The Obama Economy Still Sucks

In Obama’s Economy, Income Inequality Is Wide, Labor Participation Is Low And Jobs Are Part-Time & Temporary

Img: Two Years Of The Same Economic Msg

Income Inequality ‘Widest It's Been Since The Roaring '20s’

“The gulf between the richest 1 percent and the rest of America is the widest it's been since the Roaring '20s. … In 2012, the incomes of the top 1 percent rose nearly 20 percent compared with a 1 percent increase for the remaining 99 percent.” (“Wealth Gap Widens: Richest 1 Percent Earn Biggest Share Of Income Since 1920s,” AP, 9/10/13)

Labor Force Participation Rate ‘Shrunk To A Level Not Seen In 35 Years’

“…the slice of Americans involved in the labor force has shrunk to a level not seen in 35 years. The labor force participation rate -- the percentage of people over 16 who either have a job or are actively searching for one -- fell to 63.2% in August. The last time it was that low was in August of 1978.” (“Labor Participation Lowest Since 1978,” CNN Money, 9/6/13)

• Washington Post Editorial: “The shrinkage of the U.S. labor force reflects the U.S. economy’s current weakness — and threatens to perpetuate it.” (Editorial, “Slowing The Decline In The Size Of The Labor Force,” Washington Post, 9/7/13)

Obamacare Forcing Part-Time, Temporary Work

“If this economic recovery feels part-time and temporary, it could be because so many of the jobs it is creating are part-time and temporary. Part-time employment has surged in recent months, highlighting both the tentative nature of this long, slow economic recovery and the changing dynamics of work. Through July, according to Labor Department statistics, the number of people working part time in the U.S. grew 4 ½ times as fast as the number of full-time workers. And the share of all workers who mainly hold part-time jobs is at levels not seen since the early 1980s.” (“Part-Time Work Often Involuntary,” St. Louis Post-Dispatch, 9/16/13)

• “…concern[s] that President Barack Obama's signature health care law will drive up business costs are behind the wariness about taking on full-time staff, executives at staffing and payroll firms say.” (“Analysis: Obamacare, Tepid U.S. Growth Fuel Part-Time Hiring,” Reuters, 8/21/13)
• “Business owners are reluctant to hire full-time because they don't … want to tip the scales and become subject to Obamacare.” (“Want A Job? Good Luck Finding Full-Time Work,” CNN Money, 8/12/13)

“For Americans aged 16 to 24 who aren't enrolled in school, the employment picture is grim. Only 36 percent are working full time, down 10 percentage points from 2007. Longer term, the overall labor-force participation rate for that age group has dropped 20 percentage points for men and 14 points for women since 1989. This lack of jobs will damage the long-term careers of a big chunk of the next working generation.” (“A Dearth Of Investment In Young Workers,” The New York Times, 9/7/13)

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