Unemployment has fallen to 5.3%, the lowest rate in 7 years. Thanks Obama! You’re so awesome!
Except this is completely misleading. The only reason unemployment is down is because people have dropped out of the labor force.
From the Bureau of Labor Statistics:
“The civilian labor force declined by 432,000 in June, following an increase of similar magnitude in May. The labor force participation rate declined by 0.3 percentage point to 62.6 percent in June. The employment-population ratio, at 59.3 percent, was essentially unchanged in June and has shown little movement thus far this year.”
While 223k jobs were added in June, 432k people stopped working, so that accounts to a net loss of 209k. The labor force participation is at it’s lowest in 38 years.
The median weekly wage has not moved since 2008 (accounting for inflation and using 1982-1984 dollars for constant), and according to the Census, the median household income decreased over $2000 between 2009 and 2013. 95% percent of income gains between 2009 to 2012 went to the top 1%.
I think its safe to say that the Obama “recovery” is complete bullshit. Most people are working less and making less. It’s safe to say he’s just another corporate puppet.
Of course the Rhodes Scholars over at the Huffington Post can’t comprehend any of this and claim that things are so much better than they were when Obama entered office. I guess anything positive happening is because of Obama and anything negative happening is because of republicans not letting Obama do anything. A+ logic.