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Jobs Report Reflects decline of Middle Class, Part 2

The latest release from the Bureau of Labor Statistics  (BLS) notes that the nation’s labor participation rate remained at 62.7%, a devastatingly low level not seen since 1978.

A 2015 Analysis by Investors.com  “After six-plus years of President Obama’s big-spending, tax-raising policies, middle-class families have seen their incomes decline and more families have fallen into poverty, Census data show… Median family income dropped slightly to $53,657, down from the year before. Every income group suffered losses, with the lowest fifth of households dropping close to 1%. The overall poverty number barely budged. But it climbed by almost 600,000 among blacks in 2014, more than half of whom were under age 18. From 2009 to 2014, real median household income dropped by more than $1,000 — or 2.3% — to $53,657. (And that decline would likely have been steeper if not for a 2013 change in the way the Census does its annual survey.)

Also in 2015, Zerohedge  listed a number of factors indicating the plight of the middle class.  Among the most important:

  • In 2008, the total number of business closures exceeded the total number of businesses being created for the first time ever, and that has continued to happen every single yearsince then.
  • In 2008, 53 percent of all Americans considered themselves to be “middle class”.  But by 2014, only 44 percentof all Americans still considered themselves to be “middle class”.
  • In 2008, 25 percent of all Americans in the 18 to 29-year-old age bracket considered themselves to be “lower class”.  But in 2014, an astounding 49 percentof all Americans in that age range considered themselves to be “lower class”.
  • Traditionally, owning a home has been one of the key indicators that you belong to the middle class.  So what does the fact that the rate of homeownership in America has been falling for seven years in a rowsay about the Obama years?
  • While Barack Obama has been in the White House, the average duration of unemployment in the United States has risen from8 weeks to 32.8 weeks.
  • It is hard to believe, but an astounding53 percent of all American workers make less than $30,000 a year.
  • While Barack Obama has been in the White House, the number of Americans on food stamps has gone from 32 million to46 million.
  • Ten years ago, the number of women in the U.S. that had full-time jobs outnumbered the number of women in the U.S. on food stamps by more than a 2 to 1 margin.  But now the number of women in the U.S. on food stampsactually exceeds the number of women that have full-time jobs.

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CNS  report released in June notes that “for ordinary people, what probably matters most is household income. And if you look at the median household income numbers for the United States, Obamanomics is a failure. According to the Census Bureau’s latest numbers, the average family today has less income (after adjusting for inflation) than when Obama took office.

The American Enterprise Institute studied the problem in its report, “The Obama Economy and the Shrinking Middle Class.”  It noted how the poverty rate has increased: “the number of Americans living in poverty has increased by nearly 7 million during the Obama presidency, and the poverty rate went from 13.2 in 2009 percent to 14.8 percent last year. Further, the number of blacks living in poverty increased by nearly 1.4 million during Obama’s time in office, and the black poverty rate was higher in 2011 at 27.6% than any time since the mid-1990s before falling slightly to 26.2% in 2014. More data: the number of Americans on disability reached a record high during Obama’s second term, with an increase of 1.5 million disabled since Obama took office. There’s also be an increase in income inequality during Obama’s time in office, so there doesn’t seem to be a lot of empirical evidence to suggest that America’s middle and working class have seen an improvement in their economic well-being during Obama’s leadership.”

 

 

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Jobs Report Reflects Decline of Middle Class

The December jobs report reflects the left’s disenfranchisement of the American middle class, a result of Mr. Obama’s placing what should be the most important segment of the U.S. population into a far lesser priority. There have been massive increases in programs for the poor, which have failed to alleviate poverty, and the rich have fared well. Fortune Magazine  described the outcome of Obama’s policies: “the über rich have experienced impressive real income growth, while the bottom 99% has seen almost none.”

The Minnesota Post  notes that “corporate profits skyrocketed during the Obama years, but the poverty rate didn’t decline and actually inched upward, both of which probably confound simple notions of whose side Obama is on.”

The practical expression of a presidential administration’s political goals and views is expressed in its budgetary and economic decisions, which are also the means with which an administration rewards friends and punishes the opposition. With the imminent conclusion of the Obama tenure, it is evident that the middle class, which was the portion of the electorate that least supported the current White House or its supporters in the hard left of the Democrat Party, has had a rough eight years.

As the New York Analysis of Policy and Government has noted, Data from The Pew Research Center reported “The American middle class is losing ground in metropolitan areas across the country, affecting communities from Boston to Seattle and from Dallas to Milwaukee. From 2000 to 2014 the share of adults living in middle-income households fell in 203 of the 229 U.S. metropolitan areas examined in a new Pew Research Center analysis of government data. The decrease in the middle-class share was often substantial, measuring 6 percentage points or more in 53 metropolitan areas, compared with a 4-point drop nationally. The shrinking of the middle class at the national level, to the point where it may no longer be the economic majority in the U.S., was documented in an earlier analysis by the Pew Research Center. The changes at the metropolitan level…demonstrate that the national trend is the result of widespread declines in localities all around the country.”

The Stratfor intelligence organization concurs.: “The threat to the United States is the persistent decline in the middle class’ standard of living, a problem that is reshaping the social order that has been in place since World War II and that, if it continues, poses a threat to American power… In the 1950s and 1960s, the median income allowed you to live with a single earner — normally the husband, with the wife typically working as homemaker — and roughly three children. It permitted the purchase of modest tract housing, one late model car and an older one. It allowed a driving vacation somewhere and, with care, some savings as well…  Government programs frequently fail to fulfill even minimal intentions while squandering scarce resources…”
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The reason for the past eight years of decline of the U.S. middle class was not the result of a cyclical downturn in business, nor the 2007—2009 recession.  It is the specific result of federal tax and spending practices which ignored the needs of the private sector, particularly small businesses, and redirects federal dollars away from essential needs such as economic growth, defense and infrastructure and towards entitlements (but NOT Social Security of Medicare.)

The most basic indicator of the health of the U.S. middle class is the availability and quality of employment.

The Wall Street Journal notes that “In the mid-1990s and early 2000s, it was common for economists to estimate the U.S. needed 200,000 or even 250,000 jobs every month to keep the rate steady over time.” The Labor Department’s [latest] survey of employers found that the economy created 156,000 new jobs in the last month of 2016, down from the 12-month average of 180,000. Some 12,000 of those were government jobs, including 5,000 for the feds. The numbers were even less inspiring in Labor’s household survey, which found only 63,000 net new jobs in the month. The household survey tends to better capture job growth among small businesses and it is the basis for the monthly unemployment rate, which ticked up to 4.7% from 4.6%.” However, if those who are working only part time because of a lack of full time jobs are counted, a shortage which can be blamed on Obama’s policies, the rate goes up to 9.2 percent. 5.5 million Americans fit into this category in December. Fortune  notes that a significant explanation of the reduced unemployment rate comes “from the large number of Americans who have dropped out of the workforce altogether.”

Among the marginally attached, there were 426,000 discouraged workers in December, down by 237,000 from a year earlier. (The data are not seasonally adjusted.) Discouraged workers are persons not currently looking for work because they believe no jobs are available to them. The remaining 1.3 million persons marginally attached to the labor force in December had not searched for work for reasons such as school attendance or family responsibilities.