CBO slams Obama’s recovery as sluggish; labor force won’t recover for years

[Revmitchell]

The Congressional Budget Office has more bad news for President Barack Obama: His economic recovery isn’t working — and is much worse than the previous four recoveries.

“More than four and a half years after the end of the recession, employment has risen sluggishly — much more slowly than it grew, on average, during the four previous recoveries that lasted more than one year,” the report reads. (CBO: Obama’s proposed minimum wage hike would cost 500,000 jobs by 2016)

The CBO also lent credence to Republican insistence that the small declines in unemployment often touted by the White House are largely because of disenchanted and unemployed people dropping out of the labor force and not being counted. (RELATED: CBO triples estimate of Obamacare work force cuts to 2.3 million)

Read more: http://dailycaller.com/2014/02/27/c...r-force-wont-recover-for-years/#ixzz2uZPozFIH

http://www.cbo.gov/publication/4514...dBlitzEmail&utm_content=812526&utm_campaign=0

http://dailycaller.com/2014/02/18/c...mum-wage-hike-would-cost-500000-jobs-by-2016/

http://dailycaller.com/2014/02/04/cbo-triples-estimate-of-obamacare-work-force-cuts-to-2-3-million/

 

[carpro]

The CBO is a latecomer.

Anyone with just a moderate understanding of what drives the economy of this country has known it for years.

 

[thisnumbersdisconnected]

From last July on the Phoenix Capital Research website, "Gains, pains and capital."

The one chart that proves we're not in an economic recovery​

The US economy continues to fall to pieces, though accounting gimmicks make our employment numbers look better than reality.

As I’ve alerted subscribers of our Private Wealth Advisory newsletter, most of the new “jobs” being created are part-time, not full time positions. Indeed, we’ve added over 500,000 part-time jobs to the US economy in 2013 so far. An incredible 360,000 of this came last month. And all in all we’ve now got a record 28+ million people working part-time in the US.

As for full-time jobs, well, we LOST 240,000 last month. And despite all the rhetoric coming out of Washington about a “recovery,” we’ve actually only added 130,000 in 2013 so far. To put this into perspective, we need to create at least 90,000 new full-time jobs PER MONTH to maintain employment levels based on population growth.

This is why the employment population ratio (take the number of people employed and divide it by the number of people who are of working age) hasn’t really moved in the four years since the Great Recession allegedly “ended.”

Graham Summers of Phoenix went on to say ...

This is the #1 reason all the talk of “recovery” and “jobs growth” is totally bogus. If you are willing to fudge numbers and adjust measurements, then sure, things look much better. But the reality is that since 2009, there hasn’t been anywhere NEAR the job growth needed to claim we’re in a recovery.

This was three months before Fox Business and Fox News were onto the fact that the administration was manipulating numbers and that the "job creation" was an illusion created by counting part-time work as "newly created jobs" when the reality is most of the part-time jobs are the breakdown of one full-time job into two part-time positions so businesses don't have to pay for healthcare the ACA has made unaffordable (thus giving the lie to its name).