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Four More Years Of This?

- November 2, 2012

Four Years Of Obama Has Left America Facing A Cruel New Normal Of Chronic Unemployment And A Stagnant Labor Market

OBAMA CAME INTO OFFICE PROMISING A RECOVERY BUT NOW ASKS FOR ANOTHER FOUR YEARS AFTER FAILING TO LOWER THE UNEMPLOYMENT RATE

"Obama, Who Came Into Office Promising To Bolster The Middle Class And Reduce Inequality, Has Presided Over A Turbulent Economy That So Far Has Done Neither." "Analysts call continuing high levels of joblessness a prime factor in the income and wealth declines that have continued for most Americans even after the recession ended. Obama, who came into office promising to bolster the middle class and reduce inequality, has presided over a turbulent economy that so far has done neither." (Michael A. Fletcher, "Obama's Record: Struggling To Bring Back Jobs," The Washington Post, 10/18/12)

Since Obama Took Office, The Unemployment Rate Has Increased From 7.8 Percent To 7.9 Percent. (Bureau Of Labor Statistics, Accessed 11/2/12)

  • James Pethokoukis: "10.6%: Unemployment rate if labor force participation rate was the same as when Obama took office" (James Pethokoukis, Twitter Feed, 11/2/12)

Since Obama Took Office, The Nation Has Lost 1,019,000 Construction Jobs And 586,000 Manufacturing Jobs. (Bureau Of Labor Statistics, Accessed 11/2/12)

There Are 23 Million Americans That Are Unemployed, Underemployed Or Marginally Attached To The Labor Force. (Bureau Of Labor Statistics, Accessed 11/2/12)

  • In October, The Number Of Unemployed Workers Increased By 170,000 To 12.26 Million. (Bureau Of Labor Statistics, Accessed 11/2/12)

There Are 8.3 Million Americans Working Part-Time For Economic Reasons. (Bureau Of Labor Statistics, Accessed 11/2/12)

In October, The Unemployment Rate For 20 To 24 Year Olds Increased To 13.2 Percent From 12.4 Percent. (Bureau Of Labor Statistics, Accessed 11/2/12)

In October, The Hispanic Unemployment Rate Increased From 9.9 To 10.0 Percent. (Bureau Of Labor Statistics, Accessed 11/2/12)

  • The African American Unemployment Rate Increased From 13.4 Percent To 14.3 Percent. (Bureau Of Labor Statistics, Accessed 11/2/12)

MILLIONS STILL FACE A LONG-TERM UNEMPLOYMENT CRISIS

Long-Term Unemployment "Remains A Bleak Situation," As "About 800,000 Workers Want A Job But Have Simply Given Up Looking, And So Are No Longer Even Counted As Unemployed." "But it remains a bleak situation. About 800,000 workers want a job but have simply given up looking, and so are no longer even counted as unemployed." (Annie Lowrey and Catherine Rampell, "Little Federal Help For The Long-Term Unemployed," The New York Times, 11/1/12)

Since Obama Took Office, The Number Of Workers Unemployed For 27 Weeks Or Longer Has Increased From 2.7 Million To 5.0 Million. (Bureau Of Labor Statistics, Accessed 11/2/12)

  • In October, The Number Of Workers Out Of Work For 27 Weeks Or Longer Increased By 158,000. (Bureau Of Labor Statistics, Accessed 11/2/12)
  • 40.6 Percent Of All Unemployed Workers Have Been Out Of Work For 27 Weeks Or Longer. (Bureau Of Labor Statistics, Accessed 11/2/12)

Since Obama Took Office, The Number Of Workers Unemployed For 52 Weeks Or Longer Has More Than Doubled From 1.4 Million To 3.6 Million. (Bureau Of Labor Statistics, Accessed 11/2/12)

  • In October, The Number Of Workers Out Of Work For 52 Weeks Or Longer Increased By 118,000. (Bureau Of Labor Statistics, Accessed 11/2/12)
  • 30.4 Percent Of All Unemployed Workers Have Been Out Of Work For 52 Weeks Or Longer. (Bureau Of Labor Statistics, Accessed 11/2/12)

Since Obama Took Office, The Average Length Of Unemployment Has More Than Doubled From 19.8 Weeks To 40.2 Weeks. (Bureau Of Labor Statistics, Accessed 11/2/12)

  • In October, The Average Duration Of Unemployment Increased From 39. 8 Weeks To 40.2 Weeks. (Bureau Of Labor Statistics, Accessed 11/2/12)

OBAMA'S POLICIES HAVE NOT DELIVERED THE GROWTH THAT AMERICANS NEED TO DIG OUT OF THE RECESSION

"With The Economy Struggling Through One Of The Weakest Recoveries On Record And Employers Adding Jobs At A Slower Rate Than A Year Ago, Projections Are That The Country's Jobless Rate Will Not Return To Normal Levels For Years To Come." (Michael A. Fletcher, "Obama's Record: Struggling To Bring Back Jobs," The Washington Post, 10/18/12)

CNN's Alison Kosik: "We're At This Point Right Now Where The Number Of Jobs Being Added Every Month Is Just Not Enough To Keep Up With Population Growth." "It's not a great response, though, because there's a harsh reality that 171,000 jobs added - it is a good number, this is no doubt a good report - but if you look at the overall trend, you see how the job market is doing, it's just not roaring ahead. And you know we're at this point right now where the number of jobs being added every month is just not enough to keep up with population growth. You know, it averages out to 157,000 jobs created every month. It's just not enough momentum in the jobs market." (CNN's "Starting Point," 11/2/12)

  • Kosik: "Some People Are Saying This Is More Of A Minimum Wage Recovery…" "We're not gaining back enough jobs fast enough and in the right places. You know Soledad, some people are saying this is more of a minimum wage recovery, meaning jobs in restaurants and retailers are adding a lot of jobs, but that doesn't give the income enough and makes it hard for a lot of people to still pay the bills." (CNN's "Starting Point," 11/2/12)

"While Many Industries Are Adding Jobs, The Current Tepid Pace Of Growth Is Not Enough To Climb Out Of The Jobs Hole, Economists Said. Companies Remain Hesitant To Boost Payrolls." (Tami Luhby, "October Jobs Report: Hiring Increases, Unemployment Up," CNN Money, 11/2/12)

"The Jobless Rate When Obama Took Office In January 2009 Was 7.8 Percent Rate. It Exceeded 8 Percent For 43 Months Prior To September, The Longest Such Stretch Since Monthly Records Began In 1948." (Alex Kowalski, "Payrolls In U.S. Climbed More Than Forecast In October," Bloomberg, 11/2/12)

"Hiring Tends To Go Hand-In-Hand With Business Investment More Generally, And The Latest Numbers On Orders For Nondefense Capital Goods Excluding Aircraft Point To Stagnation - Or Worse - In That Sector." (Neil Irwin, "The Politics Of Friday's Jobs Report," The Washington Post, 11/1/12)

Obama's "Policies Have Failed To Ignite Anything Close To The Robust Jobs Growth Needed To Overcome The Horrific Losses Caused By The Downturn." "The aggressive series of actions helped construct a floor under the most severe economic collapse since the Great Depression, many economists agree. Yet, the president's policies have failed to ignite anything close to the robust jobs growth needed to overcome the horrific losses caused by the downturn." (Michael A. Fletcher, "Obama's Record: Struggling To Bring Back Jobs," The Washington Post, 10/18/12)

  • Obama's Economic Policies Have Not Generated Enough Jobs "To Keep Pace With The Normal Growth In The Labor Force, Let Alone Significantly Lower The Unemployment Rate." "Since the economy emerged from the deep recession in June 2009, employers have added an average of 87,000 jobs a month, according to the latest government figures. That is not quite enough to keep pace with the normal growth in the labor force, let alone significantly lower the unemployment rate." (Michael A. Fletcher, "Obama's Record: Struggling To Bring Back Jobs," The Washington Post, 10/18/12)
  • "The Tepid Pace Of Job Creation Looms As Perhaps The President's Biggest Political Vulnerability As His Re-Election Campaign Enters Its Final Weeks." "The tepid pace of job creation looms as perhaps the president's biggest political vulnerability as his re-election campaign enters its final weeks. The unemployment rate had been stuck above 8 percent for 43 consecutive months before falling to 7.8 percent in September. Still, nearly 5 million Americans have been out of work for six months or more." (Michael A. Fletcher, "Obama's Record: Struggling To Bring Back Jobs," The Washington Post, 10/18/12)

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