There is no other way to describe the latest jobs report other than abysmal. Any attempt to spin it is dishonest and pathetic. The American people know what is really going on, because they are living it. Positive spin from the White House or Democrats will only look bad for them, as they will seem out of touch. Let's break down this jobs report from March.
- While the unemployment rate dropped to 7.6% from 7.7%, this is not because more people found jobs. This is because people simply gave up looking for work.
- More than half a million Americans – 663,000 to be exact – dropped out of the labor force in March. That's an astounding figure.
- The labor force participation rate dropped to 63.3% from 63.5%. That is the lowest level in 30 years, since the days of Jimmy Carter.
- If the labor force participation rate was the same as it was in January 2009, when Obama took office, our unemployment rate would be 10.98%.
- According to the Bureau of Labor Statistics, over 9 million Americans have dropped out of the labor force since Obama was inaugurated in January 2009.
- 90 million Americans are no longer even looking for work.
- While we need to create 125,000 jobs per month just to keep up with population growth, only 88,000 jobs were created last month. According to James Pethokoukis, the economy would never return to full employment at this rate. Ever.
- We now have 11.7 million Americans unemployed and an astounding 21.6 million Americans underemployed. That puts the U-6 unemployment rate at 13.4%.
Before we go any further, let's get this out of the way: This is not, I repeat, not because of the sequester. For those government workers who will unfortunately receive furlough notices, those just started going out. They don't have any impact on last months' jobs report. Not to mention the fact that we are only talking about a $42 billion cut in spending. Hardly a dent in what our government spends every year. Analysts say that this report has more to do with the tax increases that went into effect earlier in the year. Imagine that – Tax increases have a negative effect on job creation!
But before we even got the news of the terrible jobs report, the lapdog ObamaMania media was already blaming unemployment on the sequester. Then, as expected, liberals like my buddy Alan Goolsbee were immediately looking to blame the sequester, calling the report a “punch in the gut.” The White House's official response also took to blaming the jobs report on the sequester. From the official White House blog:
It is important to bear in mind that the March household and payroll surveys are the first monthly surveys to look at employment since the beginning of sequestration. While the recovery was gaining traction before sequestration took effect, these arbitrary and unnecessary cuts to government services will be a headwind in the months to come, and will cut key investments in the Nation’s future competitiveness …
Now is not the time for Washington to impose more self-inflicted wounds on the economy. The Administration continues to urge Congress to replace the sequester with balanced deficit reduction, while working to put in place measures to put more Americans back to work like rebuilding our roads and bridges and promoting American manufacturing.
It's so predictable. I hope that the American people see right through this. The fact is that this president has overseen the worst economic “recovery” since WWII. If you read Mort Zuckerman's piece in US News and World Report (published before the March jobs report) you will get a very clear picture of the fact that our economy is going backwards under this president. But the American people know this because they are forced to endure it every day.
It's no coincidence that at the same time we hear of these pathetic jobs numbers, we also get a report that a record number of Americans are now collecting disability. In March, a record 8,853,614 collected federal disability payments. As pointed out by CNS News, “That means there are more than 3 times as many Americans taking disability payments as there are people living in the city of Chicago.” Under Obama, the program has run a deficit each of his four years in office thus far, with 2012 running a record $31.2 billion deficit. To put this in context, the Disability Insurance Trust Fund ran a surplus for fifteen straight years before Obama took office.
This is no accident. Obama's failed recovery, coupled with his encouragement of government dependency has fueled this upside-down economy: Fewer people are working and more people are becoming dependent on the government. In fact, tonight on Hannity we will be doing a spotlight on food stamp abuse. The number of Americans now dependent on food stamps under Barack Obama is at record levels – Almost 50 million Americans, roughly the same amount of people as the entire country of Spain. With this level of dependency also comes waste, fraud and abuse and you, the hard-working taxpayers, are paying for it.