President Obama is cheering the latest jobs numbers. They’ve boosted his re-election chances now that the economy added 163,000 jobs in June. But except for Obama, who cares? Those numbers are historically pathetic. Conceded, they are better than during the George W. Bush years, but then every president’s job numbers were better except for Herbert Hoover. So let’s put those June numbers in perspective. Let’s go back in time, and we can choose any number of eras to compare to today, but I’ll just pick one.
From June 1978 to June 1979, under the brilliant Democratic President James Carter (his presidency looks brilliant compared to both Bushes and to Obama), the US economy added an average of 242,846 jobs per month in an economy that was one half the size of today, and with a population about one-half the size. The difference between then and now is simple.
The 99 percent back then earned about 92 percent of all income generated in the USA. The demand for goods and services was strong because of this. Nowadays, the 99 percent receive only about 72 percent of total national income and the demand for goods and services is correspondingly lower. The weak demand translates into pathetic job growth. Wall Street Obama and Wall Street Twit Romney know this, but both have no intention of doing anything about this.
The 1 percent have all the cash and their using it in the legislative markets to purchase laws from Obama (they hope to get the same from Twit Romney should he become president) that redistribute income from the 99 to the 1 percent, like the coming Trans Pacific Income Redistribution Trade Treaty. More on that later.
Click the link below for more on today’s jobs numbers.