We are in the final throes of the Obama era. Now if there’s one thing you’d believe SHOULD would be working at this point, it’d be hope and change Obamanomics. Ha. Yesterday we got a grim reminder that his rhetoric rarely matches reality, with the smallest gain in jobs in more than five years.
The legacy of Barack Hussein Obama will be one of lies, deceit, racial division, a failed economy, a decimated military, street violence and chaos. But there is one bright spot. It shall also serve to inspire us to restore this great Constitutional Republic.
As reported by Fox Business News, “The U.S. economy created the fewest number of jobs in more than five years in May, hurt by a strike by Verizon workers and a fall in goods producing employment, pointing to labor market weakness that could make it difficult for the Federal Reserve to raise interest rates.
Nonfarm payrolls increased by only 38,000 jobs last month, the smallest gain since September 2010, the Labor Department said on Friday. Employers hired 59,000 fewer workers in March and April. The government said the month-long Verizon strike had depressed employment growth by 34,000 jobs.
The goods producing sector, which includes mining and manufacturing, shed 36,000 jobs, the most since February 2010. Even without the Verizon strike, payrolls would have increased by a mere 72,000. The Verizon workers, who were considered unemployed because they did not receive a salary during the payrolls survey week, returned to their jobs on Wednesday. They are expected to boost June employment.
The jobless rate fell three-tenths of a percentage point to 4.7 percent in May, the lowest since November 2007. The decrease in the unemployment rate was in part due to people dropping out of the labor force. Economists polled by Reuters had forecast payrolls rising 164,000 in May and the unemployment rate falling to 4.9 percent.”
Of course the Obama administration response was that they’ve had a long-running streak of job-creating months. I suppose if under President Obama’s economic policies, just one job was created, it would be deemed success. But let’s take the time and decipher just how bad these numbers truly are.
Once they drop Americans out of the workforce calculation because they’re no longer actively pursuing work — like there are many opportunities anyway – they’re able to manipulate the unemployment rate. Folks, the real unemployment rate for America is closer to 9.7 percent, but you won’t find that being touted by White House talking head Josh Earnest. After all, that would completely expose the lie that’s been promulgated for quite some time. And what’s also revealed in the report is that two previous months’ job numbers were revised downward by some 59,000 — that won’t be mentioned by the Obama administration either.Just last week Federal Reserve Chairman Janet Yellin hinted there would probably be an interest rate hike by the Fed this summer. With the news of Obamanomics only spurring an abysmal 38,000 jobs in May, that’s certainly not going to happen. This means we’ll continue to operate under an artificial economy based on “quantitative easing” measures such as manipulated low interest rates and printing money. Another very interesting point not often addressed is that in these Obama years the Federal Reserve holdings have grown from $1 trillion to nearly $4.5 trillion.
I suppose printing all of that money in order to monetize – i.e. buy — our own debt is just working fine. Not. What we’re witnessing is an aberration of monetary policy necessary in order to account for the failure of Barack Obama’s economic/fiscal policy.
Now of course for Obama, the solution is simple, as he stated earlier this week when he mentioned his plan to increase social security benefits. Once again, Barack Obama went right back to the same old tired progressive socialist playbook of the rich paying their fair share and a little more — Wealth Redistribution 101. Unfortunately, President Obama hasn’t been checking out the news to see how that’s working down in Venezuela.
Here we are in the final seven months of the Obama administration and he’s still evidencing his rigidity as an ideologue — even in the face of reality. Even now Obama will not relent and concede he’s been an abject failure with our economy.
He continues to enact regulations that deter our economic growth. He continues to champion insidious participation trophy gimmicks like the $15 minimum wage and enslaving Americans to his scheme of economic servitude by actually paying them with the largesse of our treasury to not seek work.
Yes, the expansion of the welfare nanny-state and food stamp rolls are not by accident, but by design. It was NEVER Barack Obama’s intent to strengthen the U.S. economy. It’s been his goal in life as a dedicated progressive socialist to usher in the decimation of our free market economy — just as Hugo Chavez began in Venezuela.
Unfortunately, Barack Hussein Obama has been wildly successful in this endeavor.