The economy added 252,000 jobs in December—down from 353,000 in November. With GDP growth slowing, prospects for jobless Americans are worsening.
The unemployment rate fell to 5.6 percent, but only because so many working age Americans quit looking for work and are no longer counted in the official jobless tally. If the same percentage of adults were in the labor force today as when Presidents Obama took office, the jobless rate would be about 9.9 percent
The Administration alibis Baby Boom retirements are driving down adult participation. However, nearly one in six men between ages 25 and 54—too old for college and too young to retire—are jobless. Many are simply sitting at home watching ESPN, playing video games and relying on relatives, friends and government benefits for support.
The Obama recovery has managed only 2.3 percent GDP annual growth, and the economy has added only 6.4 million new jobs on his watch. Whereas during the Reagan recovery, the pace of economic growth was 4.8 percent, and 9.5 million jobs were added through the end of his sixth year.
America has not lost its capacity to innovate and create new products and industries but in a globalized economy, poor government policies block Americans from playing their strengths.
The nation still enjoys strong comparative advantages in manufacturing, but President Obama refuses to confront China, Japan and Germany about exchange rate and monetary policies that purposefully undervalue their currencies and artificially underprice their exports. And now it seems the president is intent on jamming through congress new free trade agreements that would further open U.S. markets to foreign competition, while countenancing continued currency manipulation and mercantilism abroad.
Restrictions on offshore drilling and onshore pipeline construction continue unnecessary U.S. dependence on foreign oil, divert billions of consumer dollars abroad and rob Americans of millions of jobs.
