up by 468,000, apart from the 458,000 that left the workforce altogether. Slack work or business conditions accounted for 181,000 of these jobs, while another 77,000 could only find part-time work.”

“That may not seem like a high number, given the amount of people in the US workforce. However, as we approach the seventh anniversary of the Obama recovery, the continued rise in involuntary part-time workers demonstrates a fundamental weakness in the economy, Phillips argues. As Joseph Lawler noted for The Washington Examiner, the number of people forced into part-time work has grown by over 600,000 people in the last seven months. It’s not getting better – it’s getting worse.

One key area has grown exponentially in the recovery period, though – regulation at every level. Hudson Institute fellow Marie-Josée Kravis wrote in Friday’s Wall Street Journal that federal regulation twists incentives and punishes small businesses, which provides the engine of job creation in the American economy. In 2010, Kravis notes, federal regulation put a burden on small businesses that cost 20 percent more than it did large companies, thanks to economies of scale.

Obamacare makes that situation even worse. Larger companies can distribute the costs of increased health insurance costs and the employer mandate more broadly. Smaller employers, which have less market clout and smaller room for error, feel the shock of the employer coverage mandate more directly. The ACA directly incentivizes employers to use part-time rather than full-time workers, and smaller businesses have the necessity of grasping at any competitive advantage they can get. Six years after its passage and almost three years after its implementation, Goldman Sachs still sees Obamacare as a prime driver of forced part-time employment.

As Kravis concludes, what we have been doing for the last seven years of the weakest recovery on record clearly hasn’t worked. It’s time to try something new – like getting rid of job-killing regulation, with Obamacare first on the list to go.”

Read more:

http://www.zerohedge.com/news/2016-06-11/its-time-blame-obamacare-losing-so-many-full-time-jobs

From Citizen Wells June 9, 2016.

“Goldman Crushes Democrat’s Dreams: Shows Obamacare Has Cost “A Few Hundred Thousand Jobs””

“We suspect Lloyd Blankfein will be receiving a call from The White House (or Treasury) very soon as Goldman Sachs’ economists did the unthinkable in the age of political correctness – while investigating the state of under-employment in America, the smartest people in the room found that ObamaCare has led to a rise in involuntary part-time employment, estimating that “a few hundred thousand workers” have been forced to cut hours and has “created disincentives for full-time employment.”

Goldman’s Jan Hatzius explains that they find mixed evidence to support the theory that the employer mandate under the Affordable Care Act (ACA) has contributed to the elevated level of involuntary part-time work.”

“The plummet of the labor force participation rate in NC, other states and the US is big news and should be more widely
reported.

The percentage of the population working is also important and in some ways more significant.

Since the big news today was the lowest so called initial claims number in 15 years let’s go back to January 2000 and
compare the employment to population percent from then to now.

US
Jan 2000 64.6

Dec 2014 59.2

That’s a plummet of 5.4 percent!

NC
Jan 2000 65.1

Dec 2014 56.5

That’s a plummet of 8.6 percent !!!”

Read more:

https://citizenwells.com/2016/06/09/goldman-sachs-jan-hatzius-obamacare-caused-few-hundred-thousand-workers-hours-cut-disincentives-for-full-time-employment-involuntary-part-time-employment-white-americans-decimated-under-obama-citi/

More here:

https://citizenwells.com/

 

 

Goldman Sachs Jan Hatzius Obamacare caused few hundred thousand workers hours cut, Disincentives for full time employment, Involuntary part time employment, White Americans decimated under Obama, Citizen Wells Hatzius jobs debate

Goldman Sachs Jan Hatzius Obamacare caused few hundred thousand workers hours cut, Disincentives for full time employment, Involuntary part time employment, White Americans decimated under Obama, Citizen Wells Hatzius jobs debate

“All of the employment gains among women since the recession hit in December 2007 have been taken by foreigners, even at a time when the numbers of U.S.-born women surged more than 600,000, according to new federal statistics.”…Washington Examiner August 7, 2015

“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

“We are being lied to on a scale unimaginable by George Orwell.”…Citizen Wells

 

You remember Jan Hatzius and the jobs debate with Citizen Wells?

From Zero Hedge June 8, 2016.

“Goldman Crushes Democrat’s Dreams: Shows Obamacare Has Cost “A Few Hundred Thousand Jobs””

“We suspect Lloyd Blankfein will be receiving a call from The White House (or Treasury) very soon as Goldman Sachs’ economists did the unthinkable in the age of political correctness – while investigating the state of under-employment in America, the smartest people in the room found that ObamaCare has led to a rise in involuntary part-time employment, estimating that “a few hundred thousand workers” have been forced to cut hours and has “created disincentives for full-time employment.”

Goldman’s Jan Hatzius explains that they find mixed evidence to support the theory that the employer mandate under the Affordable Care Act (ACA) has contributed to the elevated level of involuntary part-time work.

Our estimates of the effect by industry do show signs of an effect, particularly among the sectors that had the greatest gaps in required health insurance coverage prior to implementation of the mandate, but the relationship is weak.

 

It is possible that the level of involuntary part-time workers could be a few hundred thousand higher than it would be otherwise as a result of the mandate, which is a small share of the 6.4 million workers employed part-time involuntarily, but potentially a much larger share of the “underemployment gap”.”

 

“As Goldman concludes…

Overall we believe that the evidence suggests that the ACA has at least modestly elevated involuntary part-time employment.

 

While the effect is hard to quantify given the apparently loose relationship just noted, we would estimate that a few hundred thousand workers might be working part-time involuntarily as a result of the ACA. We reach this estimate by multiplying the difference between the actual and estimated involuntary part-time workers in the five sectors most affected by the ACA mandate by total employment in those sectors. We can reach a similar estimate by dividing the sectors into two groups weighted equally by total employment, and subtracting the difference between actual and estimated involuntary part-time employment in the less-affected group by the difference in the more affected group. These admittedly rough measures fall in the middle of the few academic studies on the topic, and suggest that while the effect of the ACA employer mandate is small compared to the total number of the 6.4 million workers employed part-time for economic reasons, it could constitute a more significant share of the estimated remaining “underemployment gap.”

There goes Blankfein’s invite to Hillary’s inauguration.”

Read more:

http://www.zerohedge.com/news/2016-06-08/goldman-crushes-democrats-dreams-shows-obamacare-has-cost-few-hundred-thousand-jobs

From Citizen Wells February 8, 2015.

“Goldman Sachs chief economist Jan Hatzius was interviewed on CNBC on Friday, February 6, 2015 after the January jobs report.

From Citizen Wells February 7, 2015.

From Zero Hedge February 6, 2015.

“Following the January jobs report, Goldman’s chief economist Jan Hatzius appeared on CNBC but instead of joining Steve Liesman in singing the praises of the “strong” the report (which apparently missed the memo about  the  crude collapse), he decided to do something totally different and instead emphasize the two series that none other than Zero Hedge has been emphasizing for years as the clearest indication of what is really happening with the US labor market: namely the recession-level civilian employment to population ratio and the paltry annual increase in average hourly earnings.

This is what Hatzius said (2:40 into the clip):

The employment to population ratio is still 4% below where it was in 2006. You can explain 2% of that with the aging of the population that still leaves quite a lot of room potentially, and the wage numbers are telling us we are just not that close, although we are getting closer.””

Read more:

http://www.zerohedge.com/news/2015-02-06/why-goldman-suddenly-banging-table-scariest-chart-jobs-report

I sent the following email to  Jan Hatzius.

I have not yet received a response.

Hi.
I have a math, computer science & business background.
I am also one of the baby boomers.
You recently appeared on CNBC & stated:

The employment to population ratio is still 4% below where it was in 2006. You can explain 2% of that with the aging of the population that still leaves quite a lot of room potentially, and the wage numbers are telling us we are just not that close, although we are getting closer.”

Would you elaborate on:

“You can explain 2% of that with the aging of the population”

I am preparing an article

and want to be accurate.

Thanks

Wells

 

https://citizenwells.wordpress.com/2015/02/07/cnbc-jobs-lies-goldman-sachs-economist-jan-hatzius-interview-baby-boomer-impact-lie-nbc-leading-way-in-orwellian-media-lies-citizen-wells-email-to-hatzius-for-clarification/

Jan Hatzius did respond in less than 24 hours and we debated via email the validity of his statement:

“You can explain 2% of that with the aging of the population”

I will not present the entire exchange unless he requests it.

Here are our ending remarks.

Mine:

“Thanks for your response.

I have no wish to be unkind to you.
However, I consider it a “sacred” duty to report the truth, facts.
For what it is worth, I have much German ancestry and was baptized and raised in the Lutheran Church.
I even worked as VP of Administration for a German company in the US circa 1983.

Apples and oranges.
The studies that you quote are projections done in 2006, not historical analysis.
I am not questioning the projections.
They are projections probably done by competent people using the best data available.
But they are projections, not history, done before probably the biggest anomaly in recorded US job history.

What we are addressing is simple.
The percent of people employed in 2006 vs now.
It does not matter what the mix of age groups employed is.
The problem is that there are not enough jobs now of the right type to give the same ratio as in 2006.
The problem is exacerbated by too many part time jobs which yield a result of too many people working multiple jobs.
Thanks
Wells”
Jan Hatzius:

“It is also true that there are not enough jobs. That’s why I said population aging accounts for 2 of the 4 percentage points of decline, not for the entire decline.
Best regards,
Jan”

I would like to thank Jan Hatzius again. He did not have to respond.

I will leave it to the reader to decide who is right.

However, I found an article that may provide insight.

From Fortune November 6, 2012.

“Obama’s best friend at Goldman Sachs”

“To be sure, the German-born Hatzius hasn’t publicly stated that he supports the President. But his analysis, which is widely read in financial circles, has long jibed with the monetary and fiscal policies embraced by Democrats. In numerous notes published over the last few years, Hatzius has advocated stimulus spending and called for more quantitative easing, renouncing efforts to slash the deficit as premature.”

“Hatzius’ views have endeared him to the likes of liberal economist Paul Krugman, who has mentioned the Goldmanite nearly a dozen times in his New York Timesblog. Krugman has repeatedly referred to Hatzius’ group as “excellent,” calling the economist a “very calm, measured guy.” Back in 2009, he noted that Hatzius’ analysis was “spot on.””

“Hatzius sounded warnings about the housing market as early as 2005, when hepublished a report that asked “Bubble Trouble? Probably Yes.” In December of 2007, the economics writer Ben Stein criticized Hatzius in the New York Timesfor his gloomy prognostications, accusing the economist of fear-mongering in order to support Goldman’s bearish position.

Stein (incorrectly) mocked Hatzius for his view that the subprime mortgage crisis could spin out of control, hampering lending and slowing growth. “He is also postulating,” Stein wrote, “that lenders would have to retrench so deeply that lending would stall and growth would falter — an event that, again, has not happened on any scale in the postwar world, except when planned by the central bank.” (The piece, available here, is worth reading for its comedic value alone).”

Read more:

http://fortune.com/2012/11/06/obamas-best-friend-at-goldman-sachs/

Further remarks from Citizen Wells:

“The reason that we have a 4 percent drop in the p of p, percent of population, working is that we do not enough jobs and
good full time jobs to maintain the same ratio.

The problem is exacerbated by too many part time jobs which yield a result of too many people working multiple jobs.

In 2006 we knew how the population was growing in terms of births and deaths with some anticipated immigration.

We did not know that the economy was going to collapse and that Obama would permit a flow of illegals to enter our country
and workforce. We also did not know that much of the job growth was going to be in part time and lower wage positions.

Regarding baby boomers and their impact on the job market.

This is being tossed about indiscriminately without justification.

We are on the leading edge of baby boomers reaching the traditional retirement age of 65.

Most of the baby boomers, which include those born up to 1964, have not reached retirement age yet.

Some people retire before that age but in recent years there has been a trend of retiring later.

Older workers generally have a more beneficial impact on the p of p ratio. Those retiring generally are retiring from a
full time job. Many of those who continue to work are in one part time job.

This yields a one to one scenario of one person to one job.

Younger people are having a more detrimental impact on the p of p ratio.

Because so many of the jobs being created are part time and/or lower wage jobs, the younger folks are working 2 or more of
these jobs.

This is hurting the ratio.

Also, unlike what you are being led to believe, there are far more of the younger people.

Let’s take the example of those turning 65 in 2014, born in 1949 and those turning 22 in 2014, born in 1992. I chose age
22 to account for college even though some of them entered the work force earlier, if they could find a job.

There were 3.56 million people born in the US in 1949. 85 % or 3.026 million are alive.

There were 4.08 million people born in 1992. Probably at least 4 million still alive.

Let’s assume that all of the people who turned 65 retired.

That is still a net gain of about a million in the workforce.

I mentioned above that in 2006 we did not know that Obama would allow so many illegal immigrants into the US.

Recently I reported about the even bigger drop in the p of p ratio in NC.

From Citizen Wells February 3, 2015.

“The plummet of the labor force participation rate in NC, other states and the US is big news and should be more widely
reported.

The percentage of the population working is also important and in some ways more significant.

Since the big news today was the lowest so called initial claims number in 15 years let’s go back to January 2000 and
compare the employment to population percent from then to now.

US
Jan 2000 64.6

Dec 2014 59.2

That’s a plummet of 5.4 percent!

NC
Jan 2000 65.1

Dec 2014 56.5

That’s a plummet of 8.6 percent !!!”

https://citizenwells.wordpress.com/2015/02/03/5-6-percent-unemployment-rate-big-lie-gallups-jim-clifton-white-house-wall-street-and-media-lies-30-million-americans-out-of-work-or-severely-underemployed-percent-of-population-working-plummets/

From the Center for Immigration Studies August 2014.

“An analysis of government data by the Center for Immigration Studies shows that, since 2000, all of the net increase in the number of working-age (16 to 65) people holding a job in North Carolina has gone to immigrants (legal and illegal).
This is the case even though the native-born accounted for 61 percent of growth in the state’s total working-age population.”

Read more:

http://cis.org/all-north-carolina-employment-growth-since-2000-went-to-immigrants

In conclusion, the answer is simple.

We do not have enough good jobs to maintain the same ratio of people working that we had in 2006.”

https://citizenwells.com/2015/02/08/economist-jan-hatzius-baby-boomer-impact-debate-with-citizen-wells-drop-in-percent-of-population-working-email-debate-both-agree-not-enough-jobs-2-percent-allegation-in-cnbc-interview/

 

AP US hiring grinds to a near halt many stop looking for work, College grads get best bartending and restaurant jobs, White American college grads getting jobs?, Hickory Record uses 10 year comparison, Citizen Wells reports impact of Obama, Zero Hedge nails it

AP US hiring grinds to a near halt many stop looking for work, College grads get best bartending and restaurant jobs, White American college grads getting jobs?, Hickory Record uses 10 year comparison, Citizen Wells reports impact of Obama, Zero Hedge nails it

“There’s no other way to say this. 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.”…Gallup CEO Jim Clifton 

“the Times of the nineteenth of December had published the official forecasts of the output of various classes of consumption goods in the fourth quarter of 1983, which was also the sixth quarter of the Ninth Three-Year Plan. Today’s issue contained a statement of the actual output, from which it appeared that the forecasts were in every instance grossly wrong. Winston’s job was to rectify the original figures by making them agree with the later ones.”…George Orwell, “1984”

“We are being lied to on a scale unimaginable by George Orwell.”…Citizen Wells

 

 

The AP, not known for reporting the impact of Obama on the economy and jobs, came closer to a factual report after the US Labor Dept. May jobs report.

Why?

I have several theories.

1. The mainstream media has been covering for Obama just like the “Times” of “1984.” If Trump wins they will then start reporting the truth about the economy and jobs and blame it on him. They have possibly begun the transition.

2. Mathematics. As Citizen Wells just reported, if we ever begin producing real full time jobs the unemployment rate could go negative starting from our mythical 4.7 percent.  As reported by Zero Hedge: “Talk about perpetrating the BIG LIE. Goebbels and Bernays are smiling up from the fires of hell as their acolytes of propaganda have kicked it into hyper-drive. We only need the other 7.4 million “officially” unemployed Americans to leave the work force and we’ll have 0% unemployment. At the current pace we should be there by election time.”

From the Hickory Record June 3, 2016.

“US hiring grinds to a near-halt; many stop looking for work”

“U.S. hiring slowed to a near-standstill in May, sowing doubts about the economy’s health and complicating the Federal Reserve’s efforts to raise interest rates.

While unemployment slid from 5 percent to 4.7 percent, the lowest since November 2007, the rate fell for a troubling reason: Nearly a half-million jobless Americans stopped looking for work and so were no longer counted as unemployed.
Employers added just 38,000 jobs in May, the fewest in over five years.

Less-educated workers bore the brunt of the hiring slump, with a quarter-million high school dropouts losing their jobs in May. That has perpetuated a long-term trend toward a two-tiered job market, with college-educated adults more likely to be employed and earning steady raises.

“The shockingly low payrolls gain in May provides further evidence that the economy is showing clear signs of slowing,” said Laura Rosner, an economist at BNP Paribas.”

“Essentially all of the 7 million jobs added over the past decade belong to workers with at least some college experience. The number of high school graduates with jobs is 3 million lower than 10 years ago.”

“But job gains in March and April were also revised downward on Friday, leaving average monthly hiring at a pace of just 116,000 in the past three months. That’s sharply below last year’s average of nearly 230,000.

The share of Americans who are working or searching for jobs — a figure known as the labor force participation rate — fell in May to 62.6 percent, near a four-decade low.”

Read more:

http://www.hickoryrecord.com/news/business/ap/us-hiring-grinds-to-a-near-halt-many-stop-looking/article_0e2d6e27-63eb-5e2a-bb2a-5df0a442ef74.html

This article chose a 10 year comparison and stated: “Essentially all of the 7 million jobs added over the past decade belong to workers with at least some college experience.”

So let’s do a 10 year year comparison of white American employment.

You ask why white Americans?

1. Whites are still approximately two thirds of the population.

2. This provides more of a “apples to apples” comparison.

Civilian noninstitutional population

May 2006: 186,002,000
May 2016: 198,013,000

Employed

May 2006: 118,700,000
May 2016: 119,222,000

Not in labor force

May 2006: 62,452,000
May 2016: 73,714,000

Labor force participation rate

May 2006: 66.4
May 2016: 62.8

White American college grads must be getting the best bartending and restaurant jobs.

From Zero Hedge June 3, 2016.

“The Funniest BLS Report Ever”

“Only a captured government drone could put out a report showing only 38,000 new jobs created, with the working age population rising by 205,000, and have the balls to report the unemployment rate plunged from 5.0% to 4.7%, the lowest since August 2007. If you ever needed proof these worthless bureaucrats are nothing more than propaganda peddlers for the establishment, this report is it. The two previous months were revised significantly downward in the fine print of the press release.

It is absolutely mind boggling that these government pond scum hacks can get away with reporting that 484,000 people who WERE unemployed last month are no longer unemployed this month. ”

“In addition, 180,000 more Americans left the workforce, bringing the total to a record 94.7 million Americans not in the labor force. The corporate MSM will roll out the usual “experts” to blather about the retirement of Baby Boomers as the false narrative to deflect blame from Obama and his minions. The absolute absurdity of the data heaped upon the ignorant masses is clearly evident in the data over the last three months. Here is government idiocracy at its finest:

Number of working age Americans added since March – 406,000

Number of employed Americans since March – NEGATIVE 290,000

Number of Americans who have supposedly voluntarily left the workforce – 1,226,000

Unemployment rate – FELL from 5.0% to 4.7%

Talk about perpetrating the BIG LIE. Goebbels and Bernays are smiling up from the fires of hell as their acolytes of propaganda have kicked it into hyper-drive. We only need the other 7.4 million “officially” unemployed Americans to leave the work force and we’ll have 0% unemployment. At the current pace we should be there by election time. I wonder if Cramer, Liesman, or any of the other CNBC mouthpieces for the establishment will point out that not one single full-time job has been added in 2016. There were 6,000 less full-time jobs in May than in January, while there are 572,000 more low paying, no benefits, part-time Obama service jobs. Sounds like a recovery to me.”

Read more:

http://www.zerohedge.com/news/2016-06-03/funniest-bls-report-ever

From Zero Hedge June 3, 2016.

“When Obama made another TV appearance earlier this week, taking credit for the Fed’s reflation of the stock market as somehow indicative of an economic “recovery” (“fiction peddlers” not allowed in the crowd), he once ignore the underlying “facts” behind said recovery: here is another way of showing the unprecedented transformation in the US labor pool: since December 2014, the US has added 455,000 waiters and bartenders, while losing 10,000 manufacturing workers.”

Read more:

http://www.zerohedge.com/news/2016-06-03/2014-us-has-added-455000-waiters-and-bartenders-and-lost-10000-manufacturing-workers

More here:

https://citizenwells.com/

Obama White House media boast 4.9 percent unemployment rate, Record job growth? not if you are white, White labor force participation dropped 3.2 % under Obama, White Civilian noninstitutional population dropped 1.5 million Hispanic rose almost 8 million

Obama White House media boast 4.9 percent unemployment rate, Record job growth? not if you are white, White labor force participation dropped 3.2 % under Obama, White Civilian noninstitutional population dropped 1.5 million Hispanic rose almost 8 million

“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

“There’s no other way to say this. 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.”…Gallup CEO Jim Clifton 

“the Times of the nineteenth of December had published the official forecasts of the output of various classes of consumption goods in the fourth quarter of 1983, which was also the sixth quarter of the Ninth Three-Year Plan. Today’s issue contained a statement of the actual output, from which it appeared that the forecasts were in every instance grossly wrong. Winston’s job was to rectify the original figures by making them agree with the later ones.”…George Orwell, “1984”

 

 

Citizen Wells began warning you in 2008. The signs were all around. Obama and the Obama camp were spewing lies, Orwellian lies and the masses were entranced, captivated, brainwashed.

Obama’s promises of jobs, improved and cheaper healthcare, all lies.

And the lies continue and the Obama Ministry of Truth, the mainstream media keeps helping him.

From WhiteHouse.gov, aka Big Brother, February 5, 2016.

“Summary:
In January, the unemployment rate fell below 5 percent for the first time in eight years as the longest streak of private-sector job growth on record continued.”

https://www.whitehouse.gov/blog/2016/02/05/employment-situation-january

From Obama, the liar in chief, February 5, 2016.

“THE PRESIDENT:  TGIF, everybody.  I wanted to stop by, because as you’re aware by now, America’s businesses created another 158,000 jobs last month.  After reaching 10 percent in 2009, the unemployment rate has now fallen to 4.9 percent — even as more Americans joined the job market last month.  So this is the first time that the unemployment rate has dipped below 5 percent in almost eight years.  Americans are working.

All told, over the past six years, our businesses have added 14 million new jobs.  Seventy-one straight months of private-sector job growth extends the longest streak on record.  Over the past two years, 2014 and 2015, our businesses added more jobs than any time since the 1990s.”

https://www.whitehouse.gov/the-press-office/2016/02/05/statement-president-economy

NOT IF YOU ARE A WHITE AMERICAN!

From the US Labor Dept.:

From January 2009 to January 2016.

Civilian noninstitutional population (potential employees)

White:  1,459,000 decrease.

Hispanic:   7,798,000  increase.

Labor force participation rate

White: 3.2 % decrease.

Hispanic: 2.1 % decrease.

Employed

White:  2,166,000 increase.

Hispanic: 5,099,000  increase.

Not in labor force

White: 8,873,000 increase.

Hispanic: 3,361,000 increase.

Square these numbers with what Obama, the White House and the mainstream media are telling you.

Now you can understand why over 30 percent of millennials live with family members and hunger is rampant in this country.

 

Unemployment rate drop coincides with white American labor force plummet, 6 million gain under Bush, 1.5 million drop under Obama, Why is media hiding this US Labor Dept. fact?, Protecting Obama continues

Unemployment rate drop coincides with white American labor force plummet, 6 million gain under Bush, 1.5 million drop under Obama, Why is media hiding this US Labor Dept. fact?, Protecting Obama continues

“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

“There’s no other way to say this. 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.”…Gallup CEO Jim Clifton 

“We are being lied to on a scale unimaginable by George Orwell.”…Citizen Wells

 

Don’t take my word for it, go straight to the US Labor Dept. website and look for yourself.

Why haven’t you heard this?

The mainstream media is still protecting Obama and the Democrat presidential candidates.

So, the unemployment rate is 4.9% ???

Here is one of the reasons why.

The White American labor force plummeted 1.5 million under Obama.

Under George Bush, the White American labor force rose 6 million.

There has been the expected net growth in White Americans of employment age, millions.

But they are not getting jobs.

A high percentage of the over 30 % of millennials living with family members are white.

Donald Trump, you should be shouting this from the rooftops.

From Citizen Wells September 4, 2015.

Regardless of the unemployment rate and jobs data provided by the US Labor Department this morning, September 4, 2015, the real employment situation can also be found in their data.

White employment.

WhiteEmployment

Hispanic employment.

HispanicEmployment

I found this article by Business Insider from February 10, 2011.

“No One Looking At This Chart Could Possibly Call It A Recovery”

“Currently the problem in the US jobs market mainly lies with, what I call, the maintenance rate. This is the minimum monthly job creation rate that our enormous system–our economy and government with its revenues and liabilities–must have in order to maintain itself as population grows. Getting lost in the weeds, therefore, of monthly unemployment rates is a waste of time. After having lost 8+ million jobs from the top of the last expansion, nitpicking one’s way through the additions, revisions, and changes to the presumed size of the work force misses the point. And that’s this: any month in which the US does not create at least 125,000 jobs, from a systemic point of view, is negative. It’s less than zero.”

“Now you know why annual government budgets have blown out into the the trillions: the economic flows normally provided by a functioning economy are now provided through unemployment checks, food stamps, FDR style spending and other distributions. In short, the “economy” cannot be experiencing a recovery when, after 10 years of population growth and growth in future liabilities, the number of people employed is hovering around levels last seen in 2002-2004. Whether you chose to look at just Non-Farm Employment, or Total Employment, the US Labor Market is essentially flat-lining since a deep trough was reached in late 2009, early 2010.

Those who would make sweeping claims about a recovery in the entire economy should place these two charts shown here in their printed columns, along with the fact that the US population has grown by over 25 million people since the year 2000.”

https://citizenwells.com/2015/09/04/us-labor-dept-employment-charts-reveal-no-jobs-recovery-for-native-born-americans-september-4-2015-low-wage-part-time-jobs-going-to-immigrants-business-insider-warning-from-2011-economic-flows-p/

Market Watch reports white people have least confidence in the American Dream, Market Watch and media lie about job growth, White american employment decimated under Obama, Who is getting all those “jobs”?

Market Watch reports white people have least confidence in the American Dream, Market Watch and media lie about job growth, White american employment decimated under Obama, Who is getting all those “jobs”?

“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

“There’s no other way to say this. 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.”…Gallup CEO Jim Clifton 

“We are being lied to on a scale unimaginable by George Orwell.”…Citizen Wells

 

 

The mainstream media has reported about hunger in America but they won’t tell you why.

That is because their priority is to protect Obama and now the next Democrat presidential candidate.

The Obama economy and real employment situation in the US is the cause of hunger.

And white americans have been hit the hardest.

From Market Watch January 22, 2016.

“White people have least confidence in the American Dream”

“Americans say the American Dream is suffering — and that our laziness and low morals may be partially to blame.

Searches for “American Dream” have fallen 24% since Google began tracking this data in 2004 — and when you type “American Dream” into Google, three of the four top autofills are “dead,” “a lie” and “leaving America,” according to an analysis of Google Trends data released Friday in a report by brokerage firm Convergex.”

“Furthermore, three in four Americans now say that the “American Dream” — broadly, the notion that through hard work and determination every American can have a successful life — is suffering, according to the 7th Annual American Values Survey unveiled last year at the Aspen Ideas Festival.

What’s more, 69% say the obstacles to realizing the dream are “more severe today than ever” — and note that a decline in work ethic is the primary hurdle to Dream achievement. The poll of more than 2,300 Americans was conducted by Burson-Marsteller and market research firm Penn Schoen Berland.”

Read more:

http://www.marketwatch.com/story/white-people-think-the-american-dream-is-least-achievable-2015-07-02

From Market Watch January 13, 2016.

“So many jobs, so little growth. What gives?”

“Three possible explanations for robust hiring, weak GDP

The U.S. economy just witnessed the two best years of job growth — 2014 and 2015, in that order — since 1999. Yet real economic growth has been bumping along at a 2.1% rate since the Great Recession ended.

The 79-month expansion included two quarterly contractions in gross domestic product, which is already unusual. The economy never exhibited any real thrust coming out of the long and deep recession. Even economists have begun to despair, abandoning their perennial 3%-growth-next-year forecast for something with a 2% handle.

Yet the mystery of consistently strong job growth in the face of consistently weak economic growth remains. The possible answers to the conundrum can be divided into three categories:
1. Productivity growth is lousy.

2. GDP growth is being understated.

3. Job growth is being overstated.”

“Could the employment data be skewed? Jim Bianco, president of Bianco Research, brought to my attention a recent redesign of the one-page enrollment package the BLS mails to potential participants in its payroll survey and suggested the 2012 change might be biasing the responses.

Even if there were any bias in the data, it would be washed away by annual benchmark revisions. Those revisions incorporate information from the state unemployment insurance tax records that nearly all firms are required to file.”

Read more:

http://www.marketwatch.com/story/so-many-jobs-so-little-growth-what-gives-2016-01-13?link=MW_home_latest_news

“So many jobs”

“robust hiring”

For who?

It is hard to believe that the folks writing this crap for the mainstream media are so stupid, ignorant or out of touch with reality.

So we are left with Orwellian brainwashing and bias.

Citizen Wells has written extensively on the impact on white american employment under Obama. Do a search on this site to read them.

Here are a couple of facts from the US Labor Dept.:

White american employment.

From January to December 2015.

Employment gain: 276,000. (that is supposedly one month’s jobs added)

Labor force participation rate down .5 %.

Not in labor force up 1,415,000

Where is Donald Trump on this?

 


							

US economy is dead in the water, NY Times media BLS and White House employment lies, Robust hiring?, White american employment decimated under Obama, Citizen Wells and Zero Hedge report job facts, Times receives 4 Orwells

US economy is dead in the water, NY Times media BLS and White House employment lies, Robust hiring?, White american employment decimated under Obama, Citizen Wells and Zero Hedge report job facts, Times receives 4 Orwells

“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

“There’s no other way to say this. 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.”…Gallup CEO Jim Clifton 

“We are being lied to on a scale unimaginable by George Orwell.”…Citizen Wells

 

 

Citizen Wells and Zero Hedge have been warning you for many months about the real economy and employment situation in the US.

The mainstream media has reported about the widespread hunger and low paying jobs but they never connect the dots to the real employment data that is actually provided by the US Labor Dept. BLS.

The economy has only been propped up by the Fed and false perception of the job market.

The smoke from the smoke and mirrors is rapidly dissipating, the financial markets are collapsing and little by little reality based reports are surfacing.

From David Stockman’s Contra Corner January 6, 2016.

“Newsflash From The December ‘Jobs’ Report—–The US Economy Is Dead In The Water'”

“Here’s a newsflash that CNBC didn’t mention. According to the BLS, the US economy generated a miniscule 11,000 jobs in the month of December.

Yet notwithstanding the fact that almost nobody works outdoors any more, the BLS fiction writers added 281,000 to their headline number to cover the “seasonal adjustment.” This is done on the apparent truism that December is generally colder than November and that workers get holiday vacations.

Of course, this December was much warmer, not colder, than average. And that’s not the only deviation from normal seasonal trends.

The Christmas selling season this year, for example, was absolutely not comparable to the ghosts of Christmas past. Bricks and mortar retail is in turmoil and in secular decline due to Amazon and its e-commerce ilk, and this trend is accelerating by the year.

So too, energy and export based sectors have been thrown for a loop in the last few months by a surging dollar and collapsing commodity prices. Likewise, construction activity has been so weak in this cycle—-and for the good reason that both commercial and residential stock is vastly overbuilt owing to two decades of cheap credit—–that its not remotely comparable to historic patterns.

Never mind. The BLS always adds the same big dollop of jobs to the December establishment survey come hell or high water. In fact, the seasonal adjustment has averaged 320,000 for the last 12 years!

For crying out loud, folks, every December is different—–and not just because of the vagaries of the weather. Capitalism is about incessant change and reallocation of economic activity and resources. And now the globalized ebbs and flows of economic activity have only accentuated the rate and intensity of these adjustments.

Yet the statistical wizards at the BLS think they can approximate a seasonal adjustment factor for December that at +/- 300k amounts to just 0.2% of the currently reported 144.2 million establishment survey jobs, and an even smaller fraction of the potential adult work force which is at least 165 million.

But that’s a pretentious stab in the dark. The December seasonal adjustment (SA) could just as easily be 0.3% of the job base or 0.1%, depending upon the specific point in the business cycle and structural trends roiling the economy.”

“The real news flash in the December “jobs” report, therefore, is that even by the lights of the BLS’ rickety, archaic and virtually worthless establishment survey, the domestic economy is dead in the water. We are not on the verge of “escape velocity”, as our foolish monetary politburo keeps insisting; the US economy is actually knocking on the door of recession.”

Read more:

http://davidstockmanscontracorner.com/newsflash-from-the-december-jobs-report-the-us-economy-is-dead-in-the-water/

I have tried to keep this simple for our brainwashed, entertainment culture.

Again, straight from the BLS tables.

The impact on white American employment.

When Obama took office in January 2009 there were 116,863,000 white americans employed.

That has only increased 1,432,000.

When Obama took office in January 2009 there were 19,794 Hispanics employed.

That has increased 4,820,000, approx. 25 percent.

Does that match up with what you are getting from the media?

And speaking of lies…..

From Zero Hedge January 4, 2016.

“US Government Discovers 10 Years Of “Processing Errors” In Construction Spending Data Slamming GDP”

“Even as increasingly more parts of the economy, especially those with exposure to manufacturing and industrial production, sink into the recessionary quicksand, one sector that was seen as immune from the malaise gripping US manufacturing and was outperforming the overall growth rate of the US economy, was housing, and specifically spending on private and public construction: a direct input into the GDP model.

That all changed today when the US Census released its latest, November, construction spending data, which not only missed expectations of a 0.6% increase, but tumbled -0.4%, the most since June of 2014, while all the recent changes were mysteriously revised lower.

And then the source of the mystery was revealed: in the fine print of the release, the government made a rare admission: all the construction spending data for the past 10 years had been “erroneous.”

In the November 2015 press release, monthly and annual estimates for private residential, total private, total residential and total construction spending for January 2005 through October 2015 have been revised to correct a processing error in the tabulation of data on private residential improvement spending. An Excel file containg all of the revisions can be found here”

Read more:

http://www.zerohedge.com/news/2016-01-04/us-government-discovers-10-years-errors-construction-spending-data-slamming-gdp

Now from Obama’s Ministry of Truth, the NY Times.

“Robust Hiring in December Caps Solid Year for U.S. Jobs”

“The last time the American economy registered such a prolonged stretch of impressive job creation, Facebook didn’t exist and Beyoncé was still a member of Destiny’s Child.

For all of 2015, the nation added 2.65 million jobs, capping a two-year, back-to-back gain that was the best since the late 1990s, the government reported on Friday.

“I think this really is illustrative of the fact that economic momentum in the United States is still awfully strong,” said Carl Tannenbaum, chief economist at Northern Trust. “In spite of the craziness we’ve seen from Asian markets this week, the fundamentals here at home are still solid.”

The year ended with a particularly strong sprint. In December, employers hired an additional 292,000 people, the Labor Department said, and October and November were revised up by a total of 50,000, pushing the average for the last three months to 284,000.”

Read more:

http://www.nytimes.com/2016/01/09/business/economy/jobs-report-hiring-unemployment-december.html?_r=1

For their extremely misleading report on December jobs, the NY Times is awarded 4 Orwells. The only reason they did not receive 5 is at the end they mentioned low wages and part time jobs.

Orwells4