Do you trust the November jobs report?The employment picture is much worse than it seems
Do you believe the headlines from the November jobs report showing unemployment dropped to the lowest level in five years?
At first blush, those numbers played into the narrative from the Obama Administration that the economy is improving, and the jobs picture is rosy.
Unfortunately, it’s only part of the story.
Even if we assume the 7% November unemployment number is accurate, why is everyone ignoring the government’s own 13.2% rate of unemployment combined with underemployment” It’s a statistic that most experts agree is the more accurate picture of true unemployment .
And even if more than 200,000 new jobs were created in November, why aren’t we talking about what kind of jobs those are?Economist and author John Lott reported recently that 96% of the jobs created since January are crummy part-time jobs.
Billionaire businessman and publisher Mort Zuckerman disagrees . He says 88% of the jobs created this year under Obama are crummy part-time jobs. No matter which figure you believe, the “recovery” is a mirage. This economy is only doing well if you want a job at McDonald’s.
Even worse for taxpayers, of the few full-time jobs created, almost half are government jobs .
You know why there were so many government jobs in November? Because they were counting furloughed government employees returning from the government shutdown.
But lots of government employees are being hired. The unemployment rate for government employees is only 4.3%.
Why is this bad? Because your typical federal government employee is paid 74% more than private sector workers. State and local government employees are often paid even more lavishly.
In many cases , a government employee collects more money in retirement than they made while working.
We desperately need private sector jobs, not more government jobs.
How bad is the private sector economy? A new study shows 41 of 50 states have lost private sector jobs under Obama. http://www.marketwatch.com/story/do-you ... beforebell