Obama gets no credit for gaudy job growth numbers and DJIA records for good reason
US employers added 321,000 new jobs in November and the the DJIA and SP500 both smashed records.
So what? The jobs suck. They are in are in retail, temp services and warehousing. And because the publicly traded companies that are listed in the Dow and SP500 are not investing in manufacturing, the trading markets don’t reflect the economy experienced by the vast majority of Americans. Sure, the 1% is in great shape, but average Americans continue to be left out in the cold by the post NAFTA economy.
WASHINGTON (AP) — U.S. employers added a whopping 321,000 jobs in November, the biggest burst of hiring in nearly three years and the latest sign that the United States is outperforming other economies throughout the developed world.
The Labor Department also said Friday that 44,000 more jobs were added in September and October combined than the government had previously estimated. Job gains have averaged 241,000 a month this year, putting 2014 on track to be the strongest year for hiring since 1999.
The unemployment rate remained at a six-year low of 5.8 percent last month.
The robust job gains come after the economy expanded from April through September at its fastest pace in 11 years. The additional jobs should support steady growth in coming months.
Average hourly wages rose 9 cents to $24.66 last month, the biggest gain in 17 months. Yet in the past 12 months, hourly pay is up just 2.1 percent, barely ahead of the 1.7 percent inflation rate.
The job gains were fueled in part by strong hiring in retail, temporary services and transportation and warehousing.
And the people most hurt by low wage jobs-the uneducated lower middle class- votes for the robber baron party to satisify their racial resentments toward those even poorer and weaker then themselves
Having employment at 5.5% is terrific, but it isn’t going to matter for shit when the chickens come home to roost with the fundamental problems of how our current economy is being propped up by another bubble. The u/e numbers are temporary and are masking the massive amounts of cash being pumped into our economy that haven’t moved the GDP or Debt in anywhere close to the direction they need to be going and should be going
The rich get richer, the middle class moves sideways and backwards. Trillions of dollars pumped into our economy and people still get paid the same they did 10 years. It’s bullshit
Obama has no plan for the economy and thats his solution.
Like Bush Obama gets no credit for the economy and deserves none, as noted jobs are low wage. But there is no quick fix, especially when the vast majority of politicians are in the employ of the one percent, Delaware’s included. Voter education and political awareness in America remains a daunting task, many Americans remain blissfully ignorant of politics and are unable to discern who’s out to get them and why. Also as noted at least for now race has a lot to do with it.
So Bush and Obama deserve ZERO credit for saving banks from themselves? They all just pulled themselves up by their own boot straps? Its not like Presidents (and politicians) engage in trade negotiations, grants, research, etc.
Acting as if politicians have no effect on the economy is just as misguided as giving them all the credit.
I was commenting on how the numbers are not being celebrated.