The latest federal jobs report, again providing bad news for job seekers and the economy, raises a vital question: since the statistics clearly indicate that President Obama’s economic policies have failed, why has there been no change of course from the White House?
According to the Department of Labor, (DOL) very few jobs were created last month, significantly below already modest expectations. They were in fields that, for the most part, do little to revive an American economy apparently heading into recession, and they did not go to those most sorely in need, or do anything to assist the bedrock of the U.S., the middle class.
Among the dismal numbers:
“Among the major worker groups, the unemployment rates for adult men (4.7 percent),adult women, teenagers (16.3 percent), whites (4.4 percent), blacks (9.2 percent), Asians (3.6 percent), and Hispanics (6.4 percent) showed little or no change in September. The number of persons unemployed for less than 5 weeks increased by 268,000 to 2.4 million in September, partially offsetting a decline in August. The number of long-term unemployed (those jobless for 27 weeks or more) was little changed at 2.1 million in September and accounted for 26.6 percent of the unemployed. The civilian labor force participation rate declined to 62.4 percent in September; the rate had been 62.6 percent for the prior 3 months. The employment-population ratio edged down to 59.2 percent in September, after showing little movement for the first 8 months of the year.” In addition, hourly wages declined. In a worrisome note, the August numbers were revised downward, something that generally happens only during a recession.
The American Enterprise Institute called the information a “worrying jobs report. Few jobs created, no pressure on wages and a slight increase in the long-term unemployed. Labor force participation declines even further.”
Breitbart notes that “The number of Americans not in the labor force exceeded 94 million for the second time in a row last month hitting a new record high.”
Zerohedge.com called the DOL report
“…a total disaster, 60K below the consensus and below the lowest estimate. Just as bad, the August print was also revised far lower from 173K to 136K. And while it is less followed, the household survey was an unmitigated disaster, with 236,000 jobs lost in September. Putting it into perspective, in 2015 job growth has averaged 198,000 per month, compared with an average monthly gain of 260,000 in 2014. The recession is almost here…not only were workers paid less, they worked less, as the average hourly work week declined from 34.6 hours to 34.5, suggesting an imminent collapse in economic output.”
The Washington Examiner’s review of the DOL report revealed that “For a third month in a row, native-born Americans saw their job numbers tumble while immigrants experience solid gains. According to the montly Bureau of Labor Statistics numbers just released, “foreign-born” jobs numbers increased by 14,000, while those for “native-born” Americans fell off a cliff, by 262,000. Over the past three months, the job numbers for native-born have dropped by nearly 1 million, exactly the number of jobs President Obama promised to add when he ran for re-election in 2012.”
Now in its seventh year of failure in attempts to turn the job market around, Americans are justifiably asking why President Obama continues to cling to policies that have clearly and significantly failed.
The Competitive Enterprise Institute’s Ian Murray implicates the actions of the Department of Labor and the National Labor Relations Board for at least some part of the depressed job picture. “Both bodies have made moves over the past few months that make flexible working arrangements difficult. Thereby, they have discouraged both businesses from hiring and workers who would prefer flexible arrangements from getting the working conditions they want. Examples include:
- The Department of Labor’s interpretationof the Fair Labor Standards Act, which essentially says that most independent contractors have to be classified as employees, and therefore subject to a host of cost-increasing regulations.
- The Department of Labor’s proposed overtime rule, which will significantly increase costs on businesses that promote from within if they wish to encourage aspirational staff to work longer hours. (The likelihoodis that hours will be cut instead.)
- The National Labor Relations Board’s decisionon “joint employer” classification and its impending rulings on franchisesand contingent workers. These decisions threaten business models that sustain 5 million jobs across the U.S.
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With this regulatory onslaught ongoing, it should not be surprising that job growth has slowed (although there are clearly many other factors at work as well).”
The San Diego Tribune discusses the implications of hiring foreign workers through H-1B visas, allowing foreign workers to now compete on a larger scale for middle class jobs the same way they have competed for lower wage positions.
Both of those areas are important, but each plays only a singular role in the overall economic challenges imposed by a White House that, in the face of the worst economic climate in recent history, continues to overregulate, overtax, allows massive illegal immigration, pursues trade deals that don’t result in fairness for U.S. companies, and imposes uncertainty on American enterprises.