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Stuck In The Mud

- November 4, 2011

Another Jobs Report Confirms That The Obamanomics Malaise Continues To Take Its Toll On The Economy

“Amid Few Expectations That The Employment Picture Has Improved, Government Numbers Friday Confirmed The Obvious: The Unemployment Rate Is Stuck At 9.0 Percent Where It Likely Will Be For Many Months To Come.” (Jeff Cox, “Economy Wobbles To 80,000 New Jobs, Rate Slips To 9%,” CNBC, 11/4/11)

THE UNEMPLOYMENT RATE IS STUCK ABOVE EIGHT PERCENT FOR THE 33RD MONTH IN A ROW AND NEARLY 14 MILLION AMERICANS REMAIN OUT OF WORK

Since President Obama Took Office, The Nation Has Lost 2.1 Million Jobs And The Unemployment Rate Has Increased From 7.8 Percent To 9.0 Percent. (Bureau Of Labor Statistics, Accessed 11/4/11)

Since President Obama’s $825 Billion Stimulus Bill Passed, The Nation Has Lost 1.3 Million Jobs And The Unemployment Rate Has Increased From 8.2 Percent To 9.0 Percent. (Bureau Of Labor Statistics, Accessed 11/4/11)

The Real Unemployment Rate, Including Those Working Part-Time For Economic Reasons Is 16.2 Percent. (Bureau Of Labor Statistics, Accessed 11/4/11)

  • There Are 8.9 Million Workers Employed Part-Time For Economic Reasons. (Bureau Of Labor Statistics, Accessed 11/4/11)
  • The Number Of Workers Marginally Attached To The Labor Force Increased By 44,000 To 2.6 Million. (Bureau Of Labor Statistics, Accessed 11/4/11)
  • There Are Now 25.3 Million Workers Either Unemployed, Working Part-Time For Economic Reasons, Or Marginally-Attached To The Labor Force. (Bureau Of Labor Statistics, Accessed 11/4/11)

Since Obama Took Office, The Average Number Of Weeks It Takes To Find A Job Has Nearly Doubled, From 19.9 Weeks To 39.4 Weeks. (Bureau Of Labor Statistics, Accessed 11/4/11)

5.9 Million Workers Have Been Unemployed For 27 Weeks And Over 4.1 Million Workers Have Been Unemployed For A Year Or Longer. (Bureau Of Labor Statistics, Accessed 11/4/11)

THREE YEARS AGO TODAY OBAMA SAID IT WAS TIME TO PUT AMERICA BACK TO WORK, TODAY’S REPORT SHOWS AMERICANS ARE STILL WAITING

NOVEMBER 4, 2008: Upon Winning The Election, Obama Said “This Is Our Time - To Put Our People Back To Work And Open Doors Of Opportunity For Our Kids.” OBAMA: “This is our chance to answer that call. This is our moment. This is our time - to put our people back to work and open doors of opportunity for our kids; to restore prosperity  ...” (President Barack Obama, Address Accepting Election As The 44th President Of The United States, Chicago, IL, 11/4/08)

THREE YEARS LATER: “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.” (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.” (Brenda Cronin, “Slow Recovery Feels Like Recession,” The Wall Street Journal, 10/31/11)
  • “Only 21% Of Americans Responding To The October Wall Street Journal/NBC News Poll Said They Expected The Economy To Improve In The Next 12 Months.” (Brenda Cronin, “Slow Recovery Feels Like Recession,” The Wall Street Journal, 10/31/11)

The Federal Reserve Has Downgraded Its Forecast For Growth, Predicting High Unemployment For Years To Come. “The Federal Reserve sharply downgraded its projections for the U.S. economy Wednesday, warning that weak growth and high unemployment will be the norm for years. The Fed expects that the unemployment rate will be around 8.6 percent at the end of next year, down only slightly from 9.1 percent today, and will still be between 6.8 percent and 7.7 percent in late 2014.” (Neil Irwin, “Fed Downgrades Growth Forecasts, Sees High Unemployment For Years Ahead,” The Washington Post, 11/2/11)

AMERICANS ARE STRUGGLING WITH LONG TERM UNEMPLOYMENT WHICH “CONTINUES TO CUT ACROSS NEARLY EVERY INDUSTRY AND OCCUPATION”

“Long-Term Unemployment Continues To Cut Across Nearly Every Industry And Occupation.” (“A Year Or More: The High Cost Of Long-Term Unemployment,” The Pew Charitable Trusts, 11/11)

31.8 Percent Of The 14 Million Unemployed Americans Have Been Jobless For A Year Or More. “In the third quarter of 2011 (the three month period from July to September), approximately 31.8 percent of the nearly 14 million Americans who were unemployed had been jobless for a year or more, according to the U.S. Department of Labor’s Bureau of Labor Statistics data.” (“A Year Or More: The High Cost Of Long-Term Unemployment,” The Pew Charitable Trusts, 11/11)

  • “That Percentage Translates Into More Than 4.4 Million People, Nearly The Population Of Louisiana.” (“A Year Or More: The High Cost Of Long-Term Unemployment,” The Pew Charitable Trusts, 11/11)

The Percentage Of Unemployed Workers Jobless For A Year Or Longer Doubled From 16 Percent To 31.8 Percent Between The Third Quarters Of 2009 And 2011. “Between the third quarter of 2009 and the third quarter of 2011, the percentage of workers who had been jobless for a year or longer nearly doubled from 16 percent (2.5 million) to 31.8 percent (4.4 million).” (“A Year Or More: The High Cost Of Long-Term Unemployment,” The Pew Charitable Trusts, 11/11)

  • “In The Third Quarter Of 2011, More Than 20 Percent Of Unemployed Workers In Every Industry Had Been Out Of Work For A Year Or Longer.” (“A Year Or More: The High Cost Of Long-Term Unemployment,” The Pew Charitable Trusts, 11/11)
  • “In Certain Industries, Such As Mining, Manufacturing, Transportation And Utilities, And Financial Activities, The Percentage Of Workers Who Had Been Jobless For A Year Or Longer Is Over 40 Percent.” (“A Year Or More: The High Cost Of Long-Term Unemployment,” The Pew Charitable Trusts, 11/11)

RESULTING IN RECORD RISES IN POVERTY RATES AND FOOD STAMP USAGE

Since President Obama Took Office, 6.3 Million Americans Have Fallen Into Poverty. (Press Release, “Income, Poverty And Health Insurance Coverage In The United States: 2010,” U.S. Census Bureau, 9/13/11)

  • In 2010, The Number Of Americans Living In Poverty (46.2 Million) Reached The Highest Level On Record. (Press Release, “Income, Poverty And Health Insurance Coverage In The United States: 2010,” U.S. Census Bureau, 9/13/11)

“About 20.5 Million Americans, Or 6.7 percent Of The U.S. Population, Make Up The Poorest Poor, Defined As Those At 50 Percent Or Less Of The Official Poverty Level.” (Hope Yen and Laura Wides-Munoz, “Poorest Poor In US Hits New Record: 1 In 15 People,” The Associated Press, 11/3/11)

There Are 13.8 Million More Americans On Food Stamps Than Since Obama Took Office, An Increase Of 43.3 Percent. (Supplemental Nutrition Program, Department Of Agriculture, 10/31/11)

“The Number Of Americans Receiving Food Stamps Reached A Record 45.8 Million In August, The Government Said.” (Alan Bjerga, “U.S. Food-Stamp Use Reaches Record 45.8 Million, USDA Says,” Bloomberg, 11/2/11)

  • The Number Of Americans On Food Stamps Is 8.1 Percent Higher Than One Year Ago. “The figure was 1.1 percent higher than the previous month and 8.1 percent more than a year earlier, the U.S. Department of Agriculture said today in a report on its website” (Alan Bjerga, “U.S. Food-Stamp Use Reaches Record 45.8 Million, USDA Says,” Bloomberg, 11/2/11)

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