Monday, January 13, 2014

Staying home isn't just for slackers anymore

December only created 74,000 new jobs which was far below payroll services company ADP's estimate of 215,000. So I'm guessing the Bureau of Labor Statistics number will be revised upward later just as November was, adding an additional 38,000 jobs increasing the total from 203,000 to 241,000 jobs.

The Household Survey that establishes the unemployment rate showed a decline of three tenths to 6.7%. The right wing talking point is that people are discouraged from looking for work and aren't counted anymore. Another right wing talking point is that if people aren't given unemployment they'll go out and find jobs. All those discouraged workers are not getting unemployment, or they would be required to look for work, so why isn't the economy booming? Hmmm, contradictory right wing talking points, imagine that.

The Job Participation Rate continues to decline, something the right makes much of, as if Obama was to blame for it. In fact it declined all through the Bush Adm as the Baby Boomers began to retire. Every adult not in the Military or institutionalized is counted in the Participation Rate. So as long as your 101 year old grandma stays out of prison she is counted, no matter if she ever had a job or not.

You also have a large number of family members of all ages that have given up looking for work since their unemployment benefits have run out, they do so simply to save their family money. With five workers for every job opening, just giving up a fruitless hunt for work to stay home can be the best option for the family.

It's not to hard to figure out what the problem is, 2013 saw China pass the US as the world's biggest trader with combined imports and exports of $4t. Keep in mind that the entire US GDP is only $16t. Thanks to Reagan's trickle down economics with no regulation on corporate mergers and disastrous Free Trade policies the fate of the US is increasingly hopeless. We can't all stay home to save money, but that is the jobs policy of the Conservatives, no jobs, everybody can just stay home. Presumably you can just live off your trust fund.

Twitter @BruceEnberg - Welcoming tips from the Right how to spend your days at home.