Going into midterms, Obama took credit for\u00a0the 5.9% unemployment rate achieved by his administration.<\/p>\n
\u201cThe United States has put more people back to work than Europe, Japan, and every other advanced economy combined.\u201d Obama said. That progress, he added, has been \u201ca direct result of the American people\u2019s drive and determination, and the decisions made by my administration.\u201d<\/p><\/blockquote>\n
Indeed, the Bureau of Labor Statistics (BLS) reported the 5.9% figure for October of this year, but what does it mean?<\/p>\n
<\/a>If you have a part time minimum wage job that you can\u2019t possibly live on (and many of the jobs created during the Obama administration are that) you are considered employed. If you have a low-paying, full time job beneath your skills and education, you may be employed, but you are under-employed. If you gave up finding a job, you aren\u2019t counted because you dropped off the unemployment rolls. The 5.9% unemployment figure may sound good, but when you take it apart, it becomes a meaningless measure of economic health.<\/p>\n
Senator Bernie Sanders<\/a> put it this way:<\/p>\n
Real unemployment today is not 5.8 percent, it is 11.5 percent if we include those who have given up looking for work or who are working part time when they want to work full time. Youth unemployment is 18.6 percent and African-American youth unemployment is 32.6 percent.<\/p>\n
Today, millions of Americans are working longer hours for lower wages. In inflation-adjusted dollars, the median male worker earned $783 less last year than he made 41 years ago. The median woman worker made $1,337 less last year than she earned in 2007. Since 1999, the median middle-class family has seen its income go down by almost $5,000 after adjusting for inflation, now earning less than it did 25 years ago.<\/p><\/blockquote>\n
The truth is that for the majority of Americans\u00a0the economy is not getting better, and for many it feels like it\u2019s going downhill. The outsourcing of jobs continues, wages are stagnated, and technology has made many jobs obsolete. Although gas prices have fallen, prices at the grocery store are rising. Kids are going to college, racking up debt, with a slim chance of getting a good paying job in their chosen field.<\/p>\n
Elected officials and corporate owned media report that the economy is on the upswing, pointing to the booming stock market as proof we are in recovery. Yet stocks being in nosebleed territory have nothing to do with the real economy where people continue to struggle everyday.<\/p>\n
The BLS Civilian Employment Population Ratio\u2014what\u2019s that?<\/h2>\n
The Civilian Employment Population Ratio is another\u00a0more accurate measurement of what is going on in the economy. The BLS defines the civilian non-institutional population as persons 16 years of age and older who are not inmates of institutions (penal or mental facilities and homes for the aged) and who are not on active duty in the Armed Forces.<\/p>\n