The 5.9 percent unemployment rate is a fraud. The percentage of adults working or seeking employment is the lowest since women began entering the labor force in larger numbers in the 1970s.
Were the labor force participation rate the same today as when Obama took office, unemployment would be about 10 percent. Wages remain stagnant and household incomes are well below pre-crisis levels.
The economy is creating too many low-paying jobs in industries like retailing and hospitality, but industries where men find good-paying jobs are languishing. Since Obama took office, manufacturing has shed 400,000 jobs and construction nearly 500,000.
New labor-saving technologies are a problem but so are lousy liberal policies.
American manufacturers continue to cede markets to Chinese imports, but Obama’s policy of appeasement toward Beijing precludes taking any meaningful actions against its unfairly subsidized products — actions advocated by Democratic economists like Peterson Institute founder Fred Bergsten and Noble Laureate Paul Krugman.
Most of that has not worked out very well — too many American employers are eager to take even more jobs to Asia or relocate their corporate headquarters outside the United States.
House Republicans can’t really be blamed for wanting different approaches and in November, they will be validated when voters return a GOP majority to the lower house.
President Reagan was dealt a tough hand by history too. He weathered a deep recession early in his first term and unemployment peaked at 10.8 percent — but he cut spending and taxes, eliminated much unnecessary government meddling in business and boosted employment by 8.4 million, or more than 9 percent, his first 5 ½ years.
Obama has managed to increase employment only by 5.5 million, or approximately 4 percent.
Still like other moderate Democrats, the very first vote Hagan would cast in the 114th Congress would be to re-elect Sen. Harry Reid, D-Nev., majority leader.
How that could ever help create jobs or reverse the failing fortunes of working families is beyond this economist’s ability to comprehend.
Gold Goliath is not your typical gold dealer.
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