The Biz Bucks Blog provides former Biz Bucks students and other busy professionals with a summary and commentary of seminal articles from the opinion pages of the Wall Street Journal. You can be notified of a new posting by subscribing to the blog (enter email in box on right) or by following on Twitter: @BizBucksGuy.

The Truth about the Recent Jobs Report July 14, 2014 10:00 AM | Tagged as participation rate, unemployment, Zuckerman

WSJ July 14, 2014 page A15: “The Full-Time Scandal of Part-Time America” by Mortimer Zuckerman

Zuckerman is the Chairman of US News & World Report. He debunks the current euphoria from President Obama about the recent increase in jobs in America. The most recent report says the increase is 288,000 jobs. While true, here is the math:

Full-Time Jobs Destruction –   (523,000)

Part-Time Jobs Creation     --    800,000

Net Job Creation                --    288,000 (difference is rounding)

About 28 million Americans now hold only part-time jobs. Only about 48% of Americans hold full-time jobs. The part time jobs have made the unemployment number drop to 6.9%. That figure looks much better than the mess five years ago as the recessions began. However, 2.4 million Americans have become discouraged and dropped out of the job market. That is called the labor participation rate which is the lowest since the bleak years of Jimmy Carter.

The two main reasons for such a lousy jobs situation in America:

1.  The lousy economic growth under Obama. Last quarter the economy contracted 2.9%!  One more quarter of contraction and the economists will declare us in another recession. Lousy growth, lousy employment figures.

2.  ObamaCare has forced companies to start hiring part-time workers, under 30 hours per week.

Worse, the jobs that are created are low wage jobs. High paying industries have lost 1 million positions since 2007. It isn’t just the young. Many middle-aged workers have low paying, insecure, low-benefit jobs.

What to do? Let’s dump the low growth policies and start re-opening America for business. While the method to do that differs across the political aisle, both sides agree the lack of growth is our most important issue to fix.

The Biz Bucks Guy suggests lowering taxes and lowering federal spending. This always works. We should also fix the regulatory mess and replace ObamaCare with common sense fixes to our healthcare system. Then, we could embrace a smart energy policy, dumping the Green Movement's insantity twarting fracking and the XL pipeline. 

It starts in November 2014.

[Although opinion is included, The Biz Bucks Blog is primarily written to former students of Biz Bucks training courses to encourage their daily reading of the three opinion pages of the WSJ. This refreshes principles of Biz Bucks courses and improves business acumen on topics not discussed in Biz Bucks training.]

Posted By The Biz Bucks Guy
Posted in MacroEconomics | 0 Replies

Subscribe to Our Blog

To receive email updates when a new post is made, please enter your email address in the box below and click Subscribe.


Use these key words to search past blogs:



1994 97% Alesina Recession Alinsky Allesina austerity Baloney BAT Binz bird kills Bogle Border Adjustment Tax Brulle Bryce capitalism carbon Carbon Dioxide CBO CFTC chains China Churchill Climate Climate Change Clinton Comparative Advantage Crichton Cronyism Cummins Curry Darwin Death panel demographics population economics Denier derivatives Dodd-Frank Drug dynamic Dynamic Scoring education electric car Energy Energy Policy Enron Debt Entitlements Eugenics Fat Fry Flat Earthers fracking free markets free trade Free Trade E-Verify Free Trade Zoellick Freedom Heritage Foundation Friedman gas lines Gas Prices glaciers Global Warming Global Warming Sustainability global warming subsidies IMF Globalization Trade God Google Gore Gramm Green Blob Grifo Groupthink Growth Hannity Hayek Hostess Hybrid Immigration Imports index funds Indexing Intellectual Denial investing investment IPCC JFK Joint Tax Kennedy Kerry Keynes Keynesian Keynesian Tax Cuts King Barak Bird Kills Koch Koonin Laffer Lamar Smith Lomborg macroeconomics macroeconomics;static; dynamic MACT Makiel markets Marxist medical care minimum wage Mitchell Model T Moore Morgenthau Navarro Neumark NOAA NY Times Obamacare ObamaCare Rove Health Insurance O'Reilly participation rate Patrick Moore peer review Peer Review EPA Piketty Pipelines plywood Presidential authority Price Controls Pruitt Racial divide Rare Earth Reagan Recession REE Renewable Portfolio Standards Renewables Ricardo Ridley robotics RPS Ryan Schlaff Science science integrity scoring Settled Science Shaffer shortages socialism socialized medicine Solar Panels Solvaldi Sovaldi static steel STEM Stephens Steyer stimulus subsidies subsidy sugar Supreme Creator tax policy tax reform Taylor territorial taxes corporate taxes Tesla Trade train wreck Trump unemployment wages Wind wind power women Zuckerman