Today’s jobs report makes it official: since Barack Obama took office in January, 2009, more people have gone on food stamps (11.4 million) than have found a job (less than 10 million). This is the tragedy of our times.
Since President Obama became president, the number of people not participating in the labor force has grown by 14 million. Over 23 million Americans in their prime-earning years [ages 25-54] are not in the labor force – an increase of almost 2 million since President Obama took office. 1 in 5 American households do not have a single family member in the labor force.
The increase in the number of Americans not in the labor force drives a decrease in the official unemployment rate. But since the last recession ended in June, 2009, the labor force participation rate among prime working age adults (25-54 years old) has declined, and remains near lows not seen in over thirty years. In a vibrant, growing economy, the labor participation rate would be going up or holding while the unemployment rate goes down.
The economy has produced too few jobs to keep up with population growth. Since the recession ended, the number of people working has increased by 11.9 million, but the employable population has grown by 18.7 million. At a minimum, the increase in the number of people employed should keep pace with the employable population—but it clearly has not under current policies. Instead, people become discouraged and leave the labor force.
Many are dropping out of the labor force because they cannot find good paying jobs in an economy operating near stall speed. Real GDP has grown by only 1.5 percent over the past year – a rate below even the already anemic 2.1 percent average rate of the Obama recovery. On a per capita basis, growth over the past year is near zero at only 0.7 percent. Real hourly and weekly earnings are lower today than they were in 1973 because there are not enough jobs so wages are not rising.
The combination of slow economic growth and increased government spending has produced massive deficits. It took over 230 years for the US to run up $10 trillion of debt. Barack Obama doubled that in less than eight. All we have to show for this massive fiscal stimulus is 47 million Americans in poverty, 45 million Americans on food stamps, and two million fewer prime working age adults (25-54 years old) employed than before the recession.
Hillary Clinton’s policies would slow the already-slow growth that made Barack Obama the only president in modern history to preside over an economy that did not have a single year that reached 3 percent economic growth. She will raise taxes massively, increase regulations, impose the Trans-Pacific Partnership and open our borders. Her policies will not improve economic conditions.
Donald Trump’s Contract With the American Voter will provide comprehensive tax, trade, regulatory, and energy policies that will put America and American workers first. This plan will double our growth rate, create 25 million jobs, generate trillions of dollars in additional wealth and tax revenues, and Make America Great Again.