By Peter Morici Despite another seemingly good jobs report, President Obama's approval rating is lower than a snake's belly, and Republicans could retake the Senate in November. Missteps in the Ukraine, Iraq and elsewhere weigh on voters' minds, but the economy — especially the jobs picture — is not what Obama cracks them up to be. The 5.9 percent unemployment rate is a fraud. The[...]
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Real Unemployment Rate Is at Least 18 Percent – Ergo, Entitlement Money Printing Can’t Stop
Tuesday, 29 Jul 2014 By Peter Morici The Labor Department on Friday is expected to report the economy added 235,000 jobs in July, and the unemployment rate remained steady at 6.1 percent, but that hardly tells the story. The jobless rate may be down from its recession peak of 10 percent, but much of this results from adults, discouraged by the lack of decent job openings, have quit altogether.[...]
Up Next: A Double Whammy of High Unemployment and Inflation
Wednesday, 16 Jul 2014 09:12 AM By Peter Morici The economy is recovering from a harsher-than-normal winter, but the pace of growth for the balance of this year and next will not create nearly enough decent jobs for the millions unemployed and recent graduates working at venues like Starbucks. It's easy for President Obama to blame Republicans in Congress, and vice versa, and for both to put[...]
Peter Morici: Washington Debauchery and Fed Follies
Monday, 14 Jul 2014 09:12 AM By Peter Morici Federal Reserve Chairman Janet Yellen will testify to Congress Tuesday and Wednesday about the economy and future Fed policy. We won't learn much about either, because the Fed refuses to recognize the facts on the ground. Its policymaking committee recently stated inflation is below 2 percent. Yet, according to the Bureau of Labor Statistics, consumer [...]
Why Jobs Are Scarce, Wages Low and Government Can’t Help
Thursday, 10 Jul 2014 - By Peter Morici Americans keep hoping for a robust recovery — one that delivers better-paying jobs and decent returns on retirement savings. Changes in technology and the economy may require that never happens, and government efforts to improve conditions often multiply the misery. In 1908, Henry Ford had a great idea — the Model T — and a novel understanding of[...]