Another Round of Bad News
No wonder the Democrat Party in Oklahoma has practically disappeared. They have no candidates who wish to be associated with Mr. Obama and his administration.
Perhaps it’s in everyone’s best interest to call the President Mr. Obama since his policies are so far astray from mainstream American thought and he is so ill prepared for the office and its responsibilities.
In early February, the Congressional Budget Office estimated that by 2021 the Affordable Care Act is projected “to reduce the total number of hours Americans work by the equivalent of 2.3 million full time jobs.”
With 94 million Americans unemployed and 45 million on food stamps losing 2.3 million jobs only prolongs the recession. The economy depends upon consumer spending to return to its normal growth pattern.
Jason Furman, chairman of the White House’s Council of Economic Advisors said, “This is not business cutting back on jobs; this is people having new choices they didn’t used to have” such as working part-time or starting their own business.
What folly on the part of these academics. No one takes part-time work when they can have a full-time job. Studies show that most Americans cannot retire because they have no savings. How do you build back your nest egg after two recessions and two stock market crashes in 20 years with only minimum wage or part-time work?
Another administration folly is the notion that Obamacare “could lead to job creation in some areas, as many newly insured Americans would have more in disposable income as a result of having to spend less money on medical costs.” This is true if your policy premium was subsidized by the government and you stay healthy.
The sticker shock is not the premiums paid, but the co-pays and gigantic deductibles. The deductibles must be met before a dime is paid by the carriers.
These jobs losses will probably increase much more than what was cited after the employer mandate which was delayed a year kicks in later in 2014. This is the requirement for those businesses with 50 employees or more full timers to offer healthcare insurance or pay a $2,000 fine for each worker beyond 30 employees.
The overall U.S. economy continues to limp along. Automatic Data Processing (ADP) just released its job numbers. Private-sector payrolls increased by 175,000 positions in January. Economists surveyed by Dow Jones Newswire had expected to report a January increase of 189,000 jobs. ADP’s December numbers also were revised down to 227,000 from an anticipated 238,000 new jobs. American factories also reported laying off workers.
The Obama administration likes to point to government data showing growth picking up, the job market improving and general positive attitudes.
If this were the case, which it isn’t, why wouldn’t Walmart also show good sales numbers? Rick Newman writing for The Exchange reasons Walmart “may be too expensive for millions of shoppers finding themselves more pinched not less as the pace of the so-called recovery accelerates.”
J.C. Penny Co., The Gap, Target and even Amazon are feeling the pinch as shoppers reach for Dollar General and other lower-cost options.
High-end retailers like Nordstrom and Michael Kors see only opportunity since their better employed and educated clients do have disposable income. However, without America’s middle class participating the economy will never rebound. There simply needs to be another G.I. Bill look alike to retrain American workers and not depend on 25 million illegals to get the job done.