Young People Hit Especially Hard by Bad Obama Economy
Despite the White House spin about how many "new" jobs Obama has created, The Atlantic is still warning that this economy is not in good shape, especially for young people. Young people are finding lower-paying jobs of lesser quality, which is preventing them from buying homes and shoring up the still flailing Obama economy.
As most Old Media outlets jumped to the "good" news on jobs growth being pushed by the White House this week, The Atlantic's Derek Thompson points out that young people are not sharing in this economic "improvement."
"The number of young adults making less than $25,000 has increased by six million," Thompson writes. "The number of young adults making more than $25,000 has declined by almost two million."
This is bad for growth, tends to discourage young people from starting families in their youth, and is particularly bad for the housing sector, as young people find themselves unable to afford a home.
Thompson notes that the Obama economy has "slashed median incomes to historic lows for households led by Americans aged 25 to 54."
But it isn't just young people this bad economy is hurting. The recent BLS report finds that full-time jobs have plunged by over half a million jobs, while part-time jobs have surged by 800 thousand since 1993.
This means that despite Obama's claim that he has "created jobs," in truth, the jobs created are the kind that promise little disposable income and offer no career growth.
Worse, for the 49th time in the last 50 months, more people have given up looking for a job than found one.
So, while the Obama administration and its mouthpieces in the media are going to be touting the factoid that "Obama created 288,000 new jobs," the fact is, at the same time, we've lost 523,000 full-time jobs.
Follow Warner Todd Huston on Twitter @warnerthuston or email the author at email@example.com.