By: John Hayward
7/6/2012 12:56 PM
Investor’s Business Daily offers an amazing snapshot of the Obama malaise: “More workers joined the federal government’s disability program in June than got new jobs, according to two new government reports, a clear indicator of how bleak the nation’s jobs picture is after three full years of economic recovery. The economy created just 80,000 jobs in June, the Bureau of Labor Statistics reported Friday. But that same month, 85,000 workers left the workforce entirely to enroll in the Social Security Disability Insurance program, according to the Social Security Administration.”
And this is not a new piece of bad news for June 2012: “The disability ranks have outpaced job growth throughout President Obama’s economic recovery. While the economy has created 2.6 million jobs since June 2009, fully 3.1 million workers signed up for disability benefits. In other words, the number of new disability enrollees has climbed 19% faster than the number of new jobs created during the sluggish recovery.”
Rising disability claims are, in part, a consequence of Obama’s endless unemployment, as “experts say that more people try to get on disability when jobs are scarce.”
How scarce are they? IBD notes that “the total number of people who’ve dropped out of the labor force entirely has exploded, climbing 7.3 million since June 2009.” We’ve got 5.4 million long-term unemployed, which is “almost one million higher than when the recovery began three years ago, and almost twice the level it ever reached prior to Obama’s recovery.”
Welcome to our fully disabled future of barely-managed decline!
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To read another article by John Hayward, click here.
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