The Obama Jobs Recession Continues — Labor Participation Rate of 62.8% with 145.8 Million Employed in May 2014 vs. 66% Labor Participation Rate with 146.6 Million Employed in November 2007 — Videos

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Story 1: The Obama Jobs Recession Continues — Labor Participation Rate of 62.8% with 145.8 Million Employed in May 2014 vs. 66% Labor Participation Rate with 146.6 Million Employed in November 2007 — Videos

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Labor Secretary Dismisses Historical Drop in Labor Participation Rate

Labor Force Participation Rate

Labor participation rate is down to unprecedented levels

BLS Commissioner Groshen on drop in job participation rate- “It’s certainly not a sign of strength.”

Will The Unemployment Rate Stall

 

Employment Level

145,814,000

 

employment_level

 

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 136559(1) 136598 136701 137270 136630 136940 136531 136662 136893 137088 137322 137614
2001 137778 137612 137783 137299 137092 136873 137071 136241 136846 136392 136238 136047
2002 135701 136438 136177 136126 136539 136415 136413 136705 137302 137008 136521 136426
2003 137417(1) 137482 137434 137633 137544 137790 137474 137549 137609 137984 138424 138411
2004 138472(1) 138542 138453 138680 138852 139174 139556 139573 139487 139732 140231 140125
2005 140245(1) 140385 140654 141254 141609 141714 142026 142434 142401 142548 142499 142752
2006 143150(1) 143457 143741 143761 144089 144353 144202 144625 144815 145314 145534 145970
2007 146028(1) 146057 146320 145586 145903 146063 145905 145682 146244 145946 146595 146273
2008 146378(1) 146156 146086 146132 145908 145737 145532 145203 145076 144802 144100 143369
2009 142152(1) 141640 140707 140656 140248 140009 139901 139492 138818 138432 138659 138013
2010 138451(1) 138599 138752 139309 139247 139148 139179 139427 139393 139111 139030 139266
2011 139287(1) 139422 139655 139622 139653 139409 139524 139904 140154 140335 140747 140836
2012 141677(1) 141943 142079 141963 142257 142432 142272 142204 142947 143369 143233 143212
2013 143384(1) 143464 143393 143676 143919 144075 144285 144179 144270 143485 144443 144586
2014 145224(1) 145266 145742 145669 145814
1 : Data affected by changes in population controls.

Civilian Labor Force

155,613,000

Civilain Labor force

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 142267(1) 142456 142434 142751 142388 142591 142278 142514 142518 142622 142962 143248
2001 143800 143701 143924 143569 143318 143357 143654 143284 143989 144086 144240 144305
2002 143883 144653 144481 144725 144938 144808 144803 145009 145552 145314 145041 145066
2003 145937(1) 146100 146022 146474 146500 147056 146485 146445 146530 146716 147000 146729
2004 146842(1) 146709 146944 146850 147065 147460 147692 147564 147415 147793 148162 148059
2005 148029(1) 148364 148391 148926 149261 149238 149432 149779 149954 150001 150065 150030
2006 150214(1) 150641 150813 150881 151069 151354 151377 151716 151662 152041 152406 152732
2007 153144(1) 152983 153051 152435 152670 153041 153054 152749 153414 153183 153835 153918
2008 154063(1) 153653 153908 153769 154303 154313 154469 154641 154570 154876 154639 154655
2009 154210(1) 154538 154133 154509 154747 154716 154502 154307 153827 153784 153878 153111
2010 153404(1) 153720 153964 154642 154106 153631 153706 154087 153971 153631 154127 153639
2011 153198(1) 153280 153403 153566 153526 153379 153309 153724 154059 153940 154072 153927
2012 154328(1) 154826 154811 154565 154946 155134 154970 154669 155018 155507 155279 155485
2013 155699(1) 155511 155099 155359 155609 155822 155693 155435 155473 154625 155284 154937
2014 155460(1) 155724 156227 155421 155613
1 : Data affected by changes in population controls.

 

Labor Participation Rate

62.8%

Labor Participation Rate

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 67.3 67.3 67.3 67.3 67.1 67.1 66.9 66.9 66.9 66.8 66.9 67.0
2001 67.2 67.1 67.2 66.9 66.7 66.7 66.8 66.5 66.8 66.7 66.7 66.7
2002 66.5 66.8 66.6 66.7 66.7 66.6 66.5 66.6 66.7 66.6 66.4 66.3
2003 66.4 66.4 66.3 66.4 66.4 66.5 66.2 66.1 66.1 66.1 66.1 65.9
2004 66.1 66.0 66.0 65.9 66.0 66.1 66.1 66.0 65.8 65.9 66.0 65.9
2005 65.8 65.9 65.9 66.1 66.1 66.1 66.1 66.2 66.1 66.1 66.0 66.0
2006 66.0 66.1 66.2 66.1 66.1 66.2 66.1 66.2 66.1 66.2 66.3 66.4
2007 66.4 66.3 66.2 65.9 66.0 66.0 66.0 65.8 66.0 65.8 66.0 66.0
2008 66.2 66.0 66.1 65.9 66.1 66.1 66.1 66.1 66.0 66.0 65.9 65.8
2009 65.7 65.8 65.6 65.7 65.7 65.7 65.5 65.4 65.1 65.0 65.0 64.6
2010 64.8 64.9 64.9 65.2 64.9 64.6 64.6 64.7 64.6 64.4 64.6 64.3
2011 64.2 64.2 64.2 64.2 64.2 64.0 64.0 64.1 64.2 64.1 64.1 64.0
2012 63.7 63.9 63.8 63.7 63.8 63.8 63.7 63.5 63.6 63.7 63.6 63.6
2013 63.6 63.5 63.3 63.4 63.4 63.5 63.4 63.2 63.2 62.8 63.0 62.8
2014 63.0 63.0 63.2 62.8 62.8

Unemployment Level

9,799,000

unemployment level

 

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
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 7064 7184 7072 7120 6980 7001 7175 7091 6847 6727 6872 6762
2007 7116 6927 6731 6850 6766 6979 7149 7067 7170 7237 7240 7645
2008 7685 7497 7822 7637 8395 8575 8937 9438 9494 10074 10538 11286
2009 12058 12898 13426 13853 14499 14707 14601 14814 15009 15352 15219 15098
2010 14953 15121 15212 15333 14858 14483 14527 14660 14578 14520 15097 14373
2011 13910 13858 13748 13944 13873 13971 13785 13820 13905 13604 13326 13090
2012 12650 12883 12732 12603 12689 12702 12698 12464 12070 12138 12045 12273
2013 12315 12047 11706 11683 11690 11747 11408 11256 11203 11140 10841 10351
2014 10236 10459 10486 9753 9799

Unemployment Rate U-3

6.3%

unemployment rate U 3

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 9.0 9.4 9.5 9.5 9.6 9.8 10.0 9.9 9.9
2010 9.7 9.8 9.9 9.9 9.6 9.4 9.5 9.5 9.5 9.5 9.8 9.4
2011 9.1 9.0 9.0 9.1 9.0 9.1 9.0 9.0 9.0 8.8 8.6 8.5
2012 8.2 8.3 8.2 8.2 8.2 8.2 8.2 8.1 7.8 7.8 7.8 7.9
2013 7.9 7.7 7.5 7.5 7.5 7.5 7.3 7.2 7.2 7.2 7.0 6.7
2014 6.6 6.7 6.7 6.3 6.3

Unemployment Rate U-6

12.2%

unemployment rate u 6

Employment Situation Summary

Transmission of material in this release is embargoed until                    USDL-14-0987
8:30 a.m. (EDT) Friday, June 6, 2014

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 -- MAY 2014


Total nonfarm payroll employment rose by 217,000 in May, and the unemployment rate was
unchanged at 6.3 percent, the U.S. Bureau of Labor Statistics reported today. Employment
increased in professional and business services, health care and social assistance, food
services and drinking places, and transportation and warehousing. 

Household Survey Data

The unemployment rate held at 6.3 percent in May, following a decline of 0.4 percentage
point in April. The number of unemployed persons was unchanged in May at 9.8 million.
Over the year, the unemployment rate and the number of unemployed persons declined by
1.2 percentage points and 1.9 million, respectively. (See table A-1.)

Among the major worker groups, the unemployment rates for adult men (5.9 percent),
adult women (5.7 percent), teenagers (19.2 percent), whites (5.4 percent), blacks
(11.5 percent), and Hispanics (7.7 percent) showed little or no change in May. The
jobless rate for Asians was 5.3 percent (not seasonally adjusted), little changed
from a year earlier. (See tables A-1, A-2, and A-3.)

Among the unemployed, the number of job losers and persons who completed temporary
jobs declined by 218,000 in May. The number of unemployed reentrants increased by
237,000 over the month, partially offsetting a large decrease in April. (Reentrants
are persons who previously worked but were not in the labor force prior to beginning
their current job search.) (See table A-11.)

The number of long-term unemployed (those jobless for 27 weeks or more) was essentially
unchanged at 3.4 million in May. These individuals accounted for 34.6 percent of the
unemployed. Over the past 12 months, the number of long-term unemployed has declined by
979,000. (See table A-12.)

The civilian labor force participation rate was unchanged in May, at 62.8 percent.
The participation rate has shown no clear trend since this past October but is down by 0.6
percentage point over the year. The employment-population ratio, at 58.9 percent, was
also unchanged in May and has changed little over the year. (See table A-1.)

The number of persons employed part time for economic reasons (sometimes referred to as
involuntary part-time workers), at 7.3 million, changed little in May. 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-8.)

In May, 2.1 million persons were marginally attached to the labor force, essentially
unchanged from a year earlier. (The data are not seasonally 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-16.)

Among the marginally attached, there were 697,000 discouraged workers in May, little
different from a year earlier. (The data are not seasonally adjusted.) Discouraged
workers are persons not currently looking for work because they believe no jobs are
available for them. The remaining 1.4 million persons marginally attached to the labor
force in May had not searched for work for reasons such as school attendance or family
responsibilities. (See table A-16.)

Establishment Survey Data

Total nonfarm payroll employment increased by 217,000 in May, with gains in professional
and business services, health care and social assistance, food services and drinking
places, and transportation and warehousing. Over the prior 12 months, nonfarm payroll
employment growth had averaged 197,000 per month. (See table B-1.)

Professional and business services added 55,000 jobs in May, the same as its average
monthly job gain over the prior 12 months. In May, the industry added 7,000 jobs each in
computer systems design and related services and in management and technical consulting.
Employment in temporary help services continued to trend up (+14,000) and has grown by
224,000 over the past year.

In May, health care and social assistance added 55,000 jobs. The health care industry
added 34,000 jobs over the month, twice its average monthly gain for the prior 12 months.
Within health care, employment rose in May by 23,000 in ambulatory health care services
(which includes offices of physicians, outpatient care centers, and home health care
services) and by 7,000 in hospitals. Employment rose by 21,000 in social assistance,
compared with an average gain of 7,000 per month over the prior 12 months.

Within leisure and hospitality, employment in food services and drinking places continued
to grow, increasing by 32,000 in May and by 311,000 over the past year.

Transportation and warehousing employment rose by 16,000 in May. Over the prior 12
months, the industry had added an average of 9,000 jobs per month. In May, employment
growth occurred in support activities for transportation (+6,000) and couriers and
messengers (+4,000).

Manufacturing employment changed little over the month but has added 105,000 jobs over
the past year. Within the industry, durable goods added 17,000 jobs in May and has
accounted for the net job gain in manufacturing over the past 12 months.

Employment in other major industries, including mining and logging, construction,
wholesale trade, retail trade, information, financial activities, and government,
showed little change over the month.

The average workweek for all employees on private nonfarm payrolls was unchanged at 34.5
hours in May. The manufacturing workweek increased by 0.2 hour in May to 41.1 hours, and
factory overtime was unchanged at 3.5 hours. The average workweek for production and
nonsupervisory employees on private nonfarm payrolls was unchanged at 33.7 hours. (See
tables B-2 and B-7.)

In May, average hourly earnings for all employees on private nonfarm payrolls rose by
5 cents to $24.38. Over the past 12 months, average hourly earnings have risen by 2.1
percent. In May, average hourly earnings of private-sector production and nonsupervisory
employees increased by 3 cents to $20.54. (See tables B-3 and B-8.)

After revision, the change in total nonfarm employment for March remained +203,000, and the
change for April was revised from +288,000 to +282,000. With these revisions, employment
gains in March and April were 6,000 lower than previously reported.

_____________
The Employment Situation for June is scheduled to be released on Thursday, July 3, 2014,
at 8:30 a.m. (EDT).


  ________________________________________________________________________________________
 |                                                                                        |
 |                       Upcoming Changes to the Establishment Survey Data                |
 |                                                                                        |
 |Effective with the release of July 2014 data on August 1, 2014, the establishment survey|
 |will implement new sample units into production on a quarterly basis, replacing the     |
 |current practice of implementing new sample units annually. There is no change to the   |
 |establishment survey sample design. More information about the quarterly sample         |
 |implementation is available at www.bls.gov/ces/cesqsi.htm.                              |
 |________________________________________________________________________________________|



 

  • Access to historical data for the “A” tables of the Employment Situation Release
  • Access to historical data for the “B” tables of the Employment Situation Release
  • HTML version of the entire news release
  • Employment Situation Summary Table A. Household data, seasonally adjusted

    HOUSEHOLD DATA
    Summary table A. Household data, seasonally adjusted

    [Numbers in thousands]

    Category May
    2013
    Mar.
    2014
    Apr.
    2014
    May
    2014
    Change from:
    Apr.
    2014-
    May
    2014

    Employment status

    Civilian noninstitutional population

    245,363 247,258 247,439 247,622 183

    Civilian labor force

    155,609 156,227 155,421 155,613 192

    Participation rate

    63.4 63.2 62.8 62.8 0.0

    Employed

    143,919 145,742 145,669 145,814 145

    Employment-population ratio

    58.7 58.9 58.9 58.9 0.0

    Unemployed

    11,690 10,486 9,753 9,799 46

    Unemployment rate

    7.5 6.7 6.3 6.3 0.0

    Not in labor force

    89,754 91,030 92,018 92,009 -9

    Unemployment rates

    Total, 16 years and over

    7.5 6.7 6.3 6.3 0.0

    Adult men (20 years and over)

    7.2 6.2 5.9 5.9 0.0

    Adult women (20 years and over)

    6.5 6.2 5.7 5.7 0.0

    Teenagers (16 to 19 years)

    24.1 20.9 19.1 19.2 0.1

    White

    6.6 5.8 5.3 5.4 0.1

    Black or African American

    13.5 12.4 11.6 11.5 -0.1

    Asian (not seasonally adjusted)

    4.3 5.4 5.7 5.3

    Hispanic or Latino ethnicity

    9.1 7.9 7.3 7.7 0.4

    Total, 25 years and over

    6.1 5.4 5.2 5.2 0.0

    Less than a high school diploma

    11.0 9.6 8.9 9.1 0.2

    High school graduates, no college

    7.4 6.3 6.3 6.5 0.2

    Some college or associate degree

    6.5 6.1 5.7 5.5 -0.2

    Bachelor’s degree and higher

    3.8 3.4 3.3 3.2 -0.1

    Reason for unemployment

    Job losers and persons who completed temporary jobs

    6,094 5,489 5,236 5,018 -218

    Job leavers

    944 815 784 875 91

    Reentrants

    3,326 3,037 2,620 2,857 237

    New entrants

    1,257 1,169 1,043 1,062 19

    Duration of unemployment

    Less than 5 weeks

    2,704 2,461 2,447 2,559 112

    5 to 14 weeks

    2,642 2,581 2,359 2,390 31

    15 to 26 weeks

    1,934 1,677 1,533 1,441 -92

    27 weeks and over

    4,353 3,739 3,452 3,374 -78

    Employed persons at work part time

    Part time for economic reasons

    7,917 7,411 7,465 7,269 -196

    Slack work or business conditions

    4,837 4,512 4,555 4,453 -102

    Could only find part-time work

    2,697 2,731 2,669 2,537 -132

    Part time for noneconomic reasons

    18,957 19,216 18,886 19,040 154

    Persons not in the labor force (not seasonally adjusted)

    Marginally attached to the labor force

    2,164 2,168 2,160 2,130

    Discouraged workers

    780 698 783 697

    – Over-the-month changes are not displayed for not seasonally adjusted data.
    NOTE: Persons whose ethnicity is identified as Hispanic or Latino may be of any race. Detail for the seasonally adjusted data shown in this table will not necessarily add to totals because of the independent seasonal adjustment of the various series. Updated population controls are introduced annually with the release of January data.

 

 

ESTABLISHMENT DATA
Summary table B. Establishment data, seasonally adjusted

Category May
2013
Mar.
2014
Apr.
2014(p)
May
2014(p)

EMPLOYMENT BY SELECTED INDUSTRY
(Over-the-month change, in thousands)

Total nonfarm

199 203 282 217

Total private

222 200 270 216

Goods-producing

2 21 46 18

Mining and logging

4 4 8 2

Construction

5 13 34 6

Manufacturing

-7 4 4 10

Durable goods(1)

-2 14 6 17

Motor vehicles and parts

5.0 -0.5 0.3 5.0

Nondurable goods

-5 -10 -2 -7

Private service-providing(1)

220 179 224 198

Wholesale trade

7.7 7.8 16.2 9.9

Retail trade

34.7 28.9 43.1 12.5

Transportation and warehousing

-1.5 13.9 12.1 16.4

Information

-2 -1 1 -5

Financial activities

9 0 6 3

Professional and business services(1)

77 47 71 55

Temporary help services

23.3 22.1 16.0 14.3

Education and health services(1)

29 40 39 63

Health care and social assistance

18.9 34.9 28.5 54.9

Leisure and hospitality

53 31 24 39

Other services

12 9 13 4

Government

-23 3 12 1

WOMEN AND PRODUCTION AND NONSUPERVISORY EMPLOYEES(2)
AS A PERCENT OF ALL EMPLOYEES

Total nonfarm women employees

49.4 49.4 49.4 49.4

Total private women employees

48.0 48.0 48.0 48.0

Total private production and nonsupervisory employees

82.6 82.7 82.7 82.7

HOURS AND EARNINGS
ALL EMPLOYEES

Total private

Average weekly hours

34.5 34.5 34.5 34.5

Average hourly earnings

$23.89 $24.32 $24.33 $24.38

Average weekly earnings

$824.21 $839.04 $839.39 $841.11

Index of aggregate weekly hours (2007=100)(3)

98.5 100.1 100.4 100.6

Over-the-month percent change

0.5 0.7 0.3 0.2

Index of aggregate weekly payrolls (2007=100)(4)

112.3 116.2 116.5 117.0

Over-the-month percent change

0.6 0.9 0.3 0.4

HOURS AND EARNINGS
PRODUCTION AND NONSUPERVISORY EMPLOYEES

Total private

Average weekly hours

33.7 33.7 33.7 33.7

Average hourly earnings

$20.06 $20.48 $20.51 $20.54

Average weekly earnings

$676.02 $690.18 $691.19 $692.20

Index of aggregate weekly hours (2002=100)(3)

106.0 107.8 108.1 108.3

Over-the-month percent change

0.2 1.1 0.3 0.2

Index of aggregate weekly payrolls (2002=100)(4)

142.0 147.5 148.1 148.6

Over-the-month percent change

0.3 1.0 0.4 0.3

DIFFUSION INDEX(5)
(Over 1-month span)

Total private (264 industries)

61.6 59.7 65.9 62.7

Manufacturing (81 industries)

48.8 53.7 53.7 55.6

Footnotes
(1) Includes other industries, not shown separately.
(2) Data relate to production employees in mining and logging and manufacturing, construction employees in construction, and nonsupervisory employees in the service-providing industries.
(3) The indexes of aggregate weekly hours are calculated by dividing the current month’s estimates of aggregate hours by the corresponding annual average aggregate hours.
(4) The indexes of aggregate weekly payrolls are calculated by dividing the current month’s estimates of aggregate weekly payrolls by the corresponding annual average aggregate weekly payrolls.
(5) Figures are the percent of industries with employment increasing plus one-half of the industries with unchanged employment, where 50 percent indicates an equal balance between industries with increasing and decreasing employment.
(p) Preliminary

 

 

37.2%: Percentage Not in Labor Force Remains at 36-Year High

June 6, 2014 – 8:05 AM

By Ali Meyer

The percentage of American civilians 16 or older who do not have a job and are not actively seeking one remained at a 36-year high in May, according to the Bureau of Labor Statistics.

In December, April, and now May, the labor force participation rate has been 62.8 percent. That means that 37.2 percent were not participating in the labor force during those months.

Before December, the last time the labor force participation rate sunk as low as 62.8 percent was February 1978, when it was also 62.8 percent. At that time, Jimmy Carter was president.

In April, the number of those not in the labor force hit a record high of 92,018,000. In May, that number declined by 9,000 to 92,009,000. Yet, the participation rate remained the same from April to May at 62.8 percent.

The labor force, according to BLS, is that part of the civilian noninstitutional population that either has a job or has actively sought one in the last four weeks. The civilian noninstitutional population consists of people 16 or older, who are not on active duty in the military or in an institution such as a prison, nursing home, or mental hospital.

jobs

In May, according to BLS, the nation’s civilian noninstitutional population, consisting of all people 16 or older who were not in the military or an institution, hit 247,622,000. Of those, 155,613,000 participated in the labor force by either holding a job or actively seeking one.

The 155,613,000 who participated in the labor force equaled only 62.8 percent of the 247,622,000 civilian noninstitutional population, matching (along with the 62.8 percent rate in May) the lowest labor force participation rate in 36 years.

At no time during the presidencies of Ronald Reagan, George H.W. Bush, Bill Clinton or George W. Bush, did such a small percentage of the civilian non-institutional population either hold a job or at least actively seek one.

When President Barack Obama took office in January 2009, the labor force participation rate was 65.7 percent. By the beginning of 2013, the start of Obama’s second term, it had dropped to 63.6 percent. Since January 2014, when the participation rate was 63.0,it has continued to decline, hitting a 36-year low of 62.8 percent in May.

People in the civilian noninstitutional population who did not have a job and did not actively seek one in the last four weeks are considered “not in the labor force.” The number of Americans not in the labor force has climbed by 11,480,000 since Obama took office, rising from 80,529,000 in January 2009 to 92,009,000 in May 2014.

 

http://www.cnsnews.com/news/article/ali-meyer/372-percentage-not-labor-force-remains-36-year-high

 

Sessions: 7 Million Have Left Workforce Since Obama Took Office

 BY DANIEL HALPER

Senator Jeff Sessions has released a statement that says, “7 Million People Have Left The Workforce Since The President Took Office.” The statement is in response to today’s jobs numbers.

“Today’s jobs numbers are only enough to tread even with population growth, maintaining unemployment at 6.3 percent. When you include discouraged workers, the unemployment rate doubles to an alarming 12.2 percent. There are still 3.2 million fewer full-time employed persons than there were in 2007,” says Sessions.

“Since President Obama came into office in 2009, 7.2 million people have left the workforce entirely. One out of every six men aged 25–54 is not working. Employment in this group fell by 72,000 last month, while the number of employed women aged 25–54 fell by 37,000. Meanwhile, the workforce participation rate for women is at its lowest level in 23 years. Median household income is down almost $2,300 from what it was when the President took office. Real wages are lower than they were in 1999. Growth in the first quarter of this year was negative.

“These numbers are grim and make clear that this economy is nowhere close to performing at an acceptable level.”

 

http://www.weeklystandard.com/blogs/sessions-7-million-have-left-workforce-obama-took-office_794443.html

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The Pronk Pops Show 142, October 3, 2013, Segment 1: U.S. Treasury Secretary Jacob Lew Panics Plays Politics With Debt Ceiling — Claims U.S. Will Default On Treasury Debt If Debt Ceiling Is Not Raise and Will Cause Recession — Pure Propaganda — Treasury Receives About $200 Billion Per Month With Interest On Debt Less Than $35 Billion Per Month! — Videos

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Pronk Pops Show 142: October 3, 2013

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Segment 1: U.S. Treasury Secretary Jacob Lew Panics Plays Politics With Debt Ceiling — Claims U.S. Will Default On Treasury Debt If Debt Ceiling Is Not Raise and Will Cause Recession — Pure Propaganda — Treasury Receives About $200 Billion Per Month With Interest On Debt Less Than $35 Billion Per Month!  — Videos

U.S. Debt Clock

http://www.usdebtclock.org/

Economy

debt_ceiling

national debt and recession, obama cartoons

national debt wave

jacob-lewJacob_Lew_2

debt_ceiling_biga-summer-2013-who-really-owns-us-national-debtNational-Debt-Graphentitlements-consume-economy-606

national-debt-hypocrisy_obama

 BUREAU OF THE FISCAL SERVICE
                                                  STAR - TREASURY FINANCIAL DATABASE
             TABLE 1.  SUMMARY OF RECEIPTS, OUTLAYS AND THE DEFICIT/SURPLUS BY MONTH OF THE U.S. GOVERNMENT (IN MILLIONS)

                                                        ACCOUNTING DATE:  08/13

   PERIOD                                                                     RECEIPTS                OUTLAYS    DEFICIT/SURPLUS (-)
+  ____________________________________________________________  _____________________  _____________________  _____________________
   PRIOR YEAR

     OCTOBER                                                                   163,072                261,539                 98,466
     NOVEMBER                                                                  152,402                289,704                137,302
     DECEMBER                                                                  239,963                325,930                 85,967
     JANUARY                                                                   234,319                261,726                 27,407
     FEBRUARY                                                                  103,413                335,090                231,677
     MARCH                                                                     171,215                369,372                198,157
     APRIL                                                                     318,807                259,690                -59,117
     MAY                                                                       180,713                305,348                124,636
     JUNE                                                                      260,177                319,919                 59,741
     JULY                                                                      184,585                254,190                 69,604
     AUGUST                                                                    178,860                369,393                190,533
     SEPTEMBER                                                                 261,566                186,386                -75,180

       YEAR-TO-DATE                                                          2,449,093              3,538,286              1,089,193

   CURRENT YEAR

     OCTOBER                                                                   184,316                304,311                119,995
     NOVEMBER                                                                  161,730                333,841                172,112
     DECEMBER                                                                  269,508                270,699                  1,191
     JANUARY                                                                   272,225                269,342                 -2,883
     FEBRUARY                                                                  122,815                326,354                203,539
     MARCH                                                                     186,018                292,548                106,530
     APRIL                                                                     406,723                293,834               -112,889
     MAY                                                                       197,182                335,914                138,732
     JUNE                                                                      286,627                170,126               -116,501
     JULY                                                                      200,030                297,627                 97,597
     AUGUST                                                                    185,370                333,293                147,923

       YEAR-TO-DATE                                                          2,472,542              3,227,888                755,345
-

 

Chris Wallace Rips Jack Lew Over ObamaCare Sign-ups: Is the Number ‘Embarrassingly Small?’

US government shutdown 23 questions and answers about the government shutdown

Jack Lew on dangers of not raising the debt ceiling

 

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Peter Schiff – Government Knowa US Economy Will Crash, They Have To Raise The Debt Ceiling!

Ron Paul: Not Raising Debt Ceiling Won’t Put U.S. In Default

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President Obama’s speech today on Secretary of the Treasury

US is in 50-100 trillion worth of debt! 2014 Debt Crisis and Default

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Sen. Chuck Grassley R-Iowa pressed Treasury Secretary nominee Jacob Lew today on hi

In Conversation with Jacob J. Lew, US Secretary of the

Treasury (Full Session)

Who Is Jacob Lew?

Treasury warns default could be worse than Great Recession

he U.S. Treasury Department is warning that the economy could plunge into a downturn worse than the Great Recession if Congress fails to raise the federal borrowing limit and the country defaults on its debt obligations.

A default could cause the nation’s credit markets to freeze, the value of the dollar to plummet and U.S. interest rates to skyrocket, according to the Treasury report released Thursday.

(Read more:Buffett speaks out against DC’s ‘extreme idiocy’)

Treasury officials hope by laying out potential consequences they will be able to bring pressure on Congress to act. Treasury SecretaryJacob Lew has said he will have used up the extraordinary measures to avoid breaching the debt ceiling by Oct. 17. After that, the government will have around $30 billion of cash on hand.

The report looked at the disruptions caused to financial markets during a similar stand-off between the administration and Congress over raising the debt limit. It then made projections about what could occur if there were an actual default.

In August 2011, Congress eventually raised the nation’s borrowing limit before a default occurred but only after a protracted debate. The politics that nearly led to a default prompted Standard & Poor’s to cut the nation’s credit rating by a notch.

(Read moreHank Paulson: Tea party ‘hijacked the debate’)

“As we saw two years ago, prolonged uncertainty over whether our nation will pay its bills in full and on time hurts our economy,” Lew said in a statement. “Postponing a debt ceiling increase to the very last minute is exactly what our economy does not need—a self-inflicted wound harming families and businesses.”

Our nation has worked hard to recover from the 2008 financial crisis, and Congress must act now to lift the debt ceiling before that recovery is put in jeopardy,” Lew said.

The report notes that even the possibility of a default could roil financial markets and damage the economy, thereby harming American businesses and households. Sharp declines in household wealth, increases in the cost of financing for businesses and households, and a fall in private-sector confidence, all tend to undermine economic expansion. It also states that if the current government shutdown is protracted, it could make the U.S. economy even more susceptible to the adverse effects from a debt ceiling impasse than it was prior to the shutdown.

In the event of a default, the U.S. economy could be plunged into a recession worse than any seen since the Great Depression, it said.

“The U.S. dollar and Treasury securities are at the center of the international finance system. In the catastrophic event that a debt limit impasse were to lead to a default on Treasury securities, financial markets could be shaken to their core as was seen in late 2008, which resulted in a recession worse than any seen since the Great Depression.”

http://www.nbcnews.com/business/treasury-warns-default-could-be-worse-great-recession-8C11329540

Simple facts show Obama’s debt-ceiling default threats are nonsense

The United States of America isn’t going to default on its debt, even if Congress doesn’t increase the statutory borrowing authority in the next couple of months. Everyone in Washington knows, or should know, this. Any assertions to the contrary are tantamount to — perish the thought! — playing politics with the debt ceiling.This is the second time in less than two years that the nation finds itself at this juncture, with Republicans in Congress threatening to hold the debt ceiling hostage. Some lawmakers are willing to shut down the government in order to pressure President Barack Obama to agree to spending cuts.

A shutdown is certainly possible. A debt default? Not gonna happen.

Why? Because the income taxes withheld from most of our paychecks each month exceed the interest the Treasury owes on its debt outstanding. In November, for example, the Treasury’sinterest expense totaled $25 billion. That compares with tax receipts of $161.7 billion. The ratio of receipts to interest expense varies from month to month, but what comes in more than covers what goes out in debt service.

Without an increase in the $16.394 trillion debt limit, the federal government can’t pay all of its bills: It borrows 40 cents of every dollar it spends. Still, “debt service would come first,” said Lou Crandall, chief economist at Wrightson Icap LLC in Jersey City, New Jersey.

Prioritizing Payments

Wait. The Treasury claims it has no authority to prioritize payments, to pay bondholders first.

That’s what it says, yes. Others beg to differ. In response to a congressional inquiry on the issue in 1985, the Government Accountability Office concluded the following: “We are aware of no statute or any other basis for concluding that Treasury is required to pay outstanding obligations in the order in which they are presented for payment unless it chooses to do so.”

The GAO is equally unaware of any new law that would alter its opinion in any way. So repeat after me: The U.S. isn’t going to fail to make timely payment of principal and interest on its sovereign debt. If it can’t issue new debt, it can roll over maturing debt. Borrowers may very well demand a higher rate of interest, especially if Obama and Treasury Secretary Timothy Geithner raise the specter of default, as they did in 2011.

Issuing such a threat is irresponsible and even counterproductive if it prompts bondholders to dump Treasuries. That’s what happened initially during the debt-ceiling negotiations in July and August of 2011, costing the U.S. Treasury an additional $1.3 billion in interest expense, according to the GAO.

Once Standard & Poor’s put the U.S.’s AAA rating on credit watch on July 14, stocks went into the tank and Treasuries ignored the downgrade threat, which became a reality on Aug. 5.

“The bond market has its own credit-rating system,”Crandall said.

I am not suggesting that a failure to raise the debt ceiling wouldn’t be disruptive or cause undue hardship to those who rely on government checks. Social Security payments might not get processed. Medicare and Medicaid providers wouldn’t get paid. Neither would those serving in the military.

The sad part is that the debt ceiling has nothing to do with the debt problem. It merely allows Treasury to borrow what Congress has already spent. It does not authorize new spending commitments.

Options to get around the statutory debt limit, such as invoking the 14th Amendment or minting a $1 trillion platinum coin, seem like a bad precedent (the former) or a gimmick (the latter) to circumvent a relic. Neither is likely to be implemented.

‘Finished, Over’

The only solution is to address the debt ceiling directly. Obama has made it clear he won’t negotiate with Congress over the government’s borrowing authority. Republicans have made it equally clear they aren’t going to give him what he wants without extracting concessions on spending cuts. Given thepublic’s view of them as spoilers, Republicans would be better served by using their leverage in negotiations over the sequester. As part of the deal to avert the fiscal cliff, the first installment of the 10-year, $1.2 trillion of not-so-automatic discretionary-spending cuts was delayed for two months.

Obama no longer has the leverage he had in the cliff negotiations: tax increases for all if Congress failed to act. Republicans, as a rule, oppose cuts in defense spending. So does the Pentagon. Obama doesn’t want to pare nondefense spending. In fact, he would like to increase it under the guise of”investment.” (It sounds so much better.)

Obama has also said that any deficit-reduction agreement must be balanced, by which he means spending cuts only in return for additional tax increases. Congress just made the Bush-era tax cuts permanent for all but the top 0.7 percent of earners. And Senate Minority Leader Mitch McConnell, echoing the view of his caucus, said the “tax issue is finished, over, completed.”

The lines in the sand have been drawn — rather sharply, as it turns out. The negotiations could get interesting if Republicans pick their battles carefully, addressing spending cuts at a time and place that’s appropriate.

(Caroline Baum, author of “Just What I Said,” is a Bloomberg View columnist. The opinions expressed are her own.)

To contact the writer of this article: Caroline Baum in New York at cabaum@bloomberg.net.

To contact the editor responsible for this article: James Greiff at jgreiff@bloomberg.net.

More government insanity:

This is the “bottom line” on Washington’s fiscal-cliff deal

New poll shows the majority of Americans HATE Congress

The worst effect of Obama’s re-election may have nothing to do with taxes, healthcare, or handouts

Jacob Lew

Jacob JosephJackLew (born August 29, 1955) is an American government administrator and attorney who is the 76th and current United States Secretary of the Treasury, serving since 2013. He served as the 25th White House Chief of Staff from 2012 to 2013. Lew previously served as Director of the Office of Management and Budget in the Clinton and Obama Administrations, and is a member of the Democratic Party.

Born in New York City, Lew received his A.B. from Harvard College and his J.D. from Georgetown University Law Center. Lew began his career as a legislative assistant to Representative Joe Moakley and as a senior policy adviser to former House Speaker Tip O’Neill. Lew then worked as an attorney in private practice before working as a deputy in Boston’s office of management and budget. In 1993, he began work for the Clinton Administration as Special Assistant to the President. In 1994 Lew served as Associate Director for Legislative Affairs and Deputy Director of the Office of Management and Budget, where he served as Director of that agency from 1998 to 2001 and from 2010 to 2012. After leaving the Clinton Administration, Lew worked as the Executive Vice President for Operations at New York University from 2001 to 2006, and as the COO at Citigroup from 2006 to 2008. Lew then served as the first Deputy Secretary of State for Management and Resources, from 2009 to 2010.

On January 10, 2013, Lew was nominated as the replacement for retiring Treasury Secretary Timothy Geithner, to serve in President Barack Obama‘s second term.[2] On February 27, 2013, the Senate confirmed Lew for the position. He was sworn in the following day.

Early life, education, and early career

Lew was born in New York City. He attended New York City public schools, graduating from Forest Hills High School.[3] His father was a lawyer and rare-book dealer who came to the United States from Poland as a child.[4] Lew attended Carleton College in Minnesota where his faculty adviser was Paul Wellstone, who eventually represented Minnesota in the U.S. Senate.[5] He graduated from Harvard College in 1978 and the Georgetown University Law Center in 1983.[6]

He worked as an aide to Rep. Joe Moakley (D-Mass.) from 1974 to 1975.[7] He then was a senior policy adviser to House Speaker Tip O’Neill.[8] Under O’Neill he served at the House Democratic Steering and Policy Committee as Assistant Director and then Executive Director, and was responsible for work on domestic and economic issues including Social Security, Medicare, budget, tax, trade, appropriations, and energy issues.[1]

Lew practiced as an attorney for five years as a partner at Van Ness, Feldman and Curtis.[9] His practice dealt primarily with electric power generation. He has also worked as Executive Director of the Center for Middle East Research, Issues Director for the Democratic National Committee’s Campaign 88, and Deputy Director of the Office of Program Analysis in the city of Boston‘s Office of Management and Budget. [10][11]

Clinton administration

From February 1993 to 1994, Lew served as Special Assistant to the President under President Clinton.[12] Lew was responsible for policy development and the drafting of the national service initiative (AmeriCorps) and health care reform legislation.[13]

Lew left the White House in October 1994 to work as OMB’s Executive Associate Director and Associate Director for Legislative Affairs.[14] From August 1995 until July 1998, Lew served as Deputy Director of OMB.[15] There, Lew was chief operating officer responsible for day-to-day management of a staff of 500. He had crosscutting responsibilities to coordinate Clinton administration efforts on budget and appropriations matters. He frequently served as a member of the Administration negotiating team, including regarding the Balanced Budget Act of 1997.

President Clinton nominated Lew to be Director of the OMB,[16] and the United States Senate confirmed him for that job on July 31, 1998.[17] He served in that capacity until the end of the Clinton administration in January 2001. As OMB Director, Lew had the lead responsibility for the Clinton Administration’s policies on budget, management, and appropriations issues. As a member of the Cabinet and senior member of the economic team, he advised the President on a broad range of domestic and international policies. He represented the Administration in budget negotiations with Congress and served as a member of the National Security Council.

Between Clinton and Obama tenures

After leaving public office in the Clinton administration, Lew served as the Executive Vice President for Operations at New York University and was a Clinical Professor of Public Administration at NYU’s Wagner School of Public Service.[18] While at NYU, Lew aided the university in ending graduate students’ collective bargaining rights. The Obama administration has maintained that Lew supports workers’ union rights.[19] According to a 2004 report in NYU’s student newspaper, the Washington Square News, Lew was paid $840,339 during the 2002-2003 academic year.[20]In addition to his salary, several hundred thousand dollars in mortgage loans from NYU to Mr. Lew were forgiven by the University.[21]

In June 2006, Lew was named chief operating officer of Citigroup‘s Alternative Investments unit, a proprietary trading group. The unit he oversaw invested in a hedge fund “that bet on the housing market to collapse.”[22] During his work at Citigroup, Lew had invested heavily in funds in Ugland House while he worked as an investment banker at Citigroup during the 2008 financial meltdown.[23] Lew also had oversight of Citigroup subsidiaries in countries including, Bermuda, the Cayman Islands, and Hong Kong; and during his time at Citigroup, Citigroup subsidiaries in the Cayman Islands increased to 113.[24]

Lew co-chaired the Advisory Board for City Year New York.[25] He is a member of the Council on Foreign Relations, the Brookings Institution Hamilton Project Advisory Board, and the National Academy of Social Insurance.[26] Lew is also a member of the bar in Massachusetts and the District of Columbia.[27]

Obama administration

Deputy Secretary of State

Lew with former Chair of the Joint Chiefs Admiral Mike Mullen at the Combined Press Information Center in Baghdad, July 27, 2010.

As Deputy Secretary of State for Management and Resources, Lew was the State Department‘s chief operating officer and was primarily responsible for resource issues, while James Steinberg, who also served as Deputy Secretary of State during that period was responsible for policy.[28][29] Lew was co-leader of the State Department’s Quadrennial Diplomacy and Development Review.[30]

Budget director

On July 13, 2010, the White House announced that Lew had been chosen to replace Peter Orszag as Director of the Office of Management and Budget (OMB), subject to Senate confirmation.[31] During confirmation hearings in the Senate, in response to questioning by Senator Bernie Sanders (I-VT), Lew said that he did not believe deregulation was a “proximate cause” of the financial crisis of 2007–2008: Lew told the panel that “the problems in the financial industry preceded deregulation,” and after discussing those issues, added that he didn’t “personally know the extent to which deregulation drove it, but I don’t believe that deregulation was the proximate cause.”[32][33]

On November 18, 2010, Lew was confirmed by the Senate by unanimous consent.

The $3.7 trillion 2011 budget President Obama unveiled the administration estimated reductions to federal spending deficits by $1.1 trillion over the next decade if adopted and economic assumptions were fully achieved. Two-thirds of the that estimated reduction would come from spending cuts through a 5-year freeze in discretionary spending first announced in Obama’s 2011 State of the Union address, as well as savings to mandatory programs such as Medicare and lower interest payments on the debt that would result from the lower spending. Tax increases are responsible for the other third of the reduction, including a cap on itemized reductions for wealthier taxpayers and the elimination of tax breaks for oil and gas companies.[34] Economist and former financial fraud investigator William K. Black warned that the OMB budget statement prepared under Lew’s direction was “an ode to austerity,” and that austerity would force the U.S. economy back into recession.[35]

Lew meeting with President Barack Obama and the Assistant to the President for Legislative Affairs Rob Nabors

In an op-ed in the Huffington Post, Lew cited top Administration priorities to achieve deficit reduction; including: $400 billion in savings from non-security discretionary spending freezes, $78 billion in cuts to the Department of Defense, returning to the Clinton-era tax rates for the top 2% of income earners, and lowering the Corporate tax from 35% to 25%.[36]

Chief of Staff

On January 9, 2012, President Obama announced that Lew would replace William M. Daley as White House Chief of Staff.[37] Lew’s nomination was followed with criticism[38][39][40][41] after renewed reports that he received over $900,000 in bonuses while working at Citigroup, which had been rescued with $45 billion from the Troubled Asset Relief Program (TARP) after losing $27.7 billion, or 90% of its value.[42][43]

During his tenure as Chief of Staff, Lew was seen as a supporter and top negotiator for a “grand bargain” deal between President Obama and House Speaker John Boehner, to avoid “Fiscal cliff” sequester cuts and tax increases.[1]

Lew’s Old Signature

Secretary of the Treasury

Lew’s New Money Signature

On January 10, 2013, President Obama nominated Lew for the position of Secretary of the Treasury.[2] The nomination became the subject of some humorous commentary, due to Lew’s unusual loopy signature, which would appear on all U.S. paper currency for the duration of his tenure;[44] the signature generated enough media attention that Obama joked at a press conference that he had considered rescinding his nomination when he learned of it.[45] Lew later adopted a more conventional signature for currency.[46] The Senate Finance Committee held confirmation hearings for Lew on February 13, 2013, and approved his nomination 19–5 on February 26, 2013, sending his nomination to the full Senate.[47]

During his confirmation hearings before the Senate Finance Committee, Senator Chuck Grassley expressed concern that Lew did not know what Ugland House was, though he had invested in it.[48] During his work at Citigroup, Lew had invested heavily in funds in Ugland House while he worked as an investment banker at Citigroup during the 2008 financial meltdown.[49] He had taken advantage of current tax law and his financial allocation in the venture resulted in Lew taking roughly a 2.8% loss, a $1,582 decrease in his investment principal.[50]

On February 27, 2013, the full Senate voted and approved Lew for Secretary of the Treasury 71–26. He was sworn into office on February 28.[51]

Religion

Lew is an Orthodox Jew who observes the Jewish Sabbath [52][53] and attends Congregation Beth Sholom.[54]

Interviewed in a 2010 article, Lew’s former boss on the National Security Council, Sandy Berger, commented that “Lew’s faith never got in the way of performing his duties.”[52] Berger also said that Lew’s commitment to his family was also extremely important, but that Lew “was able to balance the requirements, which was very, very hard – and he was determined to observe his religious traditions.”[52]

A 2011 press release from the Religion News Service noted that Lew also “has extensive connections in the American Jewish community,” and that he might be able to help President Obama “build a more friendly rapport” with Israeli Prime Minister Benjamin Netanyahu.[55]

References

  1. ^ Jump up to: a b c Cook, Nancy (9 January 2013). “Jack Lew: The Man Who Could Save Obama’s Legacy”. National Journal. Retrieved 14 January 2013.
  2. ^ Jump up to: a b Jackie Calmes (January 10, 2013). “Lew Would Complete Transformation of Obama’s Economic Team”. The New York Times. Retrieved January 10, 2013.
  3. Jump up ^ “Homecoming”. whitehouse.gov. June 27, 2011.
  4. Jump up ^ “Trusted Aide to Obama Faces Test in Budget Showdown”. nytimes.com. December 1, 2012.
  5. Jump up ^ Luke Johnson Jack Lew Biography: Meet The New White House Chief Of Staff January 9, 2012 Huffington Post
  6. Jump up ^ “Biographical information on Jack Lew”. online.wallstreetjournal.com. January 9, 2012.
  7. Jump up ^ “Incoming White House Chief of Staff Jack Lew like Rahm sans %@#!”. thehill.com. January 12, 2012.
  8. Jump up ^ “Biographical information on Jack Lew”. seattletimes.com. January 9, 2012.
  9. Jump up ^ “Van Ness Feldman Congratulates Jack Lew on His Anticipated Nomination to Serve as Head of the White House Office of Management and Budget”. vnf.com. July 13, 2010.
  10. Jump up ^ “Thompson Schedules Nomination Hearing on Jacob J. Lew”. hsgac.senate.gov. Thursday, May 28, 1998.
  11. Jump up ^ “Jacob J. Lew”. nytimes.com. November 15, 2008.
  12. Jump up ^ “OBAMA’S NEW CHIEF OF STAFF THIRD GU ALUMNUS TO SERVE IN POST”. georgetown.edu. January 18, 2012.
  13. Jump up ^ “Lew, Jacob J. “Jack””. January 26, 2012. ourcampaigns.com.
  14. Jump up ^ “The White House Office of the Press Secretary”. Houston, Texas: National Archives and Records Administration. April 14, 1998. Retrieved January 14, 2013.
  15. Jump up ^ “A Look at the New White House Chief of Staff Jack Lew”. news.yahoo.com. January 9, 2012.
  16. Jump up ^ “President Clinton Announces OMB Director Raines’ Departure”. clinton4.nara.gov. April 14, 1998.
  17. Jump up ^ “OMB’s Organization”. clinton3.nara.gov.
  18. Jump up ^ “Nat’l Security Team Additions”. realclearpolitics.blogs.time.com. December 23, 2008.
  19. Jump up ^ Eidelson, Josh. “Jack Lew’s union-busting past”. Salon. Retrieved 10 January 2013.
  20. Jump up ^ http://online.wsj.com/article/SB10001424127887324329204578269821728015016.html
  21. Jump up ^ Kaminer, Ariel. “NYU will cease loans to top employees for second homes”. The New York Times. Retrieved 16 August 2013.
  22. Jump up ^ “Flashback: Lew’s Time at Citi And Other Disappointments”. motherjones.com. January 9, 2012.
  23. Jump up ^ February 2013 “From the Citi to the Caymans”. WSJ News. 12 February 2012.
  24. Jump up ^ Daniel Halper (13 February 2013). “Jack Lew Oversaw Up to 113 Cayman Island Investment Funds”. Weekly Standard. Retrieved 22 February 2013.
  25. Jump up ^ “Director Jack Lew Blogs About CYNY”. cityyearnewyork.wordpress.com. January 18, 2011.
  26. Jump up ^ “White House Chief of Staff Jack Lew to Keynote December 16 Convocation; Stanley Raskas, Moise Safra and Diane Wassner to be Honored”. blogs.yu.edu. November 26, 2012.
  27. Jump up ^ “Obama National Security Team Takes Shape”. National Journal. December 23, 2008. Retrieved July 13, 2010.
  28. Jump up ^ “Obama Names Steinberg, Lew State Department Deputies”. Bloomberg L.P. December 23, 2008. Retrieved February 6, 2011.
  29. Jump up ^ “Senior Officials”. United States Department of State. Retrieved February 6, 2011.
  30. Jump up ^ Long, Emily (July 15, 2009). “State Department launches quadrennial review”. Government Executive. Retrieved February 6, 2011.
  31. Jump up ^ “President Obama Announces His Intent to Nominate Jacob Lew as OMB Director”. http://www.whitehouse.gov. July 13, 2010.
  32. Jump up ^ http://www.huffingtonpost.com/2010/09/21/obama-nominee-jacob-lew-f_n_732594.html
  33. Jump up ^ “Matt Taibbi & Bill Black: Obama’s New Treasury Secretary a ‘Failure of Epic Proportions'”. http://www.alternet.org. January 11, 2013.
  34. Jump up ^ Wasson, Erik (2011-02-14). “Obama 2012 budget proposes $1.1T deficit cut over next decade”. Thehill.com. Retrieved 2012-11-14.
  35. Jump up ^ “Obama’s OMB Channels its Inner Tea Party”. http://neweconomicperspectives.org/. December 27, 2012.
  36. Jump up ^ “The 2012 Budget”. huffingtonpost.com. February 14, 2011. Retrieved January 7, 2013.
  37. Jump up ^ “Obama chief of staff Bill Daley steps down, budget chief Jack Lew steps up”. Cbsnews.com. 2012-01-09. Retrieved 2012-11-14.
  38. Jump up ^ “The new WH Chief of Staff and Citigroup”. salon.com. January 10, 2012. Retrieved January 7, 2013.
  39. Jump up ^ “Are These Examples of Washington Corruption?”. cato.org. Retrieved January 7, 2013.
  40. Jump up ^ “OMB nominee got $900,000 after Citigroup bailout”. washingtontimes.com. July 28, 2010. Retrieved January 7, 2013.
  41. Jump up ^ “Advisers’ Citigroup Ties Raise Questions”. nytimes.com. Retrieved January 7, 2013.
  42. Jump up ^ “BUSTED: Obama’s New Budget Chief Got A $900K Bonus From Citigroup After It Got A Bailout”. businessinsider.com. July 29, 2010. Retrieved January 7, 2013.
  43. Jump up ^ “Citigroup Inc.”. nytimes.com. December 5, 2012. Retrieved January 7, 2013.
  44. Jump up ^ “Likely Treasury Secretary Under Fire for Signature”. abcnews.go.com. January 9, 2013. Retrieved January 9, 2013.
  45. Jump up ^ Rachel Weiner (January 10, 2013). “Obama mocks Lew’s signature”. washingtonpost.com. Retrieved January 10, 2013.
  46. Jump up ^ Goldfarb, Zachary A. (June 18, 2013). “Treasury Secretary Jack Lew unveils new signature after quibbles with his scribble”. The Washington Post (The Washington Post Company). Retrieved July 29, 2013.
  47. Jump up ^ http://www.politico.com/story/2013/02/senate-finance-approves-jack-lew-nomination-for-treasury-88091.html?hp=r1
  48. Jump up ^ “Grassley Says Lew’s Ignorance of Ugland House ‘Does not Build Confidence'”. Tax Notes Today. February 13, 2013. p. 2013 TNT 31-26. Missing or empty |url= (help); |accessdate= requires |url= (help)
  49. Jump up ^ “From the Citi to the Caymans”. WSJ News. February 12, 2012. Retrieved February 21, 2013.
  50. Jump up ^ Timothy W. Coleman (February 16, 2013). “Politically inconvenient taxation”. Washington Times Communities. Retrieved February 18, 2013.
  51. Jump up ^ “Jack Lew Gets Enough Senate Votes to Be Confirmed as Treasury Secretary”. CNBC. Retrieved 27 February 2013.
  52. ^ Jump up to: a b c Wagner, Ellis, White House Correspondent, “Clinton’s Budget Brain Returning to OMB Helm,” Politics Daily, July 16, 2010, retrieved February 5, 2012.
  53. Jump up ^ “Obama names Jack Lew new chief of staff”. Ynetnews. Retrieved January 9, 2012.
  54. Jump up ^ Donn, Yochonon “Jack Lew: Liberal Jew, White House’s First ‘Gabbai'” Hamodia, retrieved January 3, 2013.
  55. Jump up ^ Gibson, David, “New White House Staffers, Cecille Munoz and Jacob Lew, Have Strategic Catholic, Jewish Ties,” Religion News Service, January 10, 2012, retrieved February 5, 2012.

External links

Wikimedia Commons has media related to Jacob Lew.

http://en.wikipedia.org/wiki/Jack_Lew

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