The April jobs numbers are out and of the estimated 500,000 new workers entering the workforce, 385,000 of them were met with no possibility of finding a job.
Economists estimate that about half a million new workers enter the market each month. The government report stated that only 115,000 new jobs were created. That means hard times for hundreds of thousands of additional young people and retirees entering or re-entering the workforce to make ends meet or pay for that hefty set of student loans.
While Obama took a victory lap over the reduction in the flawed unemployment rate, those 385,000 new workers don’t care about the 1/10th of one percent improvement in something so arbitrary.
In order for the true jobless rate to decline, America would have to start producing about 600,000 new jobs per month. A number we haven’t seen during the entirety of the Obama administration.
All of the stimuli have failed. Cash for clunkers just made used cars more expensive when most can’t afford it. The rest just weakened the dollar so that everything got more expensive precisely when most can’t afford any increase in costs.
Obama has not created 115,00 new jobs – he’s created 385,000 additional jobless.