Friday, January 14, 2011

9 Millions Jobs Not Saved or Created!

Remember when Obama said he would "save or create" 3.5 million jobs by 2011? Now that it is 2011, how far off was he from reality?

I tried to get all the BLS data on screen at once so I could take a screenshot. In the screenshot below, I have circled the 3rd quarter 2008 total labor force of 154.6 million, as well as the number of employed at 145.3 million.

http://grab.by/8nsn



I have also circled the same numbers from Novemeber 2010. They are 153.95 million total, and 138.9 million employed. My god we have lost 6.4 million jobs in 2.5 years. Keep in mind that even a population growth of just 1% yields an extra 3 million potential workers each year. With a participation rate of roughly 2/3, that means we need 2 million new jobs each year just to keep up with population growth. If we dont get those jobs we can safely say those jobs were "lost". If we had 145.3 million jobs in 2008, and population grew at 1%, with a 2/3 participation rate, then 2 years later we should have 148 million jobs at the very least, if not over 150 million. Instead we have just 139 million. That means in reality there are 9 million jobs missing from this economy, bare minumum. And this is AFTER 18 months of so-called recovery. Shocking.

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