Mortimer Zuckerman was among the first Democrats to realize that they had made a mistake in supporting candidate Barack Obama. Throughout the Obama administration, Zuckerman has done his best to expose the lies, deceit and spin that characterize the administration… especially when it comes to the economy recovery and unemployment.
Lately, the administration and the media have been touting the recent jobs report as a sign that America is enjoying a grand economic recovery.
Zuckerman notes that the truth lies elsewhere:
There has been a distinctive odor of hype lately about the national jobs report for June. Most people will have the impression that the 288,000 jobs created last month were full-time. Not so.
The Obama administration and much of the media trumpeting the figure overlooked that the government numbers didn't distinguish between new part-time and full-time jobs. Full-time jobs last month plunged by 523,000, according to the Bureau of Labor Statistics. What has increased are part-time jobs. They soared by about 800,000 to more than 28 million. Just think of all those Americans working part time, no doubt glad to have the work but also contending with lower pay, diminished benefits and little job security.
Thanks to the Obama recovery more and more Americans have lost full time jobs. The best they can do is to work part time.
Zuckerman places the blame where blame is due:
There are a number of reasons for our predicament, most importantly a historically low growth rate for an economic "recovery." Gross domestic product growth in 2013 was a feeble 1.9%, and it fell at a seasonally adjusted annual rate of 2.9% in the first quarter of 2014.
But there is one clear political contribution to the dismal jobs trend. Many employers cut workers' hours to avoid the Affordable Care Act's mandate to provide health insurance to anyone working 30 hours a week or more. The unintended consequence of President Obama's "signature legislation"? Fewer full-time workers. In many cases two people are working the same number of hours that one had previously worked.
Along with an avalanche of new regulations, Obamacare is killing full time work and destroying the hopes of the American middle class.
Zuckerman calls it a “burgeoning disaster:”
The lack of breadwinners working full time is a burgeoning disaster. There are 48 million people in the U.S. in low-wage jobs. Those workers won't be able to spend what is necessary in an economy that is mostly based on consumer spending, and this will put further pressure on growth. What we have is a very high unemployment rate, a slow recovery and across-the-board wage stagnation (except for the top few percent). According to the Bureau of Labor Statistics, almost 91 million people over age 16 aren't working, a record high. When Barack Obama became president, that figure was nearly 10 million lower.