After Donald Trump won the presidency. “The private sector is doing just fine” this according to President Barack Obama referring to the current economy’s economic condition during his seven (7) plus years in the Oval office. Are we finally witnessing a president that is out of tune with the core values of American monetary financial system already in a financial bind heading deeper towards another collapse. It has been said before by political wigs now the proof is in the pudding. This proves the president is “out of touch.”
President Obama’s handing of the economy appears clueless without a choice saying “the economic sector is doing just fine.” I suppose that the public and private sector is exceptional, not without facts. The public and private sector employment has been matching the country’s overall unemployment and weak job growth rate. If the economy gets worse it’s not your fault President Obama. You don’t accept responsibility. Reality check. This is your economy. You get the blame.
The economy was one of the biggest issue on voter’s minds that elected Donald Trump to be the next Commandeering Chief. With a high unemployment rate and the economy struggling to recover. There are too many people out of work. The housing market has rebounded a bit, still a little sluggish. Homes in foreclosure with nothing presenting economic growth. Millions of Americans are struggling for work not doing fine. Job creation and job growth is not doing fine, the middle class that drives small business is not doing fine. The Obama administration covers up his lies, he will tell you everything is fine.
The public sector is in the same shape as the private sector. Both continue to struggle with job loss and jobs cut back on spending contribute to a very slow recovery. The public sector stimulus bailout has ran out with more jobs being lost compared to pre stimulus hiring as thousands of jobs being lost each month. The private sector needs to rush job creation in a hurry.
President Obama comments after Trumps election are disturbing based on facts that over 450,000 plus people each week in the last seven plus years have been filing for unemployment benefit. Last month 69,000 jobs were added to the workforce and more than 1 million people filed for unemployment furthering Obama’s agenda, borrowing trillions of new debt, and passing many laws that restrict growth, using bailouts to support Obama’s Crony Capitalism.
Here are the facts for this past October. The unemployment rate, at 7.9 percent, and the number of unemployed persons, at 11.8 million, changed little in October. Both measures have shown little movement since August 2015. Among the major worker groups, the unemployment rate for Hispanics declined to 8.7 percent in October, while the rates for adult men (5.6 percent), adult women (6.3 percent), teenagers (22.6 percent), Whites (4.3 percent), Blacks (32.6 percent), and Asians (3.4 percent) showed little change.
The number of job losers and persons who completed temporary jobs declined by 218,000 over the month to 3.7 million. The number of long-term unemployed for 27 weeks or more was unchanged at 4.0 million in October and accounted for 25.2 percent of the unemployed. In October, both the labor force participation rate, at 62.8 percent, and the employment-population ratio, at 59.7 percent, changed little. These measures have shown little movement in recent months, although both are up a tad bit over a seven year period.
The number of persons employed part time for economic reasons was unchanged in October at 5.9 million. These individuals, who would have preferred full-time employment, were working part time because their hours had been cut back or because they were unable to find a full-time job. In October, 1.7 million persons were marginally attached to the labor force, down by 216,000 from a year earlier. These individuals were not in the labor force, wanted to work and available for work, and looked for a job sometime in the prior 12 months. They were not counted in the labor force because work is not available.
Among the marginally attached, there were 687,000 discouraged workers in October, down by 278,000 from a year earlier. Discouraged workers are persons not currently looking for work because no jobs are available for them. The remaining 28 million plus persons are being replaced by illegal immigrants that companies don’t or won’t report who are hired for cheap labor.
The Obama administration have devastated the middle class by allowing business to use their power to influence government preventing economic growth taking political power with both government action parading governmental favors. This is no more than President Obamas ideologically motivating government intervention or calling stimulus bailouts as investments. In the true sense, this is Obama economic policies of governmental favoritism spreading crony socialism influence failed economic policies. But the economy is doing fine according to that brain of his. Can’t wait for Trumps Inauguration in January.