Santa Obama’s $9 Minimum Wage: Good Propaganda, Bad Economics–Videos

Posted on February 19, 2013. Filed under: American History, Blogroll, Business, College, Communications, Demographics, Diasters, Economics, Education, Employment, Federal Government, Fiscal Policy, government spending, history, History of Economic Thought, Inflation, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Narcissism, People, Philosophy, Politics, Psychology, Public Sector, Rants, Raves, Regulations, Resources, Talk Radio, Technology, Unemployment, Unions, Video | Tags: , , , , , , , , , , , , , |

Santa Obama’s $9 minimum wage: good propaganda, bad economics

By Raymond Thomas Pronk

Presidential economic policies like the proverbial “road to hell” are often paved with good intentions.

In his 2013 State of the Union address, President Barack Obama said:

“Even with the tax relief we’ve put in place, a family with two kids that earns the minimum wage still lives below the poverty line. That’s wrong. Tonight, let’s declare that in the wealthiest nation on Earth, no one who works full time should have to live in poverty and raise the federal minimum wage to $9 an hour. This single step would raise the incomes of millions of working families. It could mean the difference between groceries or the food bank; rent or eviction; scraping by or finally getting ahead. For businesses across the country, it would mean customers with more money in their pockets.”

Why not increase the minimum wage to $18 per hour and win America’s war on poverty?

What are the economic consequences or impact of a $9 minimum wage on young high school and college students seeking employment? A decidedly negative impact if economic history is any guide.

The large increase in teenage unemployment is partly driven by the increase in the minimum wage. When the minimum wage rate was increased in July 2008 from $5.85 to $6.55 there was an upward spike in the teenage unemployment rate to greater than 20 percent. When the minimum wage was again increased in July 2009 from $6.55 to its current rate of $7.25, there was another upward spike in the teenage unemployment rate to greater than 25 percent. This rising trend of upward spikes in teenage unemployment rates after an increase in the minimum wage is reflected in the following chart.

Unemployment rate or percent of 16-19 years from 1948 to present

             unemployment_rate_1948_present_16_19-years_edited           

Source: Bureau of Labor Statistics, Department of Labor

David Neumark, professor of economics at the University of California, Irvine and William L. Wascher, deputy director in the Division of Research and Statistics at the Federal Reserve Board, in their book, “Minimum Wages,” provide a comprehensive review of the evidence on the economic effects of minimum wage laws. They concluded that such laws reduce employment opportunities for less-skilled workers, tend to reduce their earnings and are not very effective in reducing poverty.

If Congress passes an increase in the minimum wage to $9 as proposed by Obama, young, inexperienced, low-skill workers, especially blacks and Hispanics, will again be hurt for they will not be hired by businesses who cannot afford to pay them the higher mandated minimum wage. This will be reflected in yet another spike upward in the teenage unemployment rate that might exceed 30 percent.

Furthermore, young American citizens, especially blacks and Hispanics, will face stiff competition from the more than 11 million illegal aliens who predominantly seek low-skilled jobs. Obama and progressives in both the Democratic and Republican parties want to grant these illegal aliens immediate legal status to work in the U.S.

Obama is repeating the past economic policy mistakes of progressive presidents from both political parties such as Hoover, Roosevelt, Truman, Johnson, Nixon, Carter and the Bushes in mandating higher than free market wage rates. These well-intentioned but massive government interventionist economic policies lead to prolonged depressions and recessions with high unemployment rates, especially for young, inexperienced, low skilled and minority workers.

Thirty years ago the black economist, Walter E. Williams, explored the effects of federal and state government intervention into the economy, including minimum wage laws, in the PBS documentary, Good Intentions, based upon his 1982 book, “The State Against Blacks.” Those favoring a rise in the federal minimum wage would be well advised to view this video together with “Milton Friedman on the Minimum Wage” on YouTube before advocating an increase in the minimum wage.

For young American citizens an entry-level job paying a lower competitive market wage rate is preferable to no job at a higher government mandated minimum wage.

Good intentions are not enough. Results measured in jobs created count.

Raymond Thomas Pronk is host of the Pronk Pops Show on KDUX web radio from 3-5 p.m. Fridays and author of the companion blog http://www.pronkpops.wordpress.com/

Digital Age-Why is Coolidge the Forgotten President?-Amity Shlaes

Sumner’s Explanation of The Forgotten Man – Revised for the 21st Century

Sumner’s Explanation of The Forgotten Man – Revised for the 21st
Century

By Joshua Lyons 9/25/09

As soon as A observes something which seems to him to be wrong,  from which X is suffering, A talks it over  with B, and A and B then propose to get a law passed – with the praise of Y – to remedy  the evil and help X.

Their law always proposes to determine  what C shall do for X or, in the better case,  what A, B and C shall do for  X.

As for A and B, who get a  law to make themselves do for X what they are willing to do for  him, we have nothing to say except that they might better have done it without  any law, but C is forced to comply with the new law.

All this  is done while Y looks on with glee and proclaims that  A and B are so good for helping poor  X.

A is the  politician
B is the humanitarian, special interest, do-gooder, reformer, social speculator, etc.
C is The Forgotten Man (i.e. you, me, us)
X is the downtrodden, the oppressed, the little guy, the misunderstood, etc.
Y is the Mainstream Media

In other words…
As soon as THE POLITICIAN observes something which seems to him to be wrong, from which THE DOWNTRODDEN is suffering, THE POLITICIAN talks it over with THE HUMANITARIAN, and THE POLITICIAN and THE HUMANITARIAN then propose to get a law passed – with the praise of THE MAINSTREAM MEDIA – to remedy the evil and help THE DOWNTRODDEN.

Their law always proposes to determine what THE FORGOTTEN MAN shall do for THE DOWNTRODDEN or, in the
better case, what THE POLITICIAN, THE HUMANITARIAN and THE FORGOTTEN MAN shall do for THE DOWNTRODDEN.

As for THE POLITICIAN and THE HUMANITARIAN, who get a law to make themselves do for THE DOWNTRODDEN what they are willing to do for him, we have
nothing to say except that they might better have done it without any law, but THE FORGOTTEN MAN is forced to comply with the new law.

All this is done while THE MAINSTREAM MEDIA looks on with glee and proclaims that THE POLITICIAN and THE HUMANITARIAN are so good for helping poor THE DOWNTRODDEN.

The preceding commentary was based on William Graham Sumner’s explanation of The Forgotten Man.

http://forgottenmenblog.blogspot.com/2009/09/sumners-explanation-of-forgotten-man.html

MinimumWage

food-stamps-minimum-wage-graph-1970-2010-no-population

The Truth about the Minimum Wage

Obama: “Raise Minimum Wage to $9 an Hour” – SOTU 2013

More on Minimum Wage

Obama’s $9/Hour SOTU Minimum Wage 

 Milton Friedman on Minimum Wage

Power of the Market – Minimum Wage

Williams with Sowell – Minimum Wage

The Job-Killing Impact of Minimum Wage Laws

“Good Intentions” by Dr. Walter Williams

Dr. Walter Williams’ 1982 PBS documentary “Good Intentions” based on his book, “The State Against Blacks”. The documentary was very controversial at the time it was released and led to many animosities and even threats of murder.

In “Good Intentions”, Dr. Williams examines the failure of the war on poverty and the devastating effect of well meaning government policies on blacks asserting that the state harms people in the U.S. more than it helps them. He shows how government anti-poverty programs have often locked people into poverty making the points that:

- being forced to attend 3rd rate public schools leave students unprepared for working life
– minimum wages prevent young people from obtaining jobs at an early age
– licensing and labor laws have had the effect of restricting entrance of blacks into the skilled trades and unions
– the welfare system creates perverse incentives for the poor to make bad choices they otherwise would not

Dr. Williams presents the following solutions to these problems:

Failing Public Schools – Give parents greater control over their children’s education by setting up a tuition tax credit or voucher system to broaden competition in turn revitalizing both public and non-public schools

Minimum Wages – Remove the minimum wage from youngsters to give more young people the chance to learn the world of work at an early age instead spending their free time idle an possibly falling into the habits of the street

Restrictive Labor Laws, Jobs Programs – Eliminate government roadblocks that prevent new entrepreneurs from starting their own business

Welfare Programs – Enact a compassionate welfare system such as a negative income tax which would remove dependency and dis-incentives for the poor to get themselves out of poverty

Scholars interviewed in the documentary include Donald Eberle, Charles Murray, and George Gilder.

Good Intentions 1 of 3 Introduction and Public Schools with Walter Williams

Good Intentions 2 of 3 Minimum Wage, Licensing, and Labor Laws with Walter

Good Intentions 3 of 3 The Welfare System and Conclusions with Walter Williams 

Government Intervention and Individual Freedom | Walter Williams

Obama: “Time to Pass Immigration Reform” – State of the Union 2013 

Contrasting Views of the Great Depression | Robert P. Murphy

 

Why You’ve Never Heard of the Great Depression of 1920 | Thomas E. Woods, Jr.

Uncommon Knowledge: The Great Depression with Amity Shlaes

Calvin Coolidge: The Best President You’ve Never Heard Of – Amity Shlaes

Amity Shlaes, Author, “Coolidge”

Keep Cool With Coolidge, Not Obama: Obama Reveals His True Hatred of Business

Obama Wants $9 Minimum Wage…

 

Read Full Post | Make a Comment ( None so far )

Why You Are Unemployed?–The Minimum Wage Law–Good Intentions Are Not Enough–Videos

Posted on June 8, 2012. Filed under: American History, Blogroll, College, Economics, Education, Employment, Fiscal Policy, government spending, history, Macroeconomics, Monetary Policy, People, Philosophy, Politics, Taxes, Unemployment, Video, Wealth, Wisdom | Tags: , , , , , , , , , , , , |

Series Id:           LNS14000000 Seasonally Adjusted

Series title:        (Seas) Unemployment Rate

Labor force status:  Unemployment rate

Type of data:        Percent or rate

Age:                 16 years and over

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 4.0 4.1 4.0 3.8 4.0 4.0 4.0 4.1 3.9 3.9 3.9 3.9
2001 4.2 4.2 4.3 4.4 4.3 4.5 4.6 4.9 5.0 5.3 5.5 5.7
2002 5.7 5.7 5.7 5.9 5.8 5.8 5.8 5.7 5.7 5.7 5.9 6.0
2003 5.8 5.9 5.9 6.0 6.1 6.3 6.2 6.1 6.1 6.0 5.8 5.7
2004 5.7 5.6 5.8 5.6 5.6 5.6 5.5 5.4 5.4 5.5 5.4 5.4
2005 5.3 5.4 5.2 5.2 5.1 5.0 5.0 4.9 5.0 5.0 5.0 4.9
2006 4.7 4.8 4.7 4.7 4.6 4.6 4.7 4.7 4.5 4.4 4.5 4.4
2007 4.6 4.5 4.4 4.5 4.4 4.6 4.7 4.6 4.7 4.7 4.7 5.0
2008 5.0 4.9 5.1 5.0 5.4 5.6 5.8 6.1 6.1 6.5 6.8 7.3
2009 7.8 8.3 8.7 8.9 9.4 9.5 9.5 9.6 9.8 10.0 9.9 9.9
2010 9.7 9.8 9.8 9.9 9.6 9.4 9.5 9.6 9.5 9.5 9.8 9.4
2011 9.1 9.0 8.9 9.0 9.0 9.1 9.1 9.1 9.0 8.9 8.7 8.5
2012 8.3 8.3 8.2 8.1 8.2

Series Id:           LNS14000012 Seasonally Adjusted

Series title:        (Seas) Unemployment Rate – 16-19 yrs.

Labor force status:  Unemployment rate

Type of data:        Percent or rate

Age:                 16 to 19 years

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 12.7 13.8 13.3 12.6 12.8 12.3 13.4 14.0 13.0 12.8 13.0 13.2
2001 13.8 13.7 13.8 13.9 13.4 14.2 14.4 15.6 15.2 16.0 15.9 17.0
2002 16.5 16.0 16.6 16.7 16.6 16.7 16.8 17.0 16.3 15.1 17.1 16.9
2003 17.2 17.2 17.8 17.7 17.9 19.0 18.2 16.6 17.6 17.2 15.7 16.2
2004 17.0 16.5 16.8 16.6 17.1 17.0 17.8 16.7 16.6 17.4 16.4 17.6
2005 16.2 17.5 17.1 17.8 17.8 16.3 16.1 16.1 15.5 16.1 17.0 14.9
2006 15.1 15.3 16.1 14.6 14.0 15.8 15.9 16.0 16.3 15.2 14.8 14.6
2007 14.8 14.9 14.9 15.9 15.9 16.3 15.3 15.9 15.9 15.4 16.2 16.8
2008 17.7 16.7 16.1 15.9 19.0 19.2 20.7 18.6 19.1 19.9 20.3 20.6
2009 20.7 22.2 22.2 22.3 23.4 24.7 24.3 25.1 25.9 27.0 26.8 26.7
2010 25.9 25.4 26.2 25.7 26.7 25.9 25.9 25.8 25.8 27.0 24.5 25.2
2011 25.4 23.9 24.5 24.9 24.1 24.6 24.9 25.3 24.5 24.0 23.7 23.1
2012 23.2 23.8 25.0 24.9 24.6

Source: Department of Labor, Bureau of Labor Statistics

Why You Are Unemployed – Part 1

Why You Are Unemployed – Part 2

Why You Are Unemployed – Part 3

Why You Are Unemployed – Part 4

Background Articles and Videos

Good Intentions 1 of 3 Introduction and Public Schools with Walter Williams

Good Intentions 2of3 Minimum Wage, Licensing, and Labor Laws with Walter Williams 

Good Intentions 3 of 3 The Welfare System and Conclusions with Walter Williams

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The Minimum Wage Law–Causing Massive Unemployment Among Teenagers, Blacks and New Entrants Into Labor Force–Videos

Posted on September 12, 2010. Filed under: Blogroll, Communications, Demographics, Economics, Education, Employment, Federal Government, Fiscal Policy, government spending, Law, liberty, Life, Links, media, People, Philosophy, Politics, Raves, Taxes, Video, Wisdom | Tags: , , , , , , , |

Data extracted on: September 12, 2010 (3:24:26 PM) 

Labor Force Statistics from the Current Population Survey

http://data.bls.gov/PDQ/servlet/SurveyOutputServlet

 

Series Id:           LNS14000012
Seasonally Adjusted
Series title:        (Seas) Unemployment Rate – 16-19 yrs.
Labor force status:  Unemployment rate
Type of data:        Percent or rate
Age:                 16 to 19 years

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 12.7 13.8 13.3 12.6 12.8 12.3 13.4 14.0 13.0 12.8 13.0 13.2  
2001 13.8 13.7 13.8 13.9 13.4 14.2 14.4 15.6 15.2 16.0 15.9 17.0  
2002 16.5 16.0 16.6 16.7 16.6 16.7 16.8 17.0 16.3 15.1 17.1 16.9  
2003 17.2 17.2 17.8 17.7 17.9 19.0 18.2 16.6 17.6 17.2 15.7 16.2  
2004 17.0 16.5 16.8 16.6 17.1 17.0 17.8 16.7 16.6 17.4 16.4 17.6  
2005 16.2 17.5 17.1 17.8 17.8 16.3 16.1 16.1 15.5 16.1 17.0 14.9  
2006 15.2 15.3 16.1 14.6 14.0 15.7 15.9 16.1 16.3 15.2 14.9 14.7  
2007 14.8 14.9 14.9 15.6 15.9 16.2 15.3 16.0 16.0 15.5 16.2 16.9  
2008 17.8 16.5 16.0 15.6 18.9 19.0 20.8 18.9 19.3 20.3 20.3 20.8  
2009 20.9 21.8 22.0 21.8 23.2 24.3 24.5 25.7 26.1 27.6 26.8 27.1  
2010 26.4 25.0 26.1 25.4 26.4 25.7 26.1 26.3          

Series Id:           LNS14000006
Seasonally Adjusted
Series title:        (Seas) Unemployment Rate – Black or African American
Labor force status:  Unemployment rate
Type of data:        Percent or rate
Age:                 16 years and over
Race:                Black or African American

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 8.2 8.1 7.4 7.0 7.7 7.8 7.7 7.9 7.3 7.3 7.3 7.4  
2001 8.2 7.7 8.3 8.0 7.9 8.3 8.0 9.1 8.9 9.5 9.8 10.1  
2002 10.0 9.9 10.5 10.7 10.2 10.5 9.8 9.8 9.7 9.8 10.7 11.3  
2003 10.5 10.7 10.3 10.9 10.9 11.5 10.9 10.9 11.1 11.4 10.2 10.1  
2004 10.4 9.7 10.3 9.8 10.1 10.2 11.0 10.5 10.3 10.8 10.7 10.7  
2005 10.6 10.9 10.5 10.3 10.1 10.2 9.2 9.7 9.4 9.1 10.6 9.2  
2006 8.9 9.4 9.5 9.4 8.7 8.8 9.5 8.8 9.0 8.5 8.6 8.3  
2007 8.0 8.0 8.3 8.3 8.3 8.4 8.0 7.7 8.1 8.5 8.5 9.0  
2008 9.2 8.3 9.1 8.6 9.6 9.4 9.9 10.8 11.4 11.3 11.5 12.1  
2009 12.8 13.5 13.5 15.0 15.0 14.8 14.7 15.2 15.5 15.7 15.6 16.2  
2010 16.5 15.8 16.5 16.5 15.5 15.4 15.6 16.3          

Series Id:                  LNS13023569
Seasonally Adjusted
Series title:               (Seas) Unemployment Level – New Entrants
Labor force status:         Unemployed
Type of data:               Number in thousands
Age:                        16 years and over
Unemployed entrant status:  New entrants

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 394 420 429 406 466 427 433 499 415 402 419 490  
2001 444 396 378 457 468 467 448 485 473 481 495 515  
2002 484 507 538 527 497 549 545 612 536 479 591 535  
2003 599 584 630 635 630 661 669 652 686 636 593 693  
2004 676 666 631 652 718 649 702 704 695 734 700 702  
2005 621 753 712 764 710 650 630 626 607 638 673 633  
2006 618 710 635 590 522 644 638 647 612 573 583 588  
2007 628 599 614 621 536 634 599 590 668 700 661 688  
2008 685 660 705 631 807 771 829 826 811 826 735 820  
2009 792 1016 881 919 977 969 994 1096 1134 1114 1270 1270  
2010 1235 1238 1197 1231 1206 1140 1188 1259          

 

Power of the Market – Minimum Wage

 

Good Intentions 2of3 Minimum Wage, Licensing, and Labor Laws with Walter Williams

 

Williams with Sowell – Minimum Wage

 

The Job-Killing Impact of Minimum Wage Laws

 

Milton Friedman on Minimum Wage

 

The Minimum wage argument & SchiffForSenate.com

Background Articles and Videos

 

The great Thomas Sowell talks about Obama-nomics

 

Related Posts On Pronk Palisades

Insanity Economics–Stimulus Kicks In–Total Unemployment Rate (U-6) Jumps Up To 16.7% with 25.7 Million Americans Seeking Full Time Employment!

Read Full Post | Make a Comment ( None so far )

Obama’s Economic Policies of Bailouts, Stimulus Packages, Political Payoffs and Higher Minimum Wages Results In Higher Unemployment Rates For Teenagers, Blacks and Hispanics–Over 26 Million Americans Seeking Full Time Employment!–More Than Double The Worse Month of Great Depression!

Posted on January 8, 2010. Filed under: Blogroll, Communications, Computers, Demographics, Economics, Education, Employment, Fiscal Policy, Health Care, history, Law, liberty, Life, Links, media, Taxes, Video, Wisdom | Tags: , , , , , , , , , , |

Glenn Beck Show – January 11, 2010 part 1

85,000 Jobs Lost in December

White House: Job Growth Coming by Spring

Romer Says President Obama to Do More to Create Jobs: Video

http://www.youtube.com/watch?v=XYv1J0OHo1E

 

Pr. Obama: Jobs, Economy, Slipping American Competitiveness

Peter Van Doren on ‘Green Jobs’

Myth of Green jobs -All Pain No Gain

Mint.com shows us real unemployment rate with “Are You Unemployed”

 

John Stossel–One year later, a green jobs factory outsources it’s jobs overseas to China


 

Leo Hindery: True U.S Unemployment Rate Is About 20%

 

Barrington Says `Bottom’ in Jobs Market to Continue: Video

http://www.youtube.com/watch?v=qSkZxrYwlOI

 

 Zentner Discusses Outlook for U.S. Manufacturing Jobs: Video

http://www.youtube.com/watch?v=7LErzKXi6w0

 

Solis Says U.S. Needs to `Work Harder’ to Create Jobs: Video

http://www.youtube.com/watch?v=24CnwKIH66g 

 

Good Intentions 2of3 Minimum Wage, Licensing, and Labor Laws with Walter Williams

 

Good Intentions 3of3 The Welfare System and Conclusions with Walter Williams

Obama & Minimum Wage — Part 1

Obama & Minimum Wage — Part 2

Milton Friedman on Minimum Wage

 

`Peter Schiff: Capitalism 101 Minimum Wage


 

The  news television stations were all announcing that the the official unemployment rate or U-3 for December 2009 remained unchanged from November 2009 at 10.0%.

Few mentioned that this represents over 15.3 million Americans seeking a full time job more than during the worse month of the Great Depression in March 1933 when over 13 million Americans were seeking full time jobs.

 

Labor Force Statistics from the Current Population Survey

http://data.bls.gov/cgi-bin/surveymost

Series Id:           LNS14000000
Seasonally Adjusted
Series title:        (Seas) Unemployment Rate
Labor force status:  Unemployment rate
Type of data:        Percent or rate
Age:                 16 years and over
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
1999 4.3 4.4 4.2 4.3 4.2 4.3 4.3 4.2 4.2 4.1 4.1 4.0  
2000 4.0 4.1 4.0 3.8 4.0 4.0 4.0 4.1 3.9 3.9 3.9 3.9  
2001 4.2 4.2 4.3 4.4 4.3 4.5 4.6 4.9 5.0 5.3 5.5 5.7  
2002 5.7 5.7 5.7 5.9 5.8 5.8 5.8 5.7 5.7 5.7 5.9 6.0  
2003 5.8 5.9 5.9 6.0 6.1 6.3 6.2 6.1 6.1 6.0 5.8 5.7  
2004 5.7 5.6 5.8 5.6 5.6 5.6 5.5 5.4 5.4 5.5 5.4 5.4  
2005 5.3 5.4 5.2 5.2 5.1 5.0 5.0 4.9 5.0 5.0 5.0 4.9  
2006 4.7 4.8 4.7 4.7 4.6 4.6 4.7 4.7 4.5 4.4 4.5 4.4  
2007 4.6 4.5 4.4 4.5 4.4 4.6 4.6 4.6 4.7 4.7 4.7 5.0  
2008 5.0 4.8 5.1 5.0 5.4 5.5 5.8 6.1 6.2 6.6 6.9 7.4  
2009 7.7 8.2 8.6 8.9 9.4 9.5 9.4 9.7 9.8 10.1 10.0 10.0

 

Series Id:           LNS13000000
Seasonally Adjusted
Series title:        (Seas) Unemployment Level
Labor force status:  Unemployed
Type of data:        Number in thousands
Age:                 16 years and over
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
1999 5976 6111 5783 6004 5796 5951 6025 5838 5915 5778 5716 5653  
2000 5708 5858 5733 5481 5758 5651 5747 5853 5625 5534 5639 5634  
2001 6023 6089 6141 6271 6226 6484 6583 7042 7142 7694 8003 8258  
2002 8182 8215 8304 8599 8399 8393 8390 8304 8251 8307 8520 8640  
2003 8520 8618 8588 8842 8957 9266 9011 8896 8921 8732 8576 8317  
2004 8370 8167 8491 8170 8212 8286 8136 7990 7927 8061 7932 7934  
2005 7784 7980 7737 7672 7651 7524 7406 7345 7553 7453 7566 7279  
2006 7059 7185 7075 7122 6977 6998 7154 7097 6853 6728 6883 6784  
2007 7085 6898 6725 6845 6765 6966 7113 7096 7200 7273 7284 7696  
2008 7628 7435 7793 7631 8397 8560 8895 9509 9569 10172 10617 11400  
2009 11919 12714 13310 13816 14518 14721 14534 14993 15159 15612 15340 15267  

 

Series Id:           LNS13327709
Seasonally Adjusted
Series title:        (seas) Total unemployed, plus all marginally attached workers plus total employed part time for economic reasons, as a percent of all civilian labor force plus all marginally attached workers
Labor force status:  Aggregated totals unemployed
Type of data:        Percent or rate
Age:                 16 years and over
Percent/rates:       Unemployed and mrg attached and pt for econ reas as percent of labor force plus marg attached
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
1999 7.7 7.7 7.6 7.6 7.4 7.5 7.5 7.3 7.4 7.2 7.1 7.1  
2000 7.1 7.2 7.1 6.9 7.1 7.0 7.0 7.1 7.0 6.8 7.1 6.9  
2001 7.3 7.4 7.3 7.4 7.5 7.9 7.8 8.1 8.7 9.3 9.4 9.6  
2002 9.5 9.5 9.4 9.7 9.5 9.5 9.6 9.6 9.6 9.6 9.7 9.8  
2003 10.0 10.2 10.0 10.2 10.1 10.3 10.3 10.1 10.4 10.2 10.0 9.8  
2004 9.9 9.7 10.0 9.6 9.6 9.5 9.5 9.4 9.4 9.7 9.4 9.2  
2005 9.3 9.3 9.1 8.9 8.9 9.0 8.8 8.9 9.0 8.7 8.7 8.6  
2006 8.4 8.4 8.2 8.1 8.2 8.4 8.5 8.4 8.0 8.2 8.1 8.0  
2007 8.3 8.1 8.0 8.2 8.2 8.2 8.3 8.5 8.4 8.4 8.5 8.8  
2008 9.1 8.9 9.0 9.2 9.7 10.0 10.5 10.9 11.2 11.9 12.8 13.7  
2009 14.0 15.0 15.6 15.8 16.4 16.5 16.4 16.8 17.0 17.4 17.2 17.3  

 

The real unemployment rate or U-6 actually increased slightly in December 2009 to 17.3%. 

The rate of 17.3% multiplied by the number of workers in the civilian work force, 153,059,000, means that over 26 million Americans were seeking full time jobs.

This is more than double the number of unemployed Americans seeking full time jobs during the worse month of the Great Depression, March, 1933!

The civilian labor force was also reduced from 153,720,000 in November 2009 to 153,059,000.

This means that over 661,000 Americans left the labor force in just one month!

In December 2008 the civilian labor force was 154,587,000 compared with 153,059,000 in December 2009.

In just one year over 1,528,000 Americans have left the civilian labor force. 

Did they really leave the civilian labor force?

While the civilian labor force does fluctuate from month to month as people enter and leave the civilian for various reasons, I suspect that progressive radical socialists at the Department of Labor and the White House have been manupulating the data to keep the unemployment rate down.

I strongly suspect that at least half of the reduction in the labor force is due to such political manipulation to get the official unemployment rate down or even decrease it.

This is especially true if President Obama has an event or speech where he wants to show progress in the employment situation.

The unemployment rates for teenagers, blacks and hispanics all  significantly rose in December 2010. 

Obamacare Punishes the Young

For teenagers age 16 through 19 the unemployment rate in December 2008 was 20.8% compared with the December 2009 unemployment rate of 27.2%.

For blacks the unemployment rate in December 2008 was 12.1% compared with the December 2009 unemployment rate of 16.2%.

For hispanics the unemployoment rate in December 2008 was 9.4% compared with the December 2009 unemployment rate of 12.9%. 

Series Id:           LNS14000012
Seasonally Adjusted
Series title:        (Seas) Unemployment Rate - 16-19 yrs.
Labor force status:  Unemployment rate
Type of data:        Percent or rate
Age:                 16 to 19 years
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
1999 15.2 13.9 14.2 14.2 13.3 13.9 13.4 13.3 14.8 13.8 13.9 13.4  
2000 12.7 13.8 13.3 12.6 12.8 12.3 13.4 14.0 13.0 12.8 13.0 13.2  
2001 13.8 13.7 13.8 13.9 13.4 14.2 14.4 15.6 15.2 16.0 15.9 17.0  
2002 16.5 16.0 16.6 16.7 16.6 16.7 16.8 17.0 16.3 15.1 17.1 16.9  
2003 17.2 17.2 17.8 17.7 17.9 19.0 18.2 16.6 17.6 17.2 15.7 16.2  
2004 17.0 16.5 16.8 16.6 17.1 17.0 17.8 16.7 16.6 17.4 16.4 17.6  
2005 16.2 17.5 17.1 17.8 17.8 16.3 16.1 16.1 15.5 16.1 17.0 14.9  
2006 15.2 15.3 16.1 14.6 14.0 15.7 15.9 16.1 16.3 15.2 14.9 14.7  
2007 14.8 14.9 14.9 15.6 15.9 16.2 15.3 16.0 16.0 15.5 16.2 16.9  
2008 17.8 16.5 16.0 15.6 18.9 19.0 20.8 18.9 19.3 20.3 20.3 20.8  
2009 20.9 21.8 22.0 21.8 23.2 24.3 24.5 25.7 26.1 27.6 26.8 27.1  

 

Series Id:           LNS14000006
Seasonally Adjusted
Series title:        (Seas) Unemployment Rate - Black or African American
Labor force status:  Unemployment rate
Type of data:        Percent or rate
Age:                 16 years and over
Race:                Black or African American
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
1999 7.8 8.2 8.0 7.8 7.4 7.7 8.7 7.7 8.5 8.4 8.0 7.8  
2000 8.2 8.1 7.4 7.0 7.7 7.8 7.7 7.9 7.3 7.3 7.3 7.4  
2001 8.2 7.7 8.3 8.0 7.9 8.3 8.0 9.1 8.9 9.5 9.8 10.1  
2002 10.0 9.9 10.5 10.7 10.2 10.5 9.8 9.8 9.7 9.8 10.7 11.3  
2003 10.5 10.7 10.3 10.9 10.9 11.5 10.9 10.9 11.1 11.4 10.2 10.1  
2004 10.4 9.7 10.3 9.8 10.1 10.2 11.0 10.5 10.3 10.8 10.7 10.7  
2005 10.6 10.9 10.5 10.3 10.1 10.2 9.2 9.7 9.4 9.1 10.6 9.2  
2006 8.9 9.4 9.5 9.4 8.7 8.8 9.5 8.8 9.0 8.5 8.6 8.3  
2007 8.0 8.0 8.3 8.3 8.3 8.4 8.0 7.7 8.1 8.5 8.5 9.0  
2008 9.2 8.3 9.1 8.6 9.6 9.4 9.9 10.8 11.4 11.3 11.5 12.1  
2009 12.8 13.5 13.5 15.0 15.0 14.8 14.7 15.2 15.5 15.7 15.6 16.2

 

Series Id:           LNS14000009
Seasonally Adjusted
Series title:        (Seas) Unemployment Rate - Hispanic or Latino
Labor force status:  Unemployment rate
Type of data:        Percent or rate
Age:                 16 years and over
Ethnic origin:       Hispanic or Latino
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
1999 6.7 6.7 5.8 7.0 6.7 6.6 6.5 6.5 6.7 6.4 6.0 5.8  
2000 5.6 5.7 6.1 5.5 5.8 5.6 5.8 5.9 5.8 5.1 6.0 5.7  
2001 5.8 6.1 6.2 6.4 6.3 6.6 6.2 6.5 6.7 7.1 7.3 7.7  
2002 7.8 7.0 7.5 8.0 7.1 7.4 7.4 7.5 7.4 7.9 7.8 7.9  
2003 7.9 7.6 7.8 7.6 8.1 8.4 8.1 7.7 7.3 7.4 7.5 6.6  
2004 7.4 7.4 7.5 7.1 7.0 6.6 6.9 6.8 6.9 6.7 6.7 6.5  
2005 6.2 6.4 5.8 6.4 5.9 5.7 5.5 5.8 6.5 5.9 6.2 6.1  
2006 5.7 5.5 5.2 5.3 4.9 5.2 5.2 5.3 5.5 4.7 5.1 5.0  
2007 5.7 5.2 5.1 5.4 5.8 5.6 5.9 5.5 5.8 5.6 5.8 6.3  
2008 6.4 6.2 6.9 6.9 6.9 7.7 7.5 8.0 8.0 8.9 8.8 9.4  
2009 9.9 11.0 11.6 11.4 12.7 12.3 12.4 13.0 12.7 13.1 12.7 12.9  

 Government intervention in the free market economy is resulting in massive unemployment of the American people.

The free market has not failed, the Federal Government led by President Obama and the Progressive Radical Socialists in Congress and the Senate have failed the American people.

The young, blacks and hispanics are slow waking up to the fact that Obama and the Progressive Radical Socialists could care less that they are unemployed.

President Obama is what Bill Gates would call a dilettante when it comes to economic policy.

Actually he is just an incompetent progressive radical socialist.

President Obama’s green jobs nonsense reminds me of Roosevelt’s TVA and will have the same economic results.

Both Presidents were clueless as to economics and job creation and were notorious habitual liars.

MAJOR REDUCTIONS IN CARBON EMISSIONS ARE NOT WORTH THE MONEY DEBATE: PETER HUBER

The American people are slowly but surely turning him off and no longer trust or believe a word President Obama says.

Join the Second American to stop Progressive Radical Socialists and their government interventionist economic pollicies that destroy jobs, wreck the economy and turn the American Dream into a nightmare.

The great Thomas Sowell talks about Obama-nomics

 

Thomas Sowell – Obama’s Vision

Background Articles and Videos

Keynesian Economics Is Wrong: Bigger Gov’t Is Not Stimulus

Eight Reasons Why Big Government Hurts Economic Growth

Economy loses 85K jobs as employers remain wary

Employers cut more jobs than expected in December, unemployment rate holds at 10 percent

By Christopher S. Rugaber, AP Economics Writer , On Friday January 8, 2010, 12:50 pm

“…Lack of confidence in the economic recovery led employers to shed a more-than-expected 85,000 net jobs in December even as the unemployment rate held at 10 percent. The rate would have been higher if more people had been looking for work instead of leaving the labor force because they can’t find jobs.

The sharp drop in the work force — 661,000 fewer people — showed that more of the jobless are giving up. Once people stop looking for jobs, they’re no longer counted among the unemployed.

When discouraged workers and part-time workers who would prefer full-time jobs are included, the so-called “underemployment” rate in December rose to 17.3 percent, from 17.2 percent in November. That’s just below a revised figure of 17.4 percent in October, the highest on records dating from 1994. …”

http://finance.yahoo.com/news/Economy-loses-more-jobs-apf-2245188994.html?x=0&.v=8

Employment Situation Summary

Transmission of material in this release is embargoed            USDL-09-1583
until 8:30 a.m. (EST) Friday, January 8, 2010

Technical information:
 Household data:       (202) 691-6378  *  cpsinfo@bls.gov  *  www.bls.gov/cps
 Establishment data:   (202) 691-6555  *  cesinfo@bls.gov  *  www.bls.gov/ces

Media contact:         (202) 691-5902  *  PressOffice@bls.gov

                     THE EMPLOYMENT SITUATION -- DECEMBER 2009

Nonfarm payroll employment edged down (-85,000) in December, and the unem-
ployment rate was unchanged at 10.0 percent, the U.S. Bureau of Labor Statis-
tics reported today. Employment fell in construction, manufacturing, and
wholesale trade, while temporary help services and health care added jobs.

Household Survey Data

In December, both the number of unemployed persons, at 15.3 million, and the
unemployment rate, at 10.0 percent, were unchanged. At the start of the re-
cession in December 2007, the number of unemployed persons was 7.7 million,
and the unemployment rate was 5.0 percent. (See table A-1.)

    ----------------------------------------------------------------------
   |                                                                      |
   |         Revision of Seasonally Adjusted Household Survey Data        |
   |                                                                      |
   |Seasonally adjusted household survey data have been revised using up- |
   |dated seasonal adjustment factors, a procedure done at the end of each|
   |calendar year. Seasonally adjusted estimates back to January 2005 were|
   |subject to revision. The unemployment rates for January 2009 through  |
   |November 2009 (as originally published and as revised) appear in      |
   |table B, along with additional information about the revisions.       |
   |                                                                      |
    ----------------------------------------------------------------------

Unemployment rates for the major worker groups--adult men (10.2 percent),
adult women (8.2 percent), teenagers (27.1 percent), whites (9.0 percent),
blacks (16.2 percent), and Hispanics (12.9 percent)--showed little change in
December. The unemployment rate for Asians was 8.4 percent, not seasonally
adjusted. (See tables A-1, A-2, and A-3.)

Among the unemployed, the number of long-term unemployed (those jobless for 27
weeks and over) continued to trend up, reaching 6.1 million. In December, 4 in
10 unemployed workers were jobless for 27 weeks or longer. (See table A-9.)

The civilian labor force participation rate fell to 64.6 percent in December.
The employment-population ratio declined to 58.2 percent. (See table A-1.)

The number of persons employed part time for economic reasons (sometimes re-
ferred to as involuntary part-time workers) was about unchanged at 9.2 million
in December and has been relatively flat since March. These individuals were
working part time because their hours had been cut back or because they were
unable to find a full-time job. (See table A-5.)

About 2.5 million persons were marginally attached to the labor force in
December, an increase of 578,000 from a year earlier. (The data are not sea-
sonally adjusted.) These individuals were not in the labor force, wanted and
were available for work, and had looked for a job sometime in the prior 12
months. They were not counted as unemployed because they had not searched for
work in the 4 weeks preceding the survey. (See table A-13.)

Among the marginally attached, there were 929,000 discouraged workers in
December, up from 642,000 a year earlier. (The data are not seasonally ad-
justed.) Discouraged workers are persons not currently looking for work be-
cause they believe no jobs are available for them. The remaining 1.6 million
persons marginally attached to the labor force had not searched for work in
the 4 weeks preceding the survey for reasons such as school attendance or
family responsibilities.

Establishment Survey Data

Total nonfarm payroll employment edged down in December (-85,000). Job losses
continued in construction, manufacturing, and wholesale trade, while temporary
help services and health care continued to add jobs. During 2009, monthly job
losses moderated substantially. Employment losses in the first quarter of 2009
averaged 691,000 per month, compared with an average loss of 69,000 per month
in the fourth quarter. (See table B-1.)

Construction employment declined by 53,000 in December, with job losses
throughout the industry. Employment in construction has fallen by 1.6 mil-
lion since the recession began.

In December, employment in manufacturing decreased by 27,000. The average
monthly decline for the last 6 months of 2009 (-41,000) was much lower than
the average monthly decline for the first half of the year (-171,000). Since
the recession began, manufacturing employment has fallen by 2.1 million; three-
fourths of this drop occurred in the durable goods component (-1.6 million).

Wholesale trade employment declined by 18,000 in December, with the majority of
the decline occurring among durable goods wholesalers. Employment in retail
trade was little changed over the month, although general merchandise stores
lost 15,000 jobs.

Temporary help services added 47,000 jobs in December. Since reaching a low
point in July, temporary help services employment has risen by 166,000.

Health care employment continued to increase in December (22,000), with notable
gains in offices of physicians (9,000) and home health care services (8,000).
The health care industry has added 631,000 jobs since the recession began.

In December, the average workweek for production and nonsupervisory workers on
private nonfarm payrolls was unchanged at 33.2 hours. The manufacturing work-
week, at 40.4 hours, and factory overtime, at 3.4 hours, were unchanged over
the month. Since May, the manufacturing workweek has increased by 1.0 hour.
(See table B-2.)

In December, average hourly earnings of production and nonsupervisory workers
on private nonfarm payrolls rose by 3 cents, or 0.2 percent, to $18.80. Over
the past 12 months, average hourly earnings have risen by 2.2 percent, while
average weekly earnings have risen by 1.9 percent. (See table B-3.)

The change in total nonfarm payroll employment for October was revised from
-111,000 to -127,000, and the change for November was revised from -11,000 to
+4,000.
_____________
The Employment Situation for January is scheduled to be released on Friday,
February 5, 2010, at 8:30 a.m. (EST).
http://www.bls.gov/news.release/empsit.nr0.htm

Milton Friedman & Walter Williams On Workers Rights 1/3

Milton Friedman & Walter Williams On Workers Rights 2/3

Milton Friedman & Walter Williams On Workers Rights 3/3

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