Florida Representative Debbie Wasserman Schultz, chairwoman of the Democratic National Committee, tried to deflect the abysmal August jobs report, by trying to turn attention to Mitt Romney’s finances and away from the Obama economy.
She finally stated on Fox News Sunday, “Everyone acknowledges that we have a long way to go, but we have made significant progress.”
Anyone seen Mitt’s tax returns? Anyone? Anyone?
Let’s investigate Obama’s significant progress with job growth.
August marks the 41st consecutive month of over 8% unemployment and the 96,000 jobs created by the private economy last month are 54,000 jobs less than that needed just to keep up with the new growth in the nation’s workforce each month.
Job creation was 34,000 jobs lower than expected by economists and the unemployment rate dropped to 8.1% from 8.3%, only because eligible workers left the labor force. Figures showed that for every job created, four people dropped out of the workforce.
The workforce is at its lowest level in 31 years. Also, the number of jobs created in 2012 per month is 139,000, while last year the jobs created were at a 153,000 rate per month, a decrease of 9.2% year over year. Job creation is decreasing not increasing – some progress!
It’s the same story with the unemployment rate: It’s down from over 10 percent only a couple years ago, but has remained above 8 percent for over three years, the longest stretch since monthly records began in 1948.
Middle class wages and employees looking for work are shrinking:
For the first time since 1945, incomes have gone backward (from $72,956 to $69,487, a 5 percent drop) and total wealth (assets minus debt) dropped by 28 percent, to $93,150 from $129,582. During this period, the median wealth of the upper-income tier was essentially unchanged — it rose by 1 percent, to $574,788 from $569,905.
Broad unemployment rate: 14.7% (official rate + “marginally attached workers,” those who are neither working nor looking for work, but say they want a job and have looked for work recently; and people who are employed part-time for economic reasons, meaning they want full-time work but took a part-time schedule instead because that’s all they could find.)
The unemployment rate is even more devastating for minority workers, averaging 13.6% for blacks and over 11% for Hispanics. These unemployment figures don’t count the number of people in jail and prisons regardless of races or ethnicities.
Sounds like plenty of financial reasons to “hope for a change” in the Whitehouse in 2013!