Obama's Economy

The recent job report simply shows what has been obvious, Obamanomics is still failing! The media reports that unemployment has dropped to 7.3 from 7.4, and of course the perfunctory declaration of hundreds of thousands of new jobs created. This month it was reported that full time jobs outnumbered part time jobs. However, this recent job report was recognized for what it was, a demonstration of a soft economy that has existed since the recovery supposedly started in 2009. 300,000 people left the job market and labor participation rate continued to drop as America's job creation machine continued its decline under the economic stewardship of Obama.

The Fed is starting to taper and the economy may not have the treat of the Feds pumping a ton of dollars to keep the economy afloat. The job report, combined with Obama's disastrous foreign policy, shows a nation in dire straight with an economic team unsure of what to do next and a foreign policy team preparing America for a war that Americans don’ want.

The job report is a quarter full and three quarters empty with the participation rate continuing its drop to levels not seen since the Carter Years! If the participation rate was more realistic and close to what it was before the recession began, then actual unemployment would be closer to 11.5%. The present unemployment rate does not measure those who have left the work force. While in a society that is aging, it stands to reason that participation would drop, but the aging population does not explain this drop! Canada's unemployment rate is not only lower, but the participation rate is higher with a work force demographic similar to the United States.

One reason is the expansion of the welfare state, including government-expanded definition of disability. The latter has led to a surge of application and to make it worse, it is becoming better financially to stay home and collect welfare than to work if you are member of lower income. In Obama's America, living off the state is becoming more attractive than working, and the idea of the America Dream is being strangled as we drift slowly to a European style of democratic socialism.

One year after Obama's re-election, one has to wonder how many of his voters have buyer's remorse. The middle class income is still declining, many Americans have given up looking for jobs and stay home, while the world has become more dangerous as our enemies mock us and our allies no longer trust us.