Wednesday, September 9, 2015

A Report on unemployment! by Ellis Baxter

Unemployment: The math !  

Ellis Baxter
by Ellis Baxter
First week in September brings the August employment report it stated that 173,000 jobs were added; This was below the last two months number of 245,000 each. The markets responded by falling over 1,000 points!  The ‘official’ unemployment rate: fell to 5.1% {this was the “seasonably adjusted” number.} The Raw Number with no adjustments was 5.2%. {Bureau of Labor Statistics [BLS]}

To put this in context, these figures, the current August report, to the year 2000 numbers. Today the  country has a population of 321,695,226 today; in 2000 it was 282,171,957; a difference of 39,523,286. In 2000 the ‘possible’ able workforce was 232,741,556 vs. 243,169,685! Of the total possible workforce in 2000 154,105,265 were in the participation workforce vs. 149,096,228 today. So since we have had George W. Bush and Barack Obama as presidents [last 14 years] the actual work force has fallen by 5,009,040! Only 12.6% of the added population entered the workforce. What compounds this is that of the jobs added in the current [August]  month [173,000] 33,000 of those were government jobs. 

Also of interest was the addition of 62,000 new jobs in Health Care, this is a result of the ACA, a back door government job.  Meanwhile core industries are collapsing; manufacturing  fell by -17,000 and mining fell -9,000. Mining is result of the attacks by the president on coal, and that also will add to costs and more job loses. 

In the past two months [June & July], the average added jobs were 245,000 per month. To balance the life change in the workforce, the nation requires 400,000 new jobs per month.  Add to that 160 mil. citizens receive some benefits; a number greater than the actual number of people working. 

What does the potential workforce really look like? There are 2.3 mil. people in prison.  Of the general civilian population there are 6.6 mil. felons, who have issues finding jobs. 10.8 mil. are disabled. 21.2 mil. are veterans. 1.4 million are in the current armed forces. 14.9 mil. are in unions, 23.7 mil. are employed by the government [local, State, Federal] 54 mil. are students. 48.8 mil. are retired. And 40.7 mil. are not insured under a health care plan. [Remember that the ACA was put in place to cover 30 million uninsured!] 45 mil. are on food stamps, 57 mil. on medicare, And 118.9 mil. pay taxes! 

Therefore, since 2000 the U.S. lost over 5 mil. jobs. We have not added any net jobs no matter how loud the government preaches, in Paul Joseph Gobbel’s fashion, that 8 million have been added? Where are they? If they are 62 to 65 and retired they are not counted. 6.5 mil. are forced into part-time employment, 1.8 mil. are marginally attached. In truth 22,653,214 of your fellow citizens are able to work full-time but can not find full time work. There are methods to reduce these numbers, but it would require a congress willing to do Right Things in leu of what nets them the most campaign cash! And a president who understands the economy and focuses on full-time work not Gestapo Style demands for higher minimum wages! 

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