The left have been trying to tell us just what a great, great! job President Obama has been doing, and how underappreciated he is. One of their claims is that he’s pretty much whipped unemployment, with the official unemployment rate being down to 5.8%. From CNN Money:
The New American Dream
Exclusive: America’s part-time economy
By Patrick Gillespie @CNNMoney November 21, 2014: 6:52 AM ET
NEW YORK (CNNMoney): The West Coast isn’t a dreamy place for many workers. Millions of Americans are languishing there in part-time jobs with no other options.
In California alone, 1.2 million people are “underemployed.” That equals the entire population of San Francisco and Oakland.
Part-time workers are far more likely to live in poverty. They are paid less than other workers and often don’t receive benefits. It’s a bad sign when states have a high percentage of part-time employees in the labor force, especially those working part-time involuntarily because they can’t get a full-time job.
The worst state: In California, the nation’s largest state economy, 7.1% of the workforce consists of involuntary part-time workers. That’s well above the national average of 4.7% in October.
To look at it another way, California has over half a million more underemployed workers now than in 2007. That’s greater than the population of Sacramento.
Part-time work always increases in a recession, but the alarming sign is that it hasn’t gone down much during America’s recovery.
Eight states, including New York and New Jersey, still have double the number of involuntary part-time jobs since the recession began, according to the Labor Department. And involuntary part-time jobs are actually increasing in places like Florida and Texas.
More at the link.
I’m certain, certain! that the requirement of the wholly misnamed Patient Protection and Affordable Care Act that says businesses employing fifty or more people must provide health insurance for full-time employees, with full-time being defined as thirty or more hours per week, has nothing to do with the increase in part-time employment, and inability of so many part-timers to gain full-time employment.The Bureau of Labor Statistics defines the U-6 unemployment rate as “Total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force,” and “Persons marginally attached to the labor force are those who currently are neither working nor looking for work but indicate that they want and are available for a job and have looked for work sometime in the past 12 months. Discouraged workers, a subset of the marginally attached, have given a job-market related reason for not currently looking for work. Persons employed part time for economic reasons are those who want and are available for full-time work but have had to settle for a part-time schedule.”
The recession started after December of 2007 — statistically speaking — and was over at the end of June of 2009. Today, 21 full quarters, 5¼ years after the recession statistically ended, the U-6 unemployment rate is 11.5%, 3.1 percentage points higher than November of 2007, and 2.7 percentage points higher than December of 2007. People have been finding jobs, but they haven’t been finding good jobs, haven’t been finding the work that they really need.
Perhaps this is why The Washington Post reported a poll indicating that 72% of Americans believe that we are still in a recession! The numbers say that we aren’t, but the people can still feel it in their bones. The left can cite an official statistic, but it still falls under the category of lies.