CNN: The US job market is one of the bright spots in the global economy. America has millions of new jobs, falling unemployment and even some nascent signs of growing paychecks.
One problem persists: A historically high number of Americans have part-time jobs, but want full-time positions.
Economists long argued that the trend, known as “involuntary part-time,” was temporary. But it now appears to be a permanent problem, according to a blog post published Wednesday by the San Francisco Federal Reserve. more …
Opinion: Take a ride with me on the yesterday machine to 2012:
Zero Hedge October 5, 2012:
“Reason For Today’s Unemployment Rate Plunge: Part-Time Jobs For Economic Reasons Surge Most Since QE1 Announcement”
“We already noted the absolutely stunning surge in reported Household Survey jobs which “added” 873,000 jobs, or the most since 2003 and the second most in the past decade.
The reason is that the number of part-time people employed for economic reasons soared by 582,000 to 8,613,000, the most since October 2011, and the largest one month jump since February 2009, when “restoring” confidence in the economy was all the rage… and just before the Fed announced the full blown QE1 in March of 2009. Odd symmetry.”
It was a sham. America’s first black president was going to run for a second term and there was no way that the Federal Reserve Chairman Ben Bernanke a Keynesian liberal, was not going to help.
Bernanke and the Obama team created a scheme (quantitative easing QE) to print $4 trillion in new money, give it to banks to drive stocks and real estate higher, giving Obama a chance to claim that his administration saved the US and the world from a depression:
That a great percentage of the new jobs carried no benefit packages, which forced millions into Obamacare as the price skyrocketed, was dropped from the conversation, and the middle class took it on the chin.
And there is more:
The scheme added to the debt for every US citizen that is now at $64,500 and growing by the second (here).
“When He opened the third seal, I heard the third living creature say, “Come and see.” So I looked, and behold, a black horse, and he who sat on it had a pair of scales in his hand. And I heard a voice in the midst of the four living creatures saying, “A quart of wheat for a denarius and three quarts of barley for a denarius; and do not harm the oil and the wine” (Rev. 6:5-6).
The oil and wine represents the uber-rich whose wealth has grown so much because of Obama/Bernanke’s scheme that the top 400 people now have more wealth combined than the bottom 64 per cent of the US population.
(Thanks to Vason for sending this in)