The answer in the video is “Pretty much everything,” but you know that if you’ve paid the slightest bit of a attention to anything he’s ever said or done.
Economic data released today reinforces how much of a failure Obamanomics continues to be:
U.S. employers added 96,000 jobs last month, a weak figure that could slow the momentum President Barack Obama hoped to gain from his speech Thursday night to the Democratic National Convention.
The unemployment rate fell to 8.1 percent from 8.3 percent in July. But that was only because more people gave up looking for work. People who are out of work are counted as unemployed only if they’re looking for a job.
The government also said Friday that 41,000 fewer jobs were created in July and June than first estimated. The economy has added just 139,000 jobs a month since the start of the year, below 2011’s average of 153,000.
What is especially pathetic is that the unemployment rate “dropped” because 368,000 Americans left the labor force.
The number of Americans whom the U.S. Department of Labor counted as “not in the civilian labor force” in August hit a record high of 88,921,000.The Labor Department counts a person as not in the civilian labor force if they are at least 16 years old, are not in the military or an institution such as a prison, mental hospital or nursing home, and have not actively looked for a job in the last four weeks. The department counts a person as in “the civilian labor force” if they are at least 16, are not in the military or an institution such as a prison, mental hospital or nursing home, and either do have a job or have actively looked for one in the last four weeks.
In July, there were 155,013,000 in the U.S. civilian labor force. In August that dropped to 154,645,000—meaning that on net 368,000 people simply dropped out of the labor force last month and did not even look for a job.
There were also 119,000 fewer Americans employed in August than there were in July. In July, according to the Bureau of Labor Statistics, there were 142,220,000 Americans working. But, in August, there were only 142,101,000 Americans working.
James Pethokoukis notes what the real unemployment rate would look like, if so many Americans hasn’t simply given up under Obama:
– While the unemployment rate dropped to 8.1% from 8.3% in July, it was due to a big drop in the labor force participation rate (the share of Americans with a job or looking for one). If fewer Americans hadn’t given up looking for work, the unemployment rate would have risen.
– Reuters notes that the participation rate is now at its lowest level since September 1981.
– If the labor force participation rate was the same as when Obama took office in January 2009, the unemployment rate would be 11.2%.
– If the participation rate had just stayed the same as last month, the unemployment rate would be 8.4%.
Read that again: If so many people hadn’t given up under Obama, the unemployment rate would be 11.2%. Considering Obama’s trainwreck economy is responsible for so many millions giving up hope, I’d argue that you have to “credit” Obama with the real unemployment rate of 11.2 percent.
There is no nice way to say this: Barack Obama is, by the objective economic measures listed above (and many others), a trainwreck of a President, and easily the worst President of the last century, if not in American history. The utter failure of his economics platform is only matched by the discord and division he’s sown among Americans as he’s attempted to undermine the basic building blocks of our society.
Like tens of millions of other Americans, I can hardly wait for November to vote the bum out.