The media are doing their usual job of covering up for the lame Obama economy. Look at these excerpts from Yahoo News, with a Nikitas3.com comment after each:
Yahoo reports: The October jobs report was fine at first glance and solid upon close inspection. And that’s great news for Hillary Clinton. In October, the economy added 161,000 jobs, which was a bit below the 173,000 economists expected. The unemployment rate fell to 4.9% from 5%, as expected.
Nikitas3.com comment: 161,000 jobs is weak, particularly since it was below expectations, which also were weak, and also because many jobs are low-quality and part-time. Even the chairman of the Democratic National Committee admitted this in an e-mail. And the unemployment rate is not 4.9%. It is 12% to 25% depending on how you really measure it. 4.9% is the official government number that does not account for an astronomical 94.6 million people out of the work force.
Yahoo reports: As a Democrat, Clinton benefits from continued positive news out of the US economy given that voters and markets likely see her administration continuing the economic policies of President Obama. And while economic growth as measured by GDP has been middling at about 2%, the labor market has been notably strong during Obama’s time in office.
Nikitas3.com comment: Another lie. Everyone knows that the economic situation is dire for a huge number of Americans, and that the places with the most growth and prosperity are the conservative states like Texas and Georgia. And that the economy is being kept afloat by low energy prices from “fracking” for natural gas and oil. “Fracking” is opposed by Obama and most Democrats.
Yahoo reports: During Obama’s tenure, the US economy has added about 10 million jobs. Nikitas3.com comment: And during Ronald Reagan’s tenure (the same, at 8 years) the economy added 21 million jobs when you account for differences in the population size. Also the jobs created during the Reagan years were much better quality than those today, with many fewer part-time jobs. Because Reagan pursued the exact opposite policies of Obama.
Yahoo reports: The last generation of presidential elections also shows that nothing pushes voters towards change like bad economic news. Nikitas3.com comment: That is why Trump is probably going to win. Because Americans know the real situation with the economy. Most people don’t believe Yahoo’s version of events.
Yahoo reports: Looking at recent electoral history, the White House changed party control in 2008, 2000, 1992, and 1980, with each election coming during or just after a recession or stock market bust. In 2016, Republican nominee Donald Trump won’t be able to lean on either a recession or market crash.
Nikitas3.com comment: No, we don’t need a recession or market crash. Obama’s ultra-rich friends are doing great on Wall Street but on the other hand we are seeing nationwide misery like we have never seen before since the depression of the 1930s. It can’t get much worse, recession or not.
Here are a few facts from the Bureau of Labor Statistics (BLS), with a Nikitas3.com comment after each:
BLS reports: In October, both the labor force participation rate, at 62.8 percent …changed little. Nikitas3.com comment: Yes, it has changed little. It is at record lows. It cannot get much worse.
BLS reports: The number of persons employed part time for economic reasons (also referred to as involuntary part-time workers) was unchanged in October at 5.9 million. These individuals, who would have preferred full-time employment, were working part time because their hours had been cut back or because they were unable to find a full-time job.
Nikitas3.com comment: One major reason for so much part-time work is the terrible Obama economy and the other huge reason is Obamacare, which says that anyone working 30 hours a week or more must get employer-provided health insurance. So employers unable to afford this have cut back many millions of workers to 29 hours a week or less. Thanks Obama…
BLS reports: Total nonfarm payroll employment rose by 161,000 in October. Thus far in 2016, employment growth has averaged 181,000 per month, compared with an average monthly increase of 229,000 in 2015. Nikitas3.com comment: In other words, the economy is going backwards. Thanks again, Obama.
BLS reports: Health care employment rose by 31,000 in October. Nikitas3.com comment: The increase in health-care jobs reflects a sicker, poorer and older population. It is not a good sign.
BLS reports: Employment in other major industries, including mining, construction, manufacturing, wholesale trade, retail trade, transportation and warehousing… changed little over the month.
Nikitas3.com comment: These are the manufacturing and related jobs (mining, construction, transportation, etc.) that have been the backbone of our economy for 200 years. They have been falling continually for the last 25 years under increasing socialism, taxation, ‘green’ obstruction and regulation. The situation has worsened significantly under Obama.
CNSNews.com reports: In its final report before next week’s presidential election, the Obama administration said on Friday that 94,609,000 Americans are not in the labor force, 425,000 more than last month’s 94,184,000, and the second highest number on record. Nikitas3.com comment: No surprise. This is Obama’s America. This is why so many Americans support Trump. This number is significantly higher than when Obama took office.
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