When the facts change, I change my mind. What do you do? -- John Maynard Keynes

Thursday, March 14, 2013

Obamacare causing the loss of full-time jobs

Take a second look--we're losing ground in employment due to Obamacare headwinds:

Friday’s Surprisingly Strong Jobs Numbers Aren’t Real: " . . . . According to the household survey, where the BLS asks how many are working in a household, 170,000 new jobs were added in February of this year — despite the addition of an astounding 446,000 part-time jobs. What this means is that some 276,000 full-time jobs were lost in February. A Gallup survey released the day before the Labor Department’s report noted: Although fewer people are unemployed now than a year ago, they are not migrating to full-time jobs for an employer. In fact, fewer Americans are working full-time for an employer than were doing so a year ago, and more Americans are working part time. This may be an effect of the ObamaCare rule that employees working 30 hours a week or more must be covered with health insurance, and as a result of that more and more employers are cutting hours and hiring more part-time people. And as hours are cut, more and more people are seeking a second job to make up the difference. That would be another of those “unintended consequences” of government interference in the marketplace. An editorial in the New York Times successfully saw past the rosy surface numbers reported on Friday as well. . . The Times also noted that the labor force is shrinking, so that whatever numbers the BLS reports aren't real: Most of the decline [in unemployment] reflects a shrinking labor force rather than new hiring. In fact, if hiring were more robust, the unemployment rate would hold steady or even rise as the estimated four million Americans who are not working or looking for work rejoined the ranks of job seekers, where they would be counted in the official unemployment rate. Furthermore, those who have been out of work for six months or more actually increased last month. If the economy were healthy, surely that number would be declining. Even if one could believe that the unemployment report from Friday was accurate, it still falls below the estimated 250,000 jobs needed every month just to absorb new job seekers. It would take many more than that to bring the unemployment rate down significantly, and that just isn't on the horizon. . . ."

And yet, many in mainstream media would have you believe last week's job numbers were good news! Based on these numbers, the closer we get to 2014 (when the full impact of Obamacare hits), more and more employers will be pro-active in taking measures to lessen the impact of Obamacare by shedding full-time jobs--this alone could result in recessionary conditions by the fourth quarter of 2013.


The Big Picture

Financial Crisis - The Telegraph

JohnTheCrowd.com | The Sailing Website

Craig Newmark - craigconnects