Just over three weeks ago, I wrote the post: Over 10 Million Jobs
That was very conservative.
The real number is over 12 Million jobs are missing from the Obama economy.
What matters more than the Employment-Population ratio averaged over the 96 months of the George W. Bush Presidency (62.7%) is what the Employment-Population ratio was when Republicans last held majority control (2+ out of 3 of the House, Senate, and Presidency) in December 2006 (63.4%).
And what matters more than the Employment-Population ratio averaged over the months of the Barack H. Obama Presidency to-date (58.7%) is what the Employment-Population ratio was last month (July 2012: 58.4%).
At 58.4%, the Employment-Population ratio is now FIVE FULL POINTS below what it was when Pelosi, Reid, and Senators Obama, Biden, and Clinton inherited a good economy from the Republicans on January 3, 2007 (63.4%).
How many missing jobs does that five point loss represent?
Over 12 Million jobs!
According to the BLS.gov data, the current Civilian noninstitutional population aged 16 years and over is 243,354,000 … over 240 Million people. Each 1% of that represents over 2.4 Million people.
5% of over 240 Million people is over 12 Million jobs.
And here’s another way to look at those same numbers…
If the Employment-population ratio right now was back to where it was when Republicans handed the gavel to the Democrats, the number of people employed would be:
243,354,000 * 0.634 = 154,286,436 people should be employed
However, because the Employment-population ratio right now is 58.4% instead of 63.4%, the ACTUAL Number Employed in the Civilian labor force in July 2012 was = 142,220,000
So how many missing jobs are represented by that Obama level of employment (58.4%) as compared to the Dec 2006 Republican level of employment (63.3%)?
154,286,436 – 142,220,000 = 12,066,436
That’s over 12 million people who should be working right now, but are unemployed because the Democrats drove the economy into the ditch and have left it sitting in the ditch.
After five and half years of majority Democrat control,
Over 12 MILLION jobs are missing from the Democrat economy!