Obama Boasts 'Economic Recovery' – Devastating Job Report Follows
Obama visited Elkhart, Indiana last Thursday where he campaigned for the election of democrat Hillary Clinton for president, claiming that the tremendous economic recovery and success of the country must continue after he leaves the office.
But, the new Bureau of Labor Statistics report tells a very different narrative. Although, the unemployment rate has declined, there were only 38,000 jobs added in May. This was reported to be the lowest amount of new jobs available in a month in the last five years.
It’s also important to note that although the unemployment rate decreased from 5% to 4.7%, this is only because a half of million jobless Americans have stopped even looking for employment. So, they are no longer classified as “unemployed.” Over 94 million Americans are absent from the labor force according to the report.
Not to mention, the government has estimated that the economy grew at a sluggish rate of 0.8% in the January-March quarter. (remember a healthy economy is 3-4% growth rate).
Following the release of the report, a representative of Obama’s administration even expressed disappointment in the findings. Jason Furman of the Council of Economic Advisors said that the 38,000 new jobs figure was “considerably below both expectations and the pace of growth in recent months.”
Several media outlets, including CNN and The Wall Street Journal tried to paint the report in a positive light by blaming the dip in jobs on the 35,000 on strike at Verizon. While, other media outlets barely touched on the devastating findings and focused on the decrease in the employment rate.
Presidential candidate Donald Trump was quick to point out Obama’s discrepancy and argued that Clinton will only maintain this slow progress.
“It was like a bombshell. They were expecting 150,000, maybe 200,000 [new] jobs, turns out to be 38,000. And they’re bad jobs folks, ya know. Even the other side says we don’t have good jobs anymore. Our good jobs are moving to Mexico along with the companies that are moving there. They’re moving to China which China is making all our product. They keep devaluing their currency … And I don’t blame the Chinese government and I don’t blame the Mexican government. I want our government to be smart. I want our government to get away with the kind of things they get away with. But we have leaders that don’t have a clue and Hillary Clinton’s at the top of the list. She’s incompetent, let’s face it,” said Trump. “I believe Hillary Clinton is going to be worse than Obama.”