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Pronk Pops Show 86, August 29, 2012: Segment 2: No Change, No Hope, No Second Term: Over 12.8 Million Americans Still Unemployed and Unemployment Rate Over 8% After 42 Months of Obama Administration–Obama Is Not Working!–Total Unemployment Rate 15%–Over 23 Million Americans Seeking Full Time Job!–Videos

Posted on August 30, 2012. Filed under: American History, Budgetary Policy, Business, Communications, Economics, Employment, Federal Government, Fiscal Policy, Government, Government Spending, History, Illegal Immigration, Immigration, Labor Economics, Media, Monetary Policy, Philosophy, Politics, Public Sector Unions, Regulation, Success, Tax Policy, Unions, Videos, Wisdom | Tags: 15% Unemployment Rate, 23 Million Seeking Employment, 6 Million Jobs, BLS, Bureau of Labor Statistics, Commissioner Hall, Deficit Spending, Discouraged Workers, Economic Policy, Economic Recovery, Economics, Fiscal Policy, Job Creation, Labor Participation Rate, Obama's Not Working, Population Growth, U-3, U-6, Unemployment Rate |

Pronk Pops Show 86: August 29, 2012

Pronk Pops Show 85: August 2, 2012

Pronk Pops Show 84: July 25, 2012

Pronk Pops Show 83: July 18, 2012

Pronk Pops Show 82: July 11, 2012

Pronk Pops Show 81: July 8, 2012

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Segment 2: No Change, No Hope, No Second Term: Over 12.8 Million Americans Still Unemployed and Unemployment Rate Over 8% After 42 Months of Obama Administration–Obama Is Not Working!–Total Unemployment Rate 15%–Over 23 Million Americans Seeking Full Time Job!–Videos

The number of Americans employed when Obama became President in January 2009 was 142,187,000.

The number of Americans employed in July 2012 was 142,220,000.

The net increase in number of Americans employed after 42 months of the Obama Presidency is 33,000!

The U.S. economy needs to create between 130,000 and 140,000 jobs per month to just keep up with population growth according to Commissioner Dr. Keith Hall of the Bureau of Labor Statistics.

Vice Chairman Brady Questions BLS Commissioner at JEC Hearing on the Employment Situation

Between 130,000 to 140,000 need to be created each month to keep up with population growth!

At a Joint Economic Committee Hearing on the Employment Situation, Representative Kevin Brady, Vice Chairman, questions Witness Dr. Keith Hall, Commissioner, Bureau of Labor Statistics about the effect of government spending on private sector job growth.

For the 42 months that Obama has been President, a minimum of 130,000 jobs per month times 42 months or 5,460,000 new jobs needed to be created to just keep up with population growth.

Instead only a net increase in the employment level of 33,000 new jobs was created during the last 42 months.

The U.S. economy and employment level peaked in November 2007 when the number of employed Americans was 146,595,000.

From November 2007 to January 2009, the economy lost 4,408,000 jobs (146,595,000 employed in November 2007 minus 142,187,000 employed in January 2009).

To keep up with population growth during this 14 month period the economy needed to produce another 1,820,000 in new jobs ( 14 months times 130,000 new jobs per month) from December 2007 through January 2009.

Barack Obama became President in January 2009.

For the U.S. economy to reach it previous peak employment level of 146,595,000 plus the growth in the labor force from November 2007 through July 2012, the U.S. economy would need to create a total of ( 5,460,000 + 1,820,000 + 4,408,000) or 11,668,000 new jobs for a total employment level of 153,855,000.

The current employment level is 142,220,000 as of the August 3, 2012 Bureau of Labor Statistics Employment Situation Survey.

Barack Obama’s economic policies have produced in 42 months a net increase of only 33,000 in the employment level or new jobs when 11,668,000 new jobs were needed to reach the previous of peak in the employment level under President Bush plus the growth in the labor force.

Obama on jobs report: Still too many people out of work

In the above speech given on August 3, Barack Obama misleads the American people about his failed economic policies in creating jobs.

By January 2013, the total increase in the Federal national debt under President Obama will exceed $5,300 billion over a 48 month period due to government deficit spending greater than $1,297 billion per year for four consecutive years.

This is fiscal insanity.

Obama’s economic policies failed to grow the economy and create jobs.

Obama does not deserve another term as president.

Obama is not working.

More Jobs, Higher Unemployment Rate, July Report Says

July Unemployment Rate Rises to 8.3%- More Jobs Lost (195k) Than Gained (163k)

“It’s Been Four Years”

Trapped in Unemployment

Romney’s promise of 12 million jobs

Will Jobs Numbers Determine Election? Not So Far

Unemployment rate UP to 8.3% – REAL rate UP to 15% with Obama focus on jobs

Jobs Added in July but Unemployment Rate Rises

July Jobs Report: 163,000 jobs added

Rep. Kevin Brady Jobs Numbers Interview with CNBC’s Larry Kudlow 07-06-12

Employment Level–144.2 Million

Series Id: LNS12000000
Seasonally Adjusted
Series title: (Seas) Employment Level
Labor force status: Employed
Type of data: Number in thousands
Age: 16 years and over

Civilian Labor Force Level–155 Million

Series Id: LNS11000000
Seasonally Adjusted
Series title: (Seas) Civilian Labor Force Level
Labor force status: Civilian labor force
Type of data: Number in thousands
Age: 16 years and over

Labor Force Participation Rate–63.7%

Series Id: LNS11300000
Seasonally Adjusted
Series title: (Seas) Labor Force Participation Rate
Labor force status: Civilian labor force participation rate
Type of data: Percent or rate
Age: 16 years and over

Unemployment Level–12.8 Million

Series Id: LNS13000000
Seasonally Adjusted
Series title: (Seas) Unemployment Level
Labor force status: Unemployed
Type of data: Number in thousands
Age: 16 years and over

Unemployment Rate U-3–8.3%

Total Unemployment Rate U-6–15%

Comparison of U.S. Recoveries from Recession

1949-2007

Real Gross Domest Product (GDP) Growth Rates

Background Articles and Videos

Did Mitt Romney Call President Obama A Liar?

Romney Aid: Obama’s Ad Is a Lie

Current Population Survey

August 3, 2012

Employment from the BLS household and payroll surveys:

summary of recent trends

http://www.bls.gov/web/empsit/ces_cps_trends.pdf

Employment Situation Summary

Transmission of material in this release is embargoed                          USDL-12-1531
until 8:30 a.m. (EDT) Friday, August 3, 2012

Technical information:
 Household data:       (202) 691-6378  *  cpsinfo@bls.gov  *  www.bls.gov/cps
 Establishment data:   (202) 691-6555  *  cesinfo@bls.gov  *  www.bls.gov/ces

Media contact:         (202) 691-5902  *  PressOffice@bls.gov

                       THE EMPLOYMENT SITUATION -- JULY 2012

Total nonfarm payroll employment rose by 163,000 in July, and the unemployment rate
was essentially unchanged at 8.3 percent, the U.S. Bureau of Labor Statistics reported
today. Employment rose in professional and business services, food services and drinking
places, and manufacturing.

Household Survey Data

Both the number of unemployed persons (12.8 million) and the unemployment rate (8.3
percent) were essentially unchanged in July. Both measures have shown little movement
thus far in 2012. (See table A-1.)

Among the major worker groups, the unemployment rate for Hispanics (10.3 percent) edged
down in July, while the rates for adult men (7.7 percent), adult women (7.5 percent),
teenagers (23.8 percent), whites (7.4 percent), and blacks (14.1 percent) showed little
or no change. The jobless rate for Asians was 6.2 percent in July (not seasonally
adjusted), little changed from a year earlier. (See tables A-1, A-2, and A-3.)

In July, the number of long-term unemployed (those jobless for 27 weeks and over) was
little changed at 5.2 million. These individuals accounted for 40.7 percent of the
unemployed. (See table A-12.)

Both the civilian labor force participation rate, at 63.7 percent, and the employment-
population ratio, at 58.4 percent, changed little in July. (See table A-1.)

The number of persons employed part time for economic reasons (sometimes referred to as
involuntary part-time workers) was essentially unchanged at 8.2 million in July. These
individuals were working part time because their hours had been cut back or because
they were unable to find a full-time job. (See table A-8.)

In July, 2.5 million persons were marginally attached to the labor force, down from 2.8
million a year earlier. (These data are not seasonally adjusted.) These individuals were
not in the labor force, wanted and were available for work, and had looked for a job
sometime in the prior 12 months. They were not counted as unemployed because they had
not searched for work in the 4 weeks preceding the survey. (See table A-16.)

Among the marginally attached, there were 852,000 discouraged workers in July, a decline
of 267,000 from a year earlier. (These data are not seasonally adjusted.) Discouraged
workers are persons not currently looking for work because they believe no jobs are
available for them. The remaining 1.7 million persons marginally attached to the labor
force in July had not searched for work in the 4 weeks preceding the survey for reasons
such as school attendance or family responsibilities.

Establishment Survey Data

Total nonfarm payroll employment rose by 163,000 in July. Since the beginning of this
year, employment growth has averaged 151,000 per month, about the same as the average
monthly gain of 153,000 in 2011. In July, employment rose in professional and business
services, food services and drinking places, and manufacturing. (See table B-1.)

Employment in professional and business services increased by 49,000 in July. Computer
systems design added 7,000 jobs, and employment in temporary help services continued
to trend up (+14,000).

Within leisure and hospitality, employment in food services and drinking places rose by
29,000 over the month and by 292,000 over the past 12 months.

Manufacturing employment rose in July (+25,000), with nearly all of the increase in durable
goods manufacturing. Within durable goods, the motor vehicles and parts industry had fewer
seasonal layoffs than is typical for July, contributing to a seasonally adjusted employment
increase of 13,000. Employment continued to trend up in fabricated metal products (+5,000).

Employment continued to trend up in health care in July (+12,000), with over-the-month
gains in outpatient care centers (+4,000) and in hospitals (+5,000). Employment also
continued to trend up in wholesale trade.

Utilities employment declined in July (-8,000). The decrease reflects 8,500 utility workers
who were off payrolls due to a labor-management dispute.

Employment in other major industries, including mining and logging, construction, retail
trade, transportation and warehousing, financial activities, and government, showed little
or no change over the month.

The average workweek for all employees on private nonfarm payrolls was unchanged at
34.5 hours in July. Both the manufacturing workweek, at 40.7 hours, and factory overtime,
at 3.2 hours, were unchanged over the month. The average workweek for production and
nonsupervisory employees on private nonfarm payrolls was unchanged at 33.7 hours. (See
tables B-2 and B-7.)

In July, average hourly earnings for all employees on private nonfarm payrolls edged up 
by 2 cents to $23.52. Over the year, average hourly earnings rose by 1.7 percent. In July,
average hourly earnings of private-sector production and nonsupervisory employees increased
by 2 cents to $19.77. (See tables B-3 and B-8.)

The change in total nonfarm payroll employment for May was revised from +77,000 to +87,000,
and the change for June was revised from +80,000 to +64,000.

_____________
The Employment Situation for August is scheduled to be released on Friday, September 7, 2012,
at 8:30 a.m. (EDT).

Glenn Hubbard: The Romney Plan for Economic Recovery

Tax cuts, spending restraint and repeal of Obama’s regulatory excesses would
mean 12 million new jobs in his first term alone

By Glenn Hubbard

“…We are currently in the most anemic economic recovery in the memory of most Americans. Declining consumer sentiment and business concerns over policy uncertainty weigh on the minds of all of us. We must fix our economy’s growth and jobs machine.

We can do this. The U.S. economy has the talent, ideas, energy and capital for the robust economic growth that has characterized much of America’s experience in our lifetimes. Our standard of living and the nation’s standing as a world power depend on restoring that growth.

But to do so we must have vastly different policies aimed at stopping runaway federal spending and debt, reforming our tax code and entitlement programs, and scaling back costly regulations. Those policies cannot be found in the president’s proposals. They are, however, the core of Gov. Mitt Romney’s plan for economic recovery and renewal.

In response to the recession, the Obama administration chose to emphasize costly, short-term fixes—ineffective stimulus programs, myriad housing programs that went nowhere, and a rush to invest in “green” companies.

As a consequence, uncertainty over policy—particularly over tax and regulatory policy—slowed the recovery and limited job creation. One recent study by Scott Baker and Nicholas Bloom of Stanford University and Steven Davis of the University of Chicago found that this uncertainty reduced GDP by 1.4% in 2011 alone, and that returning to pre-crisis levels of uncertainty would add about 2.3 million jobs in just 18 months.

The Obama administration’s attempted short-term fixes, even with unprecedented monetary easing by the Federal Reserve, produced average GDP growth of just 2.2% over the past three years, and the consensus outlook appears no better for the year ahead.

Moreover, the Obama administration’s large and sustained increases in debt raise the specter of another financial crisis and large future tax increases, further chilling business investment and job creation. A recent study by Ernst & Young finds that the administration’s proposal to increase marginal tax rates on the wage, dividend and capital-gain income of upper-income Americans would reduce GDP by 1.3% (or $200 billion per year), kill 710,000 jobs, depress investment by 2.4%, and reduce wages and living standards by 1.8%. And according to the Congressional Budget Office, the large deficits codified in the president’s budget would reduce GDP during 2018-2022 by between 0.5% and 2.2% compared to what would occur under current law.

President Obama has ignored or dismissed proposals that would address our anti-competitive tax code and unsustainable trajectory of federal debt—including his own bipartisan National Commission on Fiscal Responsibility and Reform—and submitted no plan for entitlement reform. In February, Treasury Secretary Tim Geithner famously told congressional Republicans that this administration was putting forth no plan, but “we know we don’t like yours.”

Other needed reforms would emphasize opening global markets for U.S. goods and services—but the president has made no contribution to the global trade agenda, while being dragged to the support of individual trade agreements only recently.

The president’s choices cannot be ascribed to a political tug of war with Republicans in Congress. He and Democratic congressional majorities had two years to tackle any priority they chose. They chose not growth and jobs but regulatory expansion. The Patient Protection and Affordable Care Act raised taxes, unleashed significant new spending, and raised hiring costs for workers. The Dodd-Frank Act missed the mark on housing and “too-big-to-fail” financial institutions but raised financing costs for households and small and mid-size businesses.

These economic errors and policy choices have consequences—record high long-term unemployment and growing ranks of discouraged workers. Sadly, at the present rate of job creation and projected labor-force growth, the nation will never return to full employment.

It doesn’t have to be this way. The Romney economic plan would fundamentally change the direction of policy to increase GDP and job creation now and going forward. The governor’s plan puts growth and recovery first, and it stands on four main pillars:

• Stop runaway federal spending and debt. The governor’s plan would reduce federal spending as a share of GDP to 20%—its pre-crisis average—by 2016. This would dramatically reduce policy uncertainty over the need for future tax increases, thus increasing business and consumer confidence.

• Reform the nation’s tax code to increase growth and job creation. The Romney plan would reduce individual marginal income tax rates across the board by 20%, while keeping current low tax rates on dividends and capital gains. The governor would also reduce the corporate income tax rate—the highest in the world—to 25%. In addition, he would broaden the tax base to ensure that tax reform is revenue-neutral.

• Reform entitlement programs to ensure their viability. The Romney plan would gradually reduce growth in Social Security and Medicare benefits for more affluent seniors and give more choice in Medicare programs and benefits to improve value in health-care spending. It would also block grant the Medicaid program to states to enable experimentation that might better serve recipients.

• Make growth and cost-benefit analysis important features of regulation. The governor’s plan would remove regulatory impediments to energy production and innovation that raise costs to consumers and limit new job creation. He would also work with Congress toward repealing and replacing the costly and burdensome Dodd–Frank legislation and the Patient Protection and Affordable Care Act. The Romney alternatives will emphasize better financial regulation and market-oriented, patient-centered health-care reform.

In contrast to the sclerosis and joblessness of the past three years, the Romney plan offers an economic U-turn in ideas and choices. When bolstered by sound trade, education, energy and monetary policy, the Romney reform program is expected by the governor’s economic advisers to increase GDP growth by between 0.5% and 1% per year over the next decade. It should also speed up the current recovery, enabling the private sector to create 200,000 to 300,000 jobs per month, or about 12 million new jobs in a Romney first term, and millions more after that due to the plan’s long-run growth effects.

But these gains aren’t just about numbers, as important as those numbers are. The Romney approach will restore confidence in America’s economic future and make America once again a place to invest and grow.

Mr. Hubbard, dean of Columbia Business School, was chairman of the Council of Economic Advisers under President George W. Bush. He is an economic adviser to Gov. Romney. …”

http://online.wsj.com/article/SB10000872396390443687504577562842656362660.html

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