Latest results on the employment picture are in. Tt is clear, yet again, that President Obama and his closest friend and policy advisor Valerie Jarrett will not stop spinning out lies about the economy.
Just as killing Osama bin Laden did not defeat radical Islamist jihadism, modest, month-to-month improvements in statistical surveys of the job count do not tell the complete story about America’s expensive and unsuccessful attempts to restore broad-based, and reliable economic growth.
The real story contained in official U.S. government data is simple and sobering — after spending trillions of dollars, America had fewer core jobs in the private sector in January 2015 than we had 10 years earlier under George W. Bush in 2015 and lots more debt.
Cutting to the essential facts
When it comes to the jobs that actually matter, the news from this morning’s jobs’ report, reviewed in proper context, is atrocious.
If we are to believe latest employment figures, the grand total of full-time private sector jobs in industries with potential to generate exports and foreign exchange earnings, was 77.5 million as of January 2015 — 550,000 fewer than during 2005, when America’s population was 23.6 million lower, and when our civilian workforce was 7.9 million persons lower.
You and I care most about finding and keeping a full-time job — one that pays enough and offers sufficient fringe benefits so that we may hope to save for a dignified life in retirement, and avoid abject poverty.
In contrast, a part-time job is a mean substitute — full-time jobs are the only ones that ultimately will allow Americans to throw off the choking cross of debt under which all of our backs now buckle.
As full-time private sector jobs fell, America’s total debt soared upwards by $16.5 trillion from $41.5 trillion at December 31, 2005 to $58 trillion at September 30, 2014 (the latest date for which comparable data is available).
Moreover, failure of the American economy to regain a solid growth trajectory in private sector full-time jobs must be considered in light of the fact that market conditions worldwide have been heavily influenced since 2008 by profound, aggressive, and unsustainable suppression of key interest rates.
In 2015, America is actually much more vulnerable economically to foreign rivals and enemies who could move rapidly, and perhaps in concert, to strike our highly leveraged financial system and our currency just when we also may have to counter or even try defeating a raft of foes.
Stop the misleading “official” economic reports and pronouncements
President Obama and Valerie Jarrett are comfortable spinning headline analysis of easily-manipulated survey data prepared by departments of the Federal Government they can influence, and they refuse to understand that cheap foreign labor, machines, and modes of production are a threat to virtually all American workers in the private sector.
Recently, in an interview on CNN with Fareed Zakaria, President Obama went so far as to claim he was “proud of saving” the American economy.
It should surprise no one that a team led by two people who have never held down full-time jobs in the globally-connected private sector is much more comfortable operating in fantasy land rather than in reality.
No doubt, economically-illiterate members and allies of the Obama Administration will continue arguing that America is on the road to sound recovery.
After six years, President Obama and his senior policy advisors should know better — their lies about the economy fool only those who are easily deceived.
Progressive Democrats have evidently embraced deceit as a centerpiece in their policy-making. Left unchecked, this approach is dangerous for America’s financial well-being but creates massive opportunities for economic conservatives in 2016.