According to businessinsider.com the labor participation rate is down to 62.6%, the lowest since October, 1977.
Forbes reported in July of 2014 that approximately 52% of U.S. households are receiving government benefits. That is, taxpayer assistance.
In 1963 when President Kennedy was still in the White House only 6% of the U.S. population received some sort of government assistance.
Forbes also reported in October of 2014 that nearly as many people who finally found jobs under the current administration economic policies have either left the work force or never entered it at all, which reflects part of why the unemployment rate as reported by the federal government is skewed. The other reason it is skewed is that it does not reflect those who found part time jobs that once held, and have desperately been looking for full time jobs.
Some say that the true unemployment rate hovers around 16%. And it is much higher for minorities, especially African Americans. On top of this is the fact that the labor participation rate is, again, the lowest since Jimmy Carter was taking the country down the economic drain.
Add to all this is the current economy thus far in 2016.
The Dow Jones Industrial average had plummeted from 17425.17 on December 31, 2015 to 15,766.74 today.
Announced job cuts include the largest retail company in the world. Walmart plans to close 269 stores in 2016, eliminating 16,000 private sector jobs, 10,000 of which will be lost in the U.S.
Macy’s will join Walmart in cutting jobs when it closes 35-40 stores this year. And not far behind are Office Depot / Office Max, closing some 400 stores, Barns & Noble eliminating 233 stores, Walgreens closing 200 stores, Children’s Place another 20, Aeropostale, 175.
And although Sears and K-Mart announced they will be closing 27 stores this year, their investors would like to close more stores than this.
While there is evidence that the entire globe is in economic decline, with China leading the pack, the Obama Administration policies are certainly not making things any easier.
While the Wall Street haters continue their “war on capitalism”, those “rich folks” are being hammered with the highest corporate taxes in the world.
The so-called “one-percenters” are still the job creators in this country, something these “haters” will never understand.
Yes, it is those in the top income bracket that pay most of the federal income taxes in this country, while fifty percent of the country, which includes these “haters”, pays no federal income taxes at all.
Now, in the midst of another presidential election year, we find that the Democratic candidates want to take us further to the left, promising a whole host of socialism programs that will simply doom the country to financial ruin.
With a nearly 20 trillion dollar debt, former Secretary of State Hillary Clinton wants to provide paid vacations to all workers, free health care for women, so-called “equal pay for equal work” for women, even though there are little similarities between the sexes when it comes to the various elements of employment.
Candidate Bernie Sanders, Senator from Vermont, wants to provide all kinds of “free stuff” to voters.
“Free college” for all, says Bernie. A “living wage” for all workers…something even Bernie can’t explain, and “Medicare for all”.
His website also promotes the idea of “creating decent paying jobs”. However, he admits that this can only be done by going after corporations for even more money.
And how does he plan on paying for his programs?
For “free college” Bernie plans on imposing a tax on Wall Street speculators to the tune of $300 billion. Good luck with that one, Bernie.
To “Expand and Extend Social Security, ‘ol Bernie wants to raise the cap on taxable income – to what level he won’t detail – something that would immediately cost millions of jobs.
One of the biggest disasters of his policy programs, in my opinion of course, is his “Paid Family and Medical Leave” program, in which he proposes that companies pay for 12 weeks of leave during which those workers will not produce a single product or service, but rather cost companies revenue, profits, result in lower productivity, and place them at a further disadvantage against other countries. And those hurt the most would be small businesses.
And how he is planning on paying for this “giveaway”? By increasing the payroll tax even higher than it already is – which is the highest in the world now.
And something that most workers do not understand is that companies pay a higher percentage in payroll taxes than the workers themselves – something that ought to be unconstitutional since what it amounts to is companies paying a tax against money they don’t get to keep. Somebody please explain to me how that is fair.
While foreign policy and the protection of America and its allies has become a paramount concern of voters this election year, especially with ISI and the Taliban continuing to terrorize the entire world, with ineffective response by this administration, the economic decline not experienced in this nation by most Americans before, is of deep concern to most voters who have clue of just what a $20 trillion debt means.
And the idea that presidential candidates can still in this 21st Century promise “free stuff” is both appalling and insulting.
In my lifetime I cannot remember an election year that mattered more than the one we are all currently facing.
Let’s hope the “gimme, gimme” crowd and the non- and ill-informed, growing in their numbers, don’t hand another eight years to the leftists that have taken from the “haves” and given to the “don’t and won’t haves”.
Spero columnist John Mancino owns a security business in California.