Thank you, President Obama.
I mean that. By making the economy so sucky, he’s keeping us from a false sense of security.
First, the suck:
The U.S. economy added 157,000 jobs in January, according to a Labor Department report released Friday. That’s slower growth than in December, when employers hired 196,000 workers.
Call it “Groundhog Day in the labor market,” said Heidi Shierholz, economist with the Economic Policy Institute. “It’s the same old crap. We’ve been waking up to this same story for two years.”
The unemployment rate was 7.9% in January, as 12.3 million people were counted as unemployed. Overall, hiring is barely keeping pace with population growth, and the Labor Department noted that the unemployment rate has barely changed since September.
The U6 rate of unemployed and underemployed is unchanged from last month at 14.4%, which is also unchanged from the month before that.
And the Labor Force Participation Rate is also unchanged from the last two months previous, at 63.6%:
All pretty dismal, agreed?
Now, the silver lining:
Nearly two-thirds of Americans between the ages of 45 and 60 say they plan to delay retirement, according to a report to be released Friday by the Conference Board. That was a steep jump from just two years earlier, when the group found that 42% of respondents expected to put off retirement.
The increase was driven by the financial losses, layoffs and income stagnation sustained during the last few years of recession and recovery, said Gad Levanon, director of macroeconomic research at the organization and a co-author of the report, which is based on a 2012 survey of 15,000 individuals.
Why is that good news? Because it means we’re not Greece! Or not quite yet anyway. There’s still a core population that think they need to work to look after themselves. By so mismanaging the economy, Obama has forced people to stay on the job and build up their savings. That’s good old American thrift, that is. The only people who can afford to retire in their fifties are mega-millionaires and public sector union workers (very little difference between them). The sugar daddies can live off their investments, and the retired hacks live off the rest of us. Everyone’s happy.