Job growth in this recovery continues to trail behind previous economic expansions. During the economic expansion of the 1990s, for example, the economy added at least 250,000 jobs per month 49 times. During the current expansion, which has now lasted more than half as long, we have seen only 13 months of job growth greater than 250,000, which includes abnormal hiring involved with conducting the decennial census.
Today the number of long-term unemployed people is still almost as high as its highest prerecession level on record. There are still nearly 2.2 million Americans who have been unemployed for half a year or longer and are still actively searching for work. Nearly 27.7 percent of all unemployed workers fall into this long-term unemployed category. The average length of time someone has spent unemployed is about seven months, well above what it was right before the recession.
Slow employment growth has caused slack in the labor market, thereby leading to stagnation in real wage growth. Continuing the trend of the past 30 years, while corporate profit growth has been strong, middle-class workers continue to grapple with the challenges of rising costs and slow wage growth.
The number of announced layoffs by U.S.-based companies surged in September from the previous month, and Hewlett-Packard's outsized cuts raise a red flag.
The U.S. economy is on track to grow 0.9 percent in the third quarter after a bigger-than-expected widening of the trade gap for goods in August, the Atlanta Federal Reserve's GDPNow forecast model showed on Thursday. This was a much slower rate from the regional Fed bank's prior estimate of 1.8 percent on Monday.
These economic numbers are reminiscent of the numbers during the 1930’s when another Marxist/Progressive thought big and senseless spending, high punitive taxation, more and bigger government, more control of the individual citizen, and centralized economic planning would be the answer to strong and sustained economic growth. This did not work for Roosevelt and it is not working for Obama. Time after time the Marxist way has failed. Time after time the way of Coolidge and Reagan have succeeded; that is less government, lower taxes, less regulation, and individualism has brought about strong and lasting economic growth.
We must never forget the wisdom of our founders when they told us that democracy will cease to exist if you take from those who would work and give to those who would not. Yet today we do not discuss if we should or should not but how much we should take from the worker and give to those who would not work. The result is that the United States is less and less free and much weaker economically. Again, our founders were correct.
We Freedom Loving Americans must look at the current candidates for president and determine which of these candidates will truly adhere to rule of law, limit government by reducing spending and eliminating unnecessary and unconstitutional departments such as Education, HHR, EPA, and Agriculture, adhere to divided government, and reinstate the people as the rulers and the government as the servant. Reduced punitive taxation would be the result as well. Any candidate who would propose more government in any form, with the exception of defense and border security, should be eliminated from consideration.
All citizens must understand that the Marxist economy, that economy that is touted by Obama and the overwhelming majority of those who call themselves Democrats, was never intended to grow beyond the growth rate of the population. Marx was very clear on this point. Marx explained that any excess growth or growth greater that the rate in the growth rate of the population would just go to the capitalist who would use that wealth to further repress the worker. The Marx (Roosevelt, Obama and Democratic) economic plan actually goes further and in fact reduces growth so all become poorer.