As August’s Job Report was delivered, yesterday, I was struck by how, under the Presidency of Barack Hussein Obama, our American Capitalist System, which after World War II, produced a health and vibrant Middle Class, has been compromised to the point of now beginning to resemble a faltering economic system, not unlike a European Democratic Socialist country like, say, Greece.
According to cnsnews.com,
A record 94,031,000 Americans were not in the American labor force last month — 261,000 more than July — and the labor force participation rate stayed stuck at 62.6 percent, a 38-year low, for a third straight month in August, the Labor Department reported on Friday, as the nation heads into the Labor Day weekend.
The number of Americans not in the labor force has continued to rise, partly because of retiring baby-boomers and fewer workers entering the workforce.
In August, according to BLS, the nation’s civilian noninstitutional population, consisting of all people 16 or older who were not in the military or an institution, reached 251,096,000. Of those, 157,065,000 participated in the labor force by either holding a job or actively seeking one.
The 157,065,000 who participated in the labor force equaled only 62.6 percent of the 251,096,000 civilian noninstitutional population — the same as it was in July and June. Not since October 1977, when the participation rate dropped to 62.4, has the percentage been this low.Historical perspective
In January 1948 — the first year the data was recorded — 88.7 percent of men, aged 20 and older, were participating in the U.S. labor force. The rate first dipped below 80 percent in November 1975 (79.9%), spiraling steadily downward through August 2015, when 71.5 percent of men 20 and older were participating in the labor force.
It’s the opposite story for women 20 and older: In 1948, a time when one-earner incomes were generally sufficient to support the family, only 31 percent of women participated in the workforce. In May 1966, the rate climbed above 40 percent for the first time; it broke 50 percent in October 1978; and 60 percent in July 1996.
When Barack Obama took office in January 2009, 60.9 percent of women were particiating in the labor force, but after rising somewhat in that economically turbulent year, the particpation rate for women started heading down. Last month, it stood at 58.2 percent.
Change. Little hope.
Norman Matoon Thomas (1884-1968) was a six-time Presidential Candidate representing the Socialist Party of America. In a campaign interview in 1948, he said the following:
The American people will never knowingly adopt Socialism. But under the name of ‘liberalism’ they will adopt every fragment of the Socialist program, until one day America will be a Socialist nation, without knowing how it happened.
Are you catching my drift? Mr. Thomas was right. I think that he and the president would have been fast friends.
When Barack Hussein Obama first ran for the Presidency of the United States in 2008, he claimed that his economic policies would “foster economic growth from the bottom up and not just from the top down.” Obama promised to put in place “an immediate rescue plan for the middle class” and would end the “tired, worn-out, trickle-down ideologies we’ve been seeing for so many years.”
Obama got everything that he wanted in his first two years in the White House, when Democrats had solid control of Congress — a massive stimulus, auto industry bailouts, temporary middle class tax cuts, vast new regulations on businesses and ObamaCare.
But, all of his brilliant Socialist Economic Policies produced the exact opposite of what he’d promised.
So, he pounded his them of “Class Warfare” even harder.
So much so that, during his Re-election Campaign in 2012, President Barack Hussein Obama said,
This country doesn’t just succeed when just a few are doing well at the top. It succeeds when the middle class gets bigger. Our economy doesn’t grow from the top down — it grows from the middle out. We don’t believe that anybody is entitled to success in this country,” said Obama. “But we do believe in opportunity. We believe in a country where hard work pays off and responsibility is rewarded, and everybody is getting a fair shot and everybody is doing their fair share and everybody is playing by the same rules.
On July 24, 2013, Newly-Re-elected President Obama began a series of Stump Speeches titled, “Growing the Economy From the Middle Class Out”. Here’s an excerpt of the first speech:
…With an endless parade of distractions, political posturing and phony scandals, Washington has taken its eye off the ball. And I am here to say this needs to stop. Short-term thinking and stale debates are not what this moment requires. Our focus must be on the basic economic issues that the matter most to you – the people we represent. And as Washington prepares to enter another budget debate, the stakes for our middle class could not be higher. The countries that are passive in the face of a global economy will lose the competition for good jobs and high living standards. That’s why America has to make the investments necessary to promote long-term growth and shared prosperity. Rebuilding our manufacturing base. Educating our workforce. Upgrading our transportation and information networks. That’s what we need to be talking about. That’s what Washington needs to be focused on.
And that’s why, over the next several weeks, in towns across this country, I will engage the American people in this debate. I will lay out my ideas for how we build on the cornerstones of what it means to be middle class in America, and what it takes to work your way into the middle class in America. Job security, with good wages and durable industries. A good education. A home to call your own. Affordable health care when you get sick. A secure retirement even if you’re not rich. Reducing poverty and inequality. Growing prosperity and opportunity.
So, who is it that is keeping America’s Middle Class from prospering?
I’ll give you a clue: His initials are B.H.O.
The prosperous years during the Reagan Presidency marked a period of economic progress for Middle Class Americans. Middle Class Income increased 11 percent after adjustment for inflation, while nearly 20 million new jobs were created.
Those Liberal critics of the 1980s, who argue that the Middle Class shrank in number during those years, are half -right for the wrong reasons. The proportion of Middle Class Americans did indeed decline, but this reflected an upward movement of households into the high income category. Meanwhile, the proportion of Low Income Households declined, as more became middle class. The income growth during the Reagan Presidency increased the size of the pocketbooks of Americans at all income levels.
During Obama’s time in office, America’s major corporations have been hit with punitive measures, including high corporate tax rates and Obamacare, which has caused them to “down-size” their employee rolls and to relocate their call centers to companies like India, which has effected the rest of our economy.
Trickle-Down Economics was simply common sense. Capitalism is the engine that drives America’s economy.
When those who actually hire Americans are attacked by an Administration, naturally, those consequences are felt by those in lower economic strati (that’s you and me, boys and girls).
Obama’s “Trickle-Up” Economic Policy has been a miserable failure.
Because, as Lady Margaret Thatcher once said,
The problem with Socialism is that eventually you run out of other people’s money.
Until He Comes,