Commodity Trade Mantra

Obama’s Grand Jobs Recovery: Part-Time Work for Everyone!

Obama’s Grand Jobs Recovery: Part-Time Work for Everyone!

Obama’s Grand Jobs Recovery: Part-Time Work for Everyone!

We’ve been hearing about strong jobs growth for months. And it’s true. There are lots of new jobs. It’s a good thing too, because a lot of people need two or three to make ends meet in today’s economy.


The Fed is hinting strongly at an interest rate hike in June. In fact a lot of people have taken it as a foregone conclusion that the US central bank will definitely hike rates next month.

But as Peter Schiff pointed out on his recent podcast, the Fed didn’t say it is going to raise interest rates in June. Fed officials said they would consider a rate-hike appropriate if certain things fell into place.

One of the factors the Fed relies heavily on in its “data-dependent” decision making process is the employment picture. As Peter said – it isn’t good. The April numbers were not encouraging:

Everybody expected 200,000 jobs to be created; I’m sure including the Fed. We only got 160,000. More importantly, the internals were lousy. We had the big drop in labor force participation. We revised down the previous jump up in average hourly earnings. It was a lousy report.”

Still, the mainstream media talks constantly about a “strengthening economy” and a certain interest rate hike next month. But every once in a while, it pulls back the curtain. CNN Money did that the other day, reporting the truth on the actual condition of the US jobs market. It revealed the “job growth” Obama keeps crooning about as a sham. In fact, there are more jobs, but they are part-time jobs.

Erlinda Delacruz used to work full-time in manufacturing. The job offered health benefits, four weeks of paid vacation, and a salary that supported a “good life.” Now she works 60 hours a week at three part-time jobs, barely making ends meet. Sadly, her story isn’t unusual:

Delacruz is one of 2.1 million Americans working multiple part-time jobs, matching the all-time high set in 2014. What’s unclear is how many of these workers choose to work multiple part-time jobs or feel forced to by their circumstances. The evidence suggests the latter. Part-time work has become a huge worry for experts who watch the US economy. There are 6 million part-time workers who want full-time jobs. It’s well above its pre-recession average of about 4 million workers.”

Peter has been talking about this for months. Just last March, Peter made this exact case in an interview on Fox Business.

These are lousy jobs. These are low-paying jobs. These are Trump voters. These are Sanders voters. That’s why they’re there – because they have a part-time job and it’s lousy, and the pay is lousy. Eighty percent of these jobs are service-sector jobs, many of them are minimum wage jobs. You can’t raise a family on these jobs. Many kids can’t even move out of their parents’ houses because they can’t get a job.”

So much for the Obama jobs recovery.

You should keep this in mind when you hear pundits trumpeting the strong job market. It should also give you pause when you hear talk about a “certain” interest rate hike in June. As Peter pointed out, there were a lot of ifs in the Feds’ meeting notes.




Courtesy: Samuel Bryan

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