Over 10 Million Jobs

Over 10 Million jobs. That’s how many jobs are missing from the Obama economy.

The average Employment-Population ratio over the 96 months of the George W. Bush Presidency (January 2001 – December 2008) was: 62.7%

The average Employment-Population ratio over the 42 months of the Barack H. Obama Presidency to-date (January 2009 – June 2012) is: 58.7% (And Obama has been below his average for the last two years.)

The current (June 2012) civilian noninstitutional population 16 years and over: 243,155,000

If we currently had the same level of Employment-Population ratio that was the average over the 96 months of the George W. Bush Presidency, how many people would be employed today?

62.7% * 243,155,000 = 152,458,000

What was the actual number of people employed in June 2012?

What’s the difference between the two?
10,043,000 jobs

Over 10 Million jobs! 

That’s how many jobs are missing from the Obama economy.

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4 Responses to Over 10 Million Jobs

  1. The media has focused on prolonged unemployment over 8 percent, while generally downplaying a shocker: the soaring number of people unemployed for more than 6 months.

    According to the Bureau of Labor Statistics, back in January 2009 when Barack Obama was sworn in, there were 2.6 million people unemployed for more than 6 months. By June 2012, the ranks of the long-term jobless soared more than 100 percent to 5.3 million.

    President Obama has promoted long-term unemployment by adopting policies that make it harder and more expensive for employers to hire people. He has relentlessly pushed for higher taxes, higher energy costs, compulsory unionism and, of course, Obamacare. One doesn’t need a Harvard degree to figure out that when government makes hiring more difficult and expensive, there’s likely to be less of it.

    Obama’s policy of extending and re-extending unemployment benefits is another culprit. Many academic studies show how unemployment benefits undermine the urgency of finding a job. People can afford to be more picky, and as a result they’re out of work longer. But the longer they’re out of work, the more out of touch they’re likely to be and the harder to find a another job.

    From an employer’s point of view, it’s always difficult to determine whether a job seeker will be able to do what he or she is supposed to. Calling references often doesn’t reveal much, since an employer might be sued for making candid comments about a former employee’s performance. An employer might be willing to confirm only that a particular individual was an employee at the firm. Moreover, many washouts have had glowing resumes. It’s no wonder employers seem to feel more comfortable making an offer to somebody who has a job rather than somebody who lost a job.

    As extended unemployment benefits finally expired, large numbers of out-of-work people have applied for Social Security disability benefits.

    Stephen Goss, Chief Actuary of the Social Security Administration acknowledged that “when people become unemployed, they seek a way to continue having income. So, we had an increase in the number of applications and the number of people receiving benefits.”

    The Social Security Administration reported that in May 2012, the latest period for which statistics are available, more than 10 million people were receiving disability benefits at an annual rate of about $130 billion. These people, incidentally, aren’t counted among the unemployed – another way the unemployment rate under-states the severity of our current crisis.

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  2. Miri says:

    It’s a good thing for them, then, that Obama is unilaterally rewriting the 1996 welfare reform law to just waive the work requirement.

  3. Miri,

    Obama administration guts work requirements for Clinton-era welfare reform
    Jul 13, 2012 11:21 AM by Rob Bluey

    ‘He is hurting the very people he claims to help.’

  4. Pingback: Over 12 Million Missing Jobs | I Took The Red Pill

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