23 million Americans are out of work.
July’s jobs report reveals another bruising whack at the middle-class.
While speaking to voters today at ‘Sierra Truck Body and Equipment’ in North Las Vegas, NV, Governor Mitt Romney responded to the jobs news:
“And, of course, today we just got a new number from the unemployment report and it’s another hammer blow to the struggling middle-class families of America because the President has not had policies that put American families back to work. I do. I’ll put them in place and get America working again. You know this. These numbers are not just statistics. These are real people really suffering, having hard times. 23 million Americans out of work, or stopped looking for work, or way underemployed. 23 million. The official unemployment number: 8.3 percent. That’s the longest period of time, 42 months, the longest period of time we have had unemployment above 8 percent in American history - since this has been recorded. This is an extraordinary record of failure. The President’s policies have not worked because he thinks government makes America work. He’s wrong. It’s people like John that make America work.”
Team Obama is spinning the latest unemployment news as being “somewhat ahead of the curve.” Uh huh. That goes hand-in-glove with Obama’s lofty declarations that “the private sector is doing just fine“, “you didn’t build that“, and the economy will be stimulated if we “buy furnace thingamajigs.”
Romney continued to reassure Americans he knows how to get Americans working again:
“And so the time has come for a plan that will actually get America’s workers back to work, that’ll create more jobs and take-home pay. And I know how to do that. This is not a mystery for me. This is not theory. This is practice!”
With his focus on helping the middle class climb out of the Obama morass, Romney presented a five-point economic plan yesterday which includes “achieving energy independence, cutting the deficit and balancing the budget, improving education, strengthening trade practices, and championing small businesses.”
► Wages continue to decline (7/2/12):
A new federal report finds that wages declined in 2011, only the fifth time in 33 years.
Unemployment ebbs and flows, but one measure of the nation’s economic health, average weekly wages, rarely dips.
Until now. In the latest demonstration of the struggling economy that threatens President Obama’s reelection, average weekly wages fell in 2011, one of only five declines since the category was created in 1978 by the Bureau of Labor Statistics.
► Middle-class families are suffering with lower wages. Median household income has declined more than $4,000 (4/30/12):
“Yet real median household income in March was down $4,300 since Obama took office in January 2009 and down $2,900 since the June 2009 start of the economic recovery, according to an analysis of census data by Sentier Research, an economic- consulting firm in Annapolis, Maryland.”
► Median family net worth has hit a two-decade low (6/12/12):
“The Great Recession shrank Americans’ wealth so much that in 2010 median family net worth was no more than it had been in 1992 after adjusting for inflation, the Federal Reserve reported Monday. Median net worth declined from $126,400 in 2007 to $77,300 in 2010, a Fed survey of family finances found. The median marks the point where half had more and half had less.”
► Current Number of long-term unemployed Americans is “staggering“ (6/12/12):
“The numbers are staggering. The ranks of the long-term unemployed swelled last month from 5.1 million to 5.4 million, and those individuals now account for 42.8% of the unemployed. Meanwhile, the average length of time the unemployed have spent out of work has climbed steadily higher — and older Americans have been the hardest hit.
“The result is nothing short of a national emergency,” economists Dean Baker and Kevin Hassett wrote recently in the New York Times.”
► Almost half of our fellow Americans live in a household where at least one member receives some type of government benefit (5/6/12):
“49.1%: Percent of the population that lives in a household where at least one member received some type of government benefit in the first quarter of 2011. Cutting government spending is no easy task, and it’s made more complicated by recent Census Bureau data showing that nearly half of the people in the U.S. live in a household that receives at least one government benefit, and many likely received more than one.”
► Under Obama, Americans have faced “record home foreclosures.” (2/1/12)
► Family health care premiums have increased $2,393 during Obama’s first three years
of playing golf in office (Kaiser Family Foundation study 2011).
► Under Obama, national debt has skyrocketed to more than $5.3 trillion – resulting in an additional $16,000 debt-load for every American (U.S. Dept of Treasury 8/11/12):
Obama is responsible for “the most rapid increase in the debt under any U.S. President.” The latest posting by the Treasury Department shows the national debt has now increased $4 trillion on President Obama’s watch. The debt was $10.626 trillion on the day Mr. Obama took office. The latest calculation from Treasury shows the debt has now hit $14.639 trillion. It’s the most rapid increase in the debt under any U.S. president.” CBS News, 8/22/11
► We were reminded last week of our anemic 1.5 percent growth rate.
► Gas prices have increased from $1.85 per gallon to $3.51 per gallon under no-Keystone-Pipeline Obama (U.S. Energy Information Agency, 8/1/12):
“Gas Prices Up 17 Cents In Biggest July Jump Since 2000” (USA Today, 7/31/12)
After dipping to $3.33 a gallon and flirting with $3 in the South, the nation’s average gas price climbed 17 cents over 26 consecutive days in July. It was the first monthly gain since March and the biggest July jump since at least 2000, AAA said Tuesday.
► One in seven Americans are out of work, or are discouraged workers who have stopped looking for work, or are underemployed or part-timers who want full-time work.
► As workers run out of unemployment benefits, large numbers are being accepted on disability rolls. Further shrinking the labor force in a very debilitating way, once workers are classified as disabled, many fail to return to the work force. Thus, Obamanomics expands long-term entitlements which strapped taxpayers - you and I - must pay for. (Obama’s advisers warned him of this worrisome development last fall, but, as evidenced by the passing months, Obama is unconcerned or he would have changed course - and I’m not talking golf courses.)
Follow Jayde Wyatt on Twitter @YayforSummer