Another Benefit of Obamacare: Economy Doing Worse Than White House Predicted Had We Done Nothing

John Ransom
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Posted: Oct 23, 2013 12:01 AM
Another Benefit of Obamacare: Economy Doing Worse Than White House Predicted Had We Done Nothing

Oh goody, another terrible jobs report thanks to Obama and the Democrats.

While record amounts of money trade in the stock market and sit in bank accounts all across America, the September jobs report came out at 148,000 jobs, well below analyst consensus estimate of 180,000.

So whatever else can be said about the Federal Reserve policy of printing more money, we at least know this: It’s not creating jobs.

Neither is that vaunted “job creator” Obamacare.

As Hope and Change goes into it’s sixth year, the stock market is making record highs while the economy barely creates enough jobs just to keep up with population growth.


“September's jobs report, delayed more than two weeks because of the government shutdown, was hardly worth the wait,” reports ABCNews. “Employers added just 148,000 non-farm jobs as the unemployment rate fell to 7.2 percent. Economists surveyed by Bloomberg News expected 180,000 job additions last month and unemployment to be unchanged at 7.3 percent.”

Month over month, the civilian job-age population grew by 209,000 people. And while it’s true that not all of those people would join the workforce, it’s also true that the numbers of people not in the labor force grew by 136,000, only 12,000 less than the numbers of jobs created.

While unemployment has gone down, it’s only because the economy is so broken that the normal ways we measure job creation don’t apply anymore.

As ZeroHedge explains, the 7.2% unemployment rate is what was promised by the administration IF we DIDN’T pass the Democrat “jobs” program.

“[H]ere is the chart that puts it into perspective courtesy of the an ‘analysis’ by [Obama econ flunkies] Christina Romer and Jared Bernstein titled ‘The Job Impact of the American Recovery and Reinvestment Plan’ from January 10, 2009. Oh yes, the ARRA did pass.” Kind of like Obamacare passed... with a lot of pork.

Here's the real thing: We’re doing worse than even Obama economists predicted had we done NOTHING.

The result?

Forget the One Percent: Today we have 50 percent of families who have fulltime employment and 50 percent who don’t, but want fulltime employment.

That’s the real divide in America.

This divide is sponsored by Obamacare, the Dodd-Frank Banks and IRS offices near you.

Can I take a moment to shout out the obvious point that somehow the media missed, mostly likely because the point resides at the top of their head?

You may not like the Republicans, but come on: One has to admit, after 5 full years of stewardship, that the Democrats have NO EARTHLY CLUE about the economy and how jobs are created.

If your problem was income inequality (so-called), it’s gotten worse not better under Obama.

If your problem was Big Banks, the problem got worse not better.

If your problem was cronyism and corruption, the problem has gotten worse not better.

If your problem was healthcare, the problem has gotten worse not better.

Because of Obamacare, for example, insurance companies across the nation are, in some instances, canceling up to 80% of existing policies affecting hundreds of thousands, and even perhaps—likely actually-- millions of policies.

“Health plans are sending hundreds of thousands of cancellation letters to people who buy their own coverage,” reports NBCNews, “frustrating some consumers who want to keep what they have and forcing others to buy more costly policies.”

In Florida one company sent 300,000 cancelation notices. In California, Kaiser Permanente sent 160,000 notices. NBCNews says that one company “in Pittsburgh is dropping about 20 percent of its individual market customers, while Independence Blue Cross, the major insurer in Philadelphia, is dropping about 45 percent.”

The math says that millions of insured will not be able to keep their existing coverage, breaking a promise that Obama and the Democrats made when rushing Obamacare through.

And of course, the cost is high. Higher than many want to reckon, even.

Insurance premiums are going up. They have to. More people will be covered and more coverage will be offered.

Even Ezra Klein admits this.

But even more importantly, we’ve become a nation of part time job creation.

The civilian population able to work has grown by 2.4 million people in the last year, while 1.4 million jobs have been created with a disproportionate amount of those jobs part time jobs.

The number of unemployed and underemployed people remains stubbornly high.

As our friend Mike Shedlock points out: “Digging under the surface, much of the drop in the unemployment rate over the past two years is nothing but a statistical mirage coupled with a massive increase in part-time jobs starting in October 2012 as a result of Obamacare legislation.”

One can not accurately gage the true cost of Obamacare without reckoning in the dislocation of the American workforce, which is increasingly dependent on part time work.

8 million people are working part time that want full time work. That's like saying that the entire state of New Jersey or Virginia can only work part time. When you count in the loss of workforce numbers, the loss to the country in GDP and American families in income, one can reckon losses in the trillions of dollars, not billions.

But at least they have a really poor website. And not everyone is covered. A typical Democrat solution.