DCPolitics

Barack Obama’s Economy: A “Term” Lesson

FEWER MAKERS, MORE TAKERS U.S. President Barack Obama defied history last November when he won a second term with the nation’s unemployment rate at 7.9 percent – the first president to to do since Franklin Delano Roosevelt in 1936. But the widely watched jobless rate doesn’t give an entirely accurate…

Obama is re-sworn in as President

FEWER MAKERS, MORE TAKERS

U.S. President Barack Obama defied history last November when he won a second term with the nation’s unemployment rate at 7.9 percent – the first president to to do since Franklin Delano Roosevelt in 1936.

But the widely watched jobless rate doesn’t give an entirely accurate picture of America’s chronic sluggishness on the employment front.

For that, we must examine the nation’s shrinking labor force – including those who would rather stay on the government dole than accept a job they deem to be beneath them.

When Barack Obama took office four years ago, America’s labor participation rate stood at 65.7 percent. Today, it’s 63.6 percent – just 0.1 percent above a three-decade low recorded in August. While that may not sound like a big drop, it translates into less productivity and more dependence (i.e. fewer “makers” and more “takers”).

According to a recent piece in The Wall Street Journal by economist Richard Vedder (whom this website adores almost as much as Pearl Jam’s Eddie Vedder), “if today the country had the same proportion of persons of working age employed as it did in 2000, the U.S. would have almost 14 million more people contributing to the economy.”

What does this drop-off look like? Take a look at this graph, generated directly from U.S. Bureau of Labor Statistics (BLS) data …

employment population ratio

Ouch, right?

Perpetuating this cycle? Government’s decision to continue incentivizing joblessness.

According to Vedder, the escalating use (abuse?) of food stamps, Social Security disability payments, pell grants and extended unemployment benefits are depriving our economy of much-needed productivity.

“If you pay people to stay at home, many will do so rather than seek employment or accept jobs where the pay doesn’t meet their expectations,” Vedder concludes.

And we’re stuck paying their bills …

More takers, fewer makers … that’s the real economic legacy of Barack Obama’s first term in office.

***

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22 comments

moe January 20, 2013 at 5:41 pm

Gov. haley’s twin brother in governance sworn in today.
Let us hope and pray the State does not suffeer the same fate in two more years and we will be swearing in a new Chief Executive ( A true honest intelligent and worthy Chie Executive) Not a lying, cheating, self serving, pathological liar.

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Amused Observer of the Republican Sect January 20, 2013 at 6:23 pm

She is going o be the Republicn nominee which means she is going to be re elected with the votes of people like you,Republican.

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Thebeachisback January 20, 2013 at 6:30 pm

When did Obama say “ban guns?”

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BigT January 20, 2013 at 6:50 pm

Obama has raised taxes on ALL workers and is trying to lay the @nd Amendment to waste….

But not a WORD on a jobs strategy or an economic plan…

A president who only cares about himself and the TAKERS is a Horrible prsident…

Let’s hope the Congress can strangle Oba,a’s dangerous polices..and in 2014, when the race-haters and illegal are too lazy to vote…maybe we can re-vist the 2010 Crusade and Take back the Senate…

And BASH Obama policy even more…

Right now…try to hang on…we’ll get rid of him soon enough..and unless the Racists have a black candidate for Prsz: I don’t see them motivate din 2016…

If you ever fought against bitterness, hatred and arrogance in your life…now is the time to oppose Obama w/ every fiber of your being…

It will get better…We defated Hitler and Stalin…Mao and Obama will not get the last laugh…

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Ray Charles January 20, 2013 at 8:13 pm

Shit! Even I’m not that blind. Get a life dude.

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notagain January 21, 2013 at 9:21 am

I dunno. I kind of like Obama. Value of the stock market has doubled since he took office. Feels good to me.

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This just in. . . January 20, 2013 at 7:25 pm

Fox News to Shut Down for Routine Maintenance Monday Morning at 11:30

NEW YORK (The Borowitz Report) — Fox News Channel announced today that it would shut down for what it called “routine maintenance” Monday morning at 11:30 E.T.

Fox News president Roger Ailes explained the timing of the shutdown, which will be the first in the history of the network: “We wanted to pick a time when we were positive nothing would be happening that our viewers would want to see.”

Mr. Ailes said that Fox had considered shutting down only once before, exactly four years earlier on January 20, 2009, and later regretted the decision to continue broadcasting that day: “It turned out that no Fox viewers wanted to watch TV that day. And I mean none.”

According to Mr. Ailes, for the twelve hours Fox News is off the air on Monday the network will broadcast a continuous photomontage of white people.

“Regular viewers of Fox probably won’t notice anything unusual,” he said.

After the routine maintenance is completed, Mr. Ailes said, Fox News will return to the air Tuesday morning with its regular broadcast schedule: “For Fox viewers, it will be like Monday never happened.”

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SCBlues January 20, 2013 at 7:25 pm

The RepubliCONS still cannot figure out why President Obama was re-elected – and they are still doing the same old crap that caused them to lose the election.

Maybe after another thumping in 2014 they’ll figure it out – but I’m not holding my breath . . .

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Lawdy Mercy January 20, 2013 at 9:17 pm

Yep, he defied history alright. This country is going to hell in a hand basket and the basket is swinging from his nicotine stained fingers. The big dance is over my friends. Tell all the young folks to get a job with the government, don’t matter if its Federal, State, or Local same group of unions running them all. Viva el Presidente’ !!! Long live the POTUS !!!

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Jan January 21, 2013 at 9:54 am

Seems as though the Republican leadership in this state figured out how to live on the public dole a long time ago.

Sanford, Haley, Haley’s husband, Hailey’s daughter, SC Senate Leadership, SC House Leadership, etc. etc. All have a government job. Now Sanford wants back on the federal dole, along with all our Republican Representatives and Senators in Washington.

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Frank Pytel January 21, 2013 at 12:28 pm

Says the Big T alternate.

Your such a joke, Jan.

Have a Great Day!! :) There won’t be many left with the Demlicans and Republicrats in charge.

Frank Pytel

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SparkleCity January 20, 2013 at 9:35 pm

And this is news???

Everybody knows it but what is anyone doing anything about it??

Give me a candidate or a platform to support (like a combination federal flat tax and national sales tax) and I’ll go door to door.

Otherwise, FITS and like minded are pissing in the wind and this country WILL go down the shitter…….

Too many factions wanting a slice of the pie. When that happens, the slices become even smaller………

It’s that plain & simple

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Frank Pytel January 21, 2013 at 4:25 am

Sparklecity

“Give me…” And there in lies the problem with both of the current power mongering parties. If you want it you better get off your butt and do something about it.

That’s why I voted for oshitforbrains. The only way to get the republicrats to do the right thing is to go ahead and finish running this country into the ground.

Many people have this mentallity. Gimme, gimme, gimme. If you want it make it or take it.

Have a Great Day!! :) There won’t be many left with the Demlicans and Republicrats in charge.

Frank Pytel

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BigT January 21, 2013 at 6:34 am

No. 1 issue in election 2012: The Economy!
54% of voters still balme Bush….With an electorate that stupid, is there any wonder????

Takers, Racists and the Media that did not expose Obama Re-elected him…

Even FITS told us there was no difference between Romney and Obama…

When people motivated by Hate, in search of “Revenge” show up in droves because an Icon symbolizes their irrational bitterness…it produces an Obama Re-election…

We have so much excess from the Bush years…Obama was able to live off that account for 4-plus years….but it will Bite…and a lot of the Idiots who helped Coronate Obama will turn on him, when his policies are too rampant to deny that he did it…

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Common Sense January 21, 2013 at 9:10 am

actually its because of ignorant assholes like you T that Obama won. Your hate filled insult driven diatribes that are so divorced from reality have done nothing but confirm what any sane individual already knows..they dont want your extreme right wing tin foil hat bat shit craziness anywhere near a position of power. You are a laughing stock that is true..but thanks again for guaranteeing an Obama victory. Its all because of assholes like you T. Thanks again. Oh and shit for brains..Obama doesnt raise taxes that is the job of congress..you know the congress..the house is full of do nothing bitter hate filled losers like you..so if you want to blame anyone for taxes..blame your fellow kin in the HOuse..

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Frank Pytel January 21, 2013 at 12:29 pm

Senseless calling the kettle black.

Have a Great Day!! :) There won’t be many left with the Demlicans and Republicrats in charge.

Frank Pytel

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Type O Negative January 21, 2013 at 1:48 pm

Are you serious BigT? Excess of the Bush years? Where are such riches buried? With the WMD in Iraq? Wall Street?

I knew your probabilities didn’t sum to unity, but really!

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Common Sense January 21, 2013 at 6:08 pm

another witty reply from frank and his usual cut and paste sig at the end..you go Frank..without you the lowest common denominator would still be Ts alone..now you both get dwell in the cellar calling names and blaming one party for every bad in your miserable pessimistic lives. Cheers you two..cheers.

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notagain January 21, 2013 at 9:29 am

Value of the stock market has doubled during Obama’s first term. Get on the bandwagon guys–feels good to me. You’re not too smart if you haven’t cashed in on this. Happy days are here again!

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Lance Riprock January 21, 2013 at 11:54 am

Anybody know whether no-talent Ted Nugent made good on his promise to either be in jail or dead if Obama was re-elected? How about it, Big T?

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Smirks January 21, 2013 at 1:38 pm

Probably pissing/shitting himself again?

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mph January 21, 2013 at 4:33 pm

Hilarious. The economy was in full scale meltdown when dummy left office and you dopes are complaining Hitler/Stalin/Jimmy Carter/Kenyan/Secret Muslim Obama hasn’t fixed you’re epic cluster-fuck yet?

Lock up your white women, you nuts. The lib-ruls are going to be running the show until you dip shits stop acting like a bunch of children and conspiracy nuts and put together a winning coalition. Here’s a hint – the Southern Strategy is dead.

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