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Your Best Isn’t Good Enough

- March 9, 2012

The “Recovery” The White House Is Cheering Fails To Bring Down An Unemployment Rate That Has Remained Over 8 Percent For 37 Straight Months

THE ECONOMY REMAINS MIRED IN THE MALAISE OF OBAMANOMICS

“The Number Of Unemployed Persons, At 12.8 Million, Was Essentially Unchanged In February.” (“The Employment Situation – February 2012,” Bureau Of Labor Statistics, 3/9/12)

  • There Are 757,000 More Unemployed Workers Than When Obama Took Office. (Bureau Of Statistics, Accessed 3/9/12)

“Although The Job Market Is Gaining Some Muscle, The Pace Of Improvement Remains Too Slow To Do Much To Absorb The 23.5 Million Americans Who Are Either Out Of Work Or Underemployed.” (Lucia Mutikani, “Payrolls Up Solidly, Jobless Rate At 8.3 Percent,” Reuters, 3/9/12)

CNBC’s Brian Sullivan: “At This Rate Of Job Creation It Will Take Us A Decade To Get Back To Pre-Recession Employment Levels.” “But, we’re going to need 3 and 400,000 jobs a month created to get back to where we were. At this rate of job creation it will take us a decade to get back to pre-recession employment levels. Still 14 plus million unemployed and millions more underemployed, people who are working 30 hours a week with no benefits but want a full time job with benefits.” (MSNBC’s “Morning Joe,” 3/9/12)

  • “Economists Cautioned That Growth Needed To Be Much Stronger, And For Much Longer, Before The Unemployment Rate Declines Significantly.” (Shaila Dewan, “U.S. Added 227,000 Jobs Last Month; Rate At 8.3%,” The New York Times, 3/9/12)
  • “Despite The Upward Trend In Job Creation, There Remained Strong Doubts About Whether The Drop In The Unemployment Rate Could Continue.” (Jeff Cox, “Jobless Rate Flat At 8.3% Even As Payrolls Grow 227,000,” CNBC, 3/9/12)

The Jobs Report May Be “Inflated Because Of The Abnormally Warm Weather” Meaning “February May Have Robbed April Of Its Normal Boost In Activity.” “Some economists cautioned that the jobs report might be inflated because of the abnormally warm winter, which has allowed for more construction than usual and a change in consumer spending habits, meaning that in essence February may have robbed April of its normal boost in activity.” (Shaila Dewan, “U.S. Added 227,000 Jobs Last Month; Rate At 8.3%,” The New York Times, 3/9/12)

The Labor Force Participation Rate “Remains Near Historic Lows.” “Though the labor force participation rate actually increased to 63.7 percent in February, it remains near historic lows. Those not looking for jobs are simply not counted in the official jobless rate. The rate is thus treated with skepticism as an accurate gauge for measuring the job market's health.” (Jeff Cox, “Jobless Rate Flat At 8.3% Even As Payrolls Grow 227,000,” CNBC, 3/9/12)

  • Jim Pethokoukis: “10.8%: The Unemployment Rate If Labor Force Participation Was The Same As When Obama Took Office.” (James Pethokoukis, Twitter Feed, 3/9/12)
  • “When Adding The Aging Population And The Decline In Population Rate Against Actual Jobs Created, The Unemployment Rate Likely Dropped Just 0.04 Percentage Points Since Last August.”  “In fact, when adding the aging population and the decline in population rate against actual jobs created, the unemployment rate likely dropped just 0.04 percentage points since last August, according to an analysis from Nomura Securities economist Aichi Amemiya. According to the government's measure, though, the rate dropped 0.8 percentage points.” (Jeff Cox, “Jobless Rate Flat At 8.3% Even As Payrolls Grow 227,000,” CNBC, 3/9/12)

MILLIONS OF AMERICANS REMAIN DESPERATE FOR WORK

Since President Obama Took Office, The Average Duration Of Unemployment Has More Than Doubled From 19.9 Weeks To 40.0 Weeks. (Bureau Of Labor Statistics, Accessed 3/9/12)

  • Since Obama Took Office, The Share Of Unemployed Out Of Work For 27 Weeks Or Longer Has Increased From 22.6 Percent To 42.6 Percent. (Bureau Of Labor Statistics, Accessed 3/9/12)
  • The Share Of Unemployed Workers Out Of Work For 27 Weeks Or Longer Is “Staggering”, “Stunning.” CNBC’S KELLY EVANS: “The share of those as the total unemployed is staying separately high.” ECONOMIST DIANE SWONK: “The question is, are they getting jobs or are they dropping off? We're starting to losing some people off the long-term unemployment insurance and so some may be dropping out. The previous peak on that number in the '80s was 26%. This is still something really –” EVANS: “That is staggering.” SWONK: “-- Stunning.” (CNBC’s “Squawk Box,” 3/9/12)

The Unemployment Rate Has Remained Above Eight Percent For A Post-WWII Record 37 Straight Months Since The Stimulus Was Passed. (Bureau Of Statistics, Accessed 3/9/12)

  • The Unemployment Rate Peaked At 10.0 Percent In October 2009. (Bureau Of Statistics, Accessed 3/9/12)
  • Congressional Budget Office: Unemployment Has Remained Above Eight Percent For The Longest Stretch Since The Great Depression. “The rate of unemployment in the United States has exceeded 8 percent since February 2009, making the past three years the longest stretch of high unemployment in this country since the Great Depression.” (“Understanding And Responding To Persistently High Unemployment,” Congressional Budget Office, 2/16/12)
  • In February, The Unemployment Rate For African-Americans Increase 0.5 Percent To 14.1 Percent, Up From 12.7 Percent When Obama Took Office. (Bureau Of Statistics, Accessed 3/9/12)
  • Since Obama Took Office, The Unemployment Rate For Hispanics Has Increased From 10.0 Percent To 10.7 Percent. (Bureau Of Statistics, Accessed 3/9/12)

Since President Obama Took Office, The Nation Has Lost 864,000 Jobs And The Unemployment Rate Has Increased From 7.8 Percent To 8.3 Percent. (Bureau Of Labor Statistics, Accessed 3/9/12)

There Are Currently 1,006,000 Unemployed Workers That Have Given Up Looking For Work. (Bureau Of Labor Statistics, Accessed 3/9/12)

Since Obama Took Office, The Real Unemployment Rate, Including Those That Are Working Part-Time Due To Economic Reasons, Has Increased From 14.2 Percent To 14.9 Percent. (Bureau Of Labor Statistics, Accessed 3/9/12)

In February, The Number Of Unemployed Workers Increased By 48,000 To 12,758,000 Unemployed Workers. (Bureau Of Labor Statistics, Accessed 3/9/12)

OBAMA’S POLICIES HAVE STALLED GROWTH AND LEFT THE NATION STRUGGLING THROUGH THE WEAKEST RECOVERY SINCE THE GREAT DEPRESSION

“Americans Are Two Years Into A Recovery That Doesn't Feel Much Different To Many Of Them From Life During The Most Bruising Recession In Seven Decades.” “Americans are two years into a recovery that doesn't feel much different to many of them from life during the most bruising recession in seven decades. Scenes of the long haul back from the slump show a nation struggling to rebuild after a battering that crossed ages, regions and occupations. A sobering set of economic statistics is at the heart of tales of Americans moving in with relatives, switching careers and dialing back on spending to cope with straitened circumstances amid the fitful rebound.” (Brenda Cronin, “Slow Recovery Feels Like Recession,” The Wall Street Journal, 10/31/11)

  • “No Recession Since The Great Depression Was Deeper Or Longer Than The Most Recent.” “Other data paint a similarly bleak picture. No recession since the Great Depression was deeper or longer than the most recent. It has taken two years for the nation's total output of goods and services to return to pre-recession levels, longer than after any recession since World War II. And on a per-capita basis, the Commerce Department said Thursday, output remains 3% lower than it was at the end of 2007.” (Brenda Cronin, “Slow Recovery Feels Like Recession,” The Wall Street Journal, 10/31/11)

Fed Chair Ben Bernanke: The Job Market Remains “Far From Normal.” “Federal Reserve Chairman Ben Bernanke headed to Capitol Hill Wednesday to give Congress his semi-annual report on the economy, and what he had to say wasn't exactly rosy. The job market remains ‘far from normal,’ household income is flat and access to credit remains too tight for many people, he said.” (Annalyn Censky, “Bernanke: Job Market ‘Fall From Normal,’” CNN Money, 2/29/12)

A Robust Recovery In 2012 Does Not Look Likely. “All of these factors combined don't make a great case for a robust recovery in 2012, and that's why the Fed is likely to keep monetary policy loose for the foreseeable future.” (Annalyn Censky, “Bernanke: Job Market ‘Fall From Normal,’” CNN Money, 2/29/12)

  • “The Federal Reserve Predicts The Economy Will Grow Only 2.2% To 2.7% This Year, Not Much Faster Than It Grew In The Second Half Of 2011.” (Annalyn Censky, “Bernanke: Job Market ‘Fall From Normal,’” CNN Money, 2/29/12)

There Is An “Uncomfortably High” Chance The U.S. Could Experience Another Recession. “The report commissioned by the mayors, which was prepared by IHS Global Insight, said that even as the recovery continued to take hold there was an ‘uncomfortably high’ 30 percent chance that the United States could slide back into recession.” (Michael Cooper, “Few Cities Have Regained Jobs They Lost, Report Finds,” The New York Times, 1/18/12)

  • “Many See A Long, Hard Slog Ahead And Economic Growth This Year Is Not Expected To Be Much More Than 2.0 Percent, Barely Up From 2011's Growth Pace.” “There have been some signs of a quickening in U.S. economic growth recently after it emerged from recession in mid-2009. Hiring was stronger than forecast in December and confidence among consumers rose to its highest level in eight months in January. But many see a long, hard slog ahead and economic growth this year is not expected to be much more than 2.0 percent, barely up from 2011's growth pace.” (Jilian Mincer and Jonathan Spicer, “Insight: Recovery At Risk As Americans Raid Savings,” Reuters, 1/17/12)

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