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View Full Version : Disability Ranks Outpace New Jobs.



Sev
07-06-2012, 02:09 PM
Yah baby.
All those lost trillions are hard at work for us.
Remind me again why we wasted all that money at home an globally???

http://news.investors.com/article/617233...under-obama.htm (http://news.investors.com/article/617233/201207060945/disability-climbs-faster-than-jobs-under-obama.htm)
<span style='font-size: 23pt'>Disability Ranks Outpace New Jobs In Obama Recovery</span>

By JOHN MERLINE, INVESTOR'S BUSINES
<span style="color: #000000">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.

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.

<span style="color: #CC0000"><span style='font-size: 17pt'>In other words, the number of new disability enrollees has climbed 19% faster than the number of new jobs created during the sluggish recovery. (Even after accounting for people who left the disability program because they died or aged into retirement, the disability ranks have climbed more than 1.1 million in the past three years.)

And the disability ranks will continue to swell. In just the last month, almost 275,000 put in applications for disability benefits. Experts say that more people try to get on disability when jobs are scarce, and changes to eligibility rules enacted back in 1984 have made it far easier to qualify.</span></span>

In addition, while job growth has been very weak during the recovery, the total number of people who've dropped out of the labor force entirely has exploded, climbing 7.3 million since June 2009, an IBD analysis of BLS data show. Some of them aged into retirement, but most either signed up for disability, stayed in school, moved back in with parents, or just quit looking for a job.

As a result, the "labor force participation rate" the number of people who have jobs or actively looking for one compared with the entire working-age population is now 63.8%, down from 65.7% in June 2009. This participation rate is lower than it's been in 30 years. In previous recoveries, the labor participation rate has almost always risen, not fallen.

Other indicators from the BLS report showing that the three-year-old economic recovery isn't producing jobs in adequate numbers:

The unemployment level has been above 8% for 41 consecutive months. To put that in perspective, in the previous 60 years, the unemployment rate topped 8% in a total of only 39 months.

The number of people with jobs is still nearly 5 million below its pre-recession peak.</span>

Soflasnapper
07-06-2012, 04:21 PM
As a result, the "labor force participation rate" the number of people who have jobs or actively looking for one compared with the entire working-age population is now 63.8%, down from 65.7% in June 2009. This participation rate is lower than it's been in 30 years. In previous recoveries, the labor participation rate has almost always risen, not fallen.

Among the times it didn't rise, but fell, during a recovery?

That would be the last recovery, under W, during which time the labor participation rate fell consistently. Yes, that trend remains in place, although not for the recent month reported out.

Clever how they avoid mentioning that fact, though. Almost as if on purpose.

Yes, the labor force and the labor participation rate went up in the last reporting period. Not that they'd mention that fact, either. No, they go back to mentioning June 2009, whatever, to not give the current picture its most accurate reading.

Other than all that, what other distortions are in this article? Buehler? Buehler?

Wait, I know. They mention the 3.1 million who went on disability, but omit the 2 million of them who went off disability, to achieve the net of 1.1 million they do mention. Fascinating.

Sev
07-06-2012, 06:48 PM
Net gain of 1.1 million.