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Unemployment Numbers You Won’t Hear

In last night’s debate, the presidential candidates got the typical cheerleading from Obama’s Media where they seemingly were jumping for joy at 200k jobs! As any good economists knows there are lies, damn lies, and statistics. Maybe this is the beginning of a positive trend, but here is the statistic that really matters: In December 2007, 121 million Americans had full time jobs (those working more than 35 hours per week). This December, a little more than 113 million Americans had full time jobs. 

Since 2007, there are 7.8 Million fewer full time jobs. (4.7 Million men)

How does this compare to prior recessions?

  • Recession Start                     Full Time Jobs 4 Years Later
  • 1969                                              5.6 Million MORE JOBS than recession start
  • 1973                                             5.3 Million MORE JOBS than recession start
  • 1980                                             1.5 Million MORE JOBS than recession start
  • 1981                                              4.5 Million MORE JOBS than recession start
  • 1990                                              1.1 Million MORE JOBS than recession start
  • 2001                                             1.1 Million MORE JOBS than recession start
  • Obama(2007)                          7.8 Million FEWER JOBS than recession start 

 So Basically, if Obama just matched the worst full time jobs growth there would be 8.9 Million more Americans working full time today.   

To be fair, we are off the lows of full time jobs by 2.7 million jobs. Although this means that only 36% of the full time jobs lost have been recovered after 4 years!   

But are these good jobs? In 2007, only 644 thousand full time workers worked for minimum wage or less. In 2010, 1.4 million worked full-time for minimum wage or less. Therefore:

Nearly 1 million of Obama’s 2.7 million new full time jobs pay minimum wage!

While the percent of hourly workers earning minimum wage has nearly TRIPLED (from 2.3 to 6%) since 2007.

In addition to the increase in minimum wage full time jobs, part-time workers are also taking the hit:

  • Year                       People Working for Minimum Wage or less 
  •  2007                                              1.6 million         
  • 2008                                                2.1 million*   
  • 2009                                                3.3 million**  
  • 2010                                                4.1 million     

YEA! Way to go Obama! 

 

 Employment figures were obtained from the BLS online.

Minimum wage data was collected also from the BLS online at:

 http://www.bls.gov/cps/minwage2010tbls.htm#t10_2010.xls.f.2

 *after 70 cent increase in minimum 

**after another 70 cent increase

 

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