Recession continues for Main Street - may cost Obama election
President Bush Sr. lost under similar circumstances in the jobs market.
It's been repeated by economists for months - the recession is over. But tell that to the unemployed on Main Street. The US is now in the midst of the longest jobs recession in history.
The jobs economy is every bit as important as the health of the overall market.
In addition to the jobs recession, other signs of trouble persist. Since the first quarter of 2006, the GDP hasn't risen more than 4 percent in any subsequent quarter.
Although the economy is technically in a state of expansion, which began in mid-2009, the best quarter has seen only 3.8 percent growth.
February was a good month for the jobs economy, with 227,000 jobs added over an expectation of 206,000, however the overall recovery remains jobless. Worse, many of the new jobs are part-time, or offer low pay without benefits, leaving workers in only a marginally improved state than unemployed.
The jobs economy is important, and more important than the overall economy in an election year. As Obama endeavors to earn reelection, one of the leading issues on the campaign trail has been, and will continue to be, jobs.
And with the election shaping up to be a very close run, Obama will need to do a lot better job on job creation if he wants to ensure he has the votes he needs to win.
By way of example, when the jobs economy was lagging in 1991, the eventual improvement still wasn't enough to reelect George Bush. And if too little changes between now and November, Obama may find himself facing the same fate as President George Bush Sr.
© 2012, Catholic Online. Distributed by NEWS CONSORTIUM.
- - -
Pope Benedict XVI's Prayer Intentions for January 2013
General Intention: The Faith of Christians. That in this Year of Faith Christians may deepen their knowledge of the mystery of Christ and witness joyfully to the gift of faith in him.
Missionary Intention: Middle Eastern Christians. That the Christian communities of the Middle East, often discriminated against, may receive from the Holy Spirit the strength of fidelity and perseverance.
Keywords:
NEWSLETTERS »
Rate This Article
1 - 10 of 10 Comments
Leave a Comment
More Business & Economics News
- Web developer: Earn $60,000 a year - without college degree or debt
- China, India, Brazil could dominate global investment by 2030
- Unemployment in U.S. comes roaring back - in a big way
- Criminally unfair? Why disgraced Enron CEO Skilling could see freedom sooner than you think
- Berkshire Hathaway Inc. hits first quarter record profit at 51 percent
- China and Japan now hold record amounts of Obama debt
- Does shift to mobile mean Facebook's salad days are done? Not at all
- U.S. annual growth rate slowest since 1929, start of Great Depression
- Prosperity gap between races in U.S. widened during recession
Featured News
- Fr. Paul Schenck: Finding Living Faith on Catechetical Sunday
- The Movie Yellow: Incest as 'Normal' and Cassavates's Slides Into the World of Woes
- The Chicago School Teachers Strike Reveals the Need For School Choice
- The Sexual Barbarians and the Dissolution of Culture
- The Happy Priest Challenges Us to Ask: Who is Jesus to Me?
- Michael Coren on Canadian Public Schools: Teachers, leave those kids alone
- We Cannot Ignore Our Consciences: Cardinal Dolan On Religious Liberty
- In the Face of Danger, Successor of Peter Travels to Lebanon as a Messenger of Peace
- Reflections on the Dignity and Vocation of Women: Who or What?
Disclaimer: The columns, articles, advertisers claims and any other features provided on Catholic Online Business & Economics are provided for personal finance and investment information and are not to be construed as investment advice. Under no circumstances does the information in this content represent a recommendation to buy, sell or hold any security. The views and opinions expressed in an article or column are the author's own and not necessarily those of Catholic Online and there is no implied endorsement by Catholic Online of any advice or trading strategy.
Most Popular
There's the problem! Americans are out of touch with scientific consensus on climate change Read More
Editorial: Is the Scandal Ridden Obama Administration Becoming a House of Cards? Read More
Sex In Uniform: Why the Increase in Sexual Assaults in the Military? Read More
Bill Donohue, Catholic League, Disclose Fight with the IRS, Demonstrate Courage Read More
Culture of Corruption: Why Obama's misuse of Marines is wrong Read More
Daily Readings
Reading 1, Sirach 4:11-19
Wisdom brings up her own children and cares for those who seek ... Read More
Psalm, Psalms 119:165, 168, 171, 172, 174, 175
Great peace for those who love your Law; no stumbling-blocks ... Read More
Gospel, Mark 9:38-40
John said to him, 'Master, we saw someone who is not one of us ... Read More
Saint of the Day
St. Rita
May 22: St. Rita was born at Spoleto, Italy in 1381. At an early age, ... Read More
Latest Videos
May 22 - Homily: Pray and Sacrifice for Sinners View Video
May 22 - Homily: St. Rita, Mother and Nun View Video
Human Respect - 2 Pillars #33 View Video
Catholic Mass from the Church of Ste. Genevieve (5/19/13) View Video
'Salve Virginale'- Gregorian Chant;'Fontgombault Abbey' HD View Video
Marketplace
Volume Six: Heaven Speaks to Families
Mary, described as "an unknown saint," but obviously an experienced ... Read More
Ancient Viking Wedding Band C.900A.D. Size 5 (15.5mm) Read More




Print















Rob, I love you logic. Let's shut down all oil production because there is an element of risk. That's like Nancy Pelosi, "Let's pass the Bill so we can find out what's in it". No, the demand for oil is not flat and that makes my point. Barry Soetoro cut the oil drilling on federal lease land by 40%. SOOO, we are stuck with IMPORTING 40% more oil from our Dear Friends in OPEC. Barry is out there lying to the folks telling us that oil drilling has increased. Well it has in North Dakota on PRIVATE LAND where he can't stop it. He is now sending his EPA goons out to Texas to halt their private land drilling with a phoney excuse that they are "Killing Endangered Species". This is why the Marxists have to go.
So vance, am I to assume that your position in regards to worldwide energy consumption is that demand globally has remained flat? Yes, I do remember the BP platform explosion, also known as the worst oil spill in our nation's history. I also remember the discovery that the the people charged with regulating the industry to prevent these accidents were so cozy with the oil companies that it was necessary to halt drilling to ensure that we wouldn't have another accident. As for you comment about Keystone, seems that the major hold up was not just the Obama administration, which I will agree seemed purely political, but also republican governors concerned about the path of this pipeline and their water sources. Given the BP debacle, I admire their conviction as this project is not without risk. But given this moment, right now today, we are exporting oil that is drilled for here, was there some sort of agreement that the Keystone pipeline output would be solely used in the US? Because if there was, I must have missed that. You seem to be operating under some assumption that the multinational energy industry or OPEC gives a darn about what we do or don't do. We are tied to the hip to the middle east for energy just like we are to China for debt. I would love to hear how the next guy is going to bring manufacturing back to the US? This ought to be good. But give us some examples of the EPA driving folks out? Let's compare that list to those who just left to exploit the cheap labor.
Rob and Eddie, Gas prices at the pump were $1.87 per gallon when Barry Soetoro was sworn in. It has hit a $5.00 high in some places in the country. You may have a short memory but do you remember the Gulf of Mexico BP Oil Platform explosion? Obama via executive order halted all drilling in the Gulf and Alaska on federal lease land. Now he killed the Keystone Pipeline Project that would have ADDED supply from our neighbor Canada. This was a major cut in the supply of oil that we now have to import more from the middle east to make up for the loss. OPEC is charging us $100+ per barrel of crude oil. The price of crude was $38 a barrel when Barry took office. The EPA has driven many companies over seas because they cannot absorb the costs and stay in business. Yes, the labor costs are cheaper in China. This is why the late Steve Jobs moved production for his IPad and IPhones to China. Remember a Solar Panel Company named Solyndra? It closed its doors and moved a small operation to China. Wind generators? Yep, made in China. I can keep going on and on. Until we get rid of Barry Soetoro, we will not see gas prices come down. Why? Because the Energy Czar said so. "This will force us to use alternative sources".
vance, it's just stunning how you continue to ignore the fact that the number one job killer of manufacturing jobs is third world labor rates. The things you cited have an impact, but to say the number one killer is laughable. But as these countries begin to grow impatient with these labor rates and environmental concerns that are popping up, hopefully those issues will begin to equalize. Applie is having a tough time of it as folks are starting to look closely at labor conditions in their plants. So what facts do you have to back up that anything Obama has or hasn't done impacts the costs of gas directly or food prices? But to the point of the article, I think Obama had a chance to make some big changes. But instead it was business as usual for wall street (notice how well they are doing), corporations (notice how well they are doing) and left us with a disaster healthcare bill. While I'm not excited about another Obama term, it's hard to get excited about the nonsense in the GOP right now. Do you go with the crazy you know or the crazy that has supposedly had a conversion?
Vance,
I understand that you view government in a highly negative light but your facts are way off especially concerning gas prices. I suggest you google "why are gasoline prices going up" and read the articles from conservative news outlets.
You might want to look at a news video posted on YouTube that features Bruce Bullock of the Energy Institute of SMU where he explains it quite well.
http://www.youtube.com/watch?v=PhUNwX3ct64
Jeff Poor, Government does not create jobs BUT it can kill jobs as Obama, Reid, and Pelosi have done via government environmental laws, high taxes, and high cost of labor. The Environmental Protection Agency (EPA), Endangered Species Act, and the Department of Labor have been the greatest manufacturing and job killers. We are paying more than double at the gas pump and the grocery store because of Obama's war on the Oil Industry. That's why you hear, "Get Government out of the Way".
The article is a lot slanted. I think we as catholics should always tell the truth. One of the reason I am still a catholic is because of it's teaching of helping the poor and taking care of each other. In addition to their position on life, capital punishment and abortion..
Jeff, it's a funny quandry our politicians get themselves in. They both say I can use government more efficiently to do whatever is the flavor of month, jobs, national security etc. But I think one thing we in the middle class better start waking up to is that over the last 30 years, regardless of who has been in office, is that the middle class is being eroded and the upper class is flourishing. It's moved beyond this petty "class warfare" nonsense and I believe has turned into a full blown matter of justice. And unfortunately while the politicians are only doing what their money masters pay for, we consumers are largerly to blame as well. It's not just the politicians that need to be thrown out, but we consumers need a radical re-orientation as well. Honestly, now that virtually all restraints to money have been removed, I'm not even sure it's possible to change. Elections will be decided by who can marshall the most money. And while we can donate and make a dent, we can't compare with those, both on the right and the left, who own all the nation's wealth. Of all the things we fight about on these boards, I see that as one of the key threats to our republic.
Pundits were fond of stating the truth when President Bush was still in office: "government can't create jobs." Right after President Obama's inauguration, the same conservative commentators began blaming Obama. So which is it: "government can't create jobs" OR "government can create jobs?" It can't be both.
No American president can force companies to create jobs here instead of in China. Apple Computer and many other American-owned corporations are hiring right now, but they are hiring Chinese workers to work in Chinese production facilities instead of hiring Americans here. Take a look at the back of every consumer electronic product and read the label, "Made in China." No president can prevent this without instituting punitive tariffs.
America's economy is also not helped by a large portion of our workforce that stubbornly refuses to acquire marketable skills. Several manufacturers, and even a few State governments (Alabama is an example), have stated that manufacturing jobs are available, but manufacturing now requires SKILLED labor. We have a shortage of certified welders, machinists, pipe fitters, electronics technicians, etc. But no president can force you to go to vocational school, and increased federal loans for job training costs money, which adds to the deficit. And we know Obama would get blamed for any deficit increases.
No one can deny that the economy is better now than it was on the day President Obama was inaugurated. Are we better off than we were over three years ago? Yes.
Dear Catholic Church website,
Please get out and stay out of politics.
Thanks,