While the media has been quick to carry Barack Obama’s mid-term water in pushing the notion that unemployment is down to “5.9% … its lowest level since 2008,” what they aren’t pointing out is how disastrous the Obama economy has been for the middle class.
In essence, real wages continue to shrink and any gap with a so called 1%, many of whom support Democrat policies, has only continued to grow during Obama’s time in office.
The number of people collecting paychecks rose more than had been expected and the tally of people counted as jobless fell, placing the unemployment rate — 5.9% — at its lowest level since 2008.
While the trends are positive, they offer only distant hope to a middle class that is taking home less pay than it used to and can only watch as the wealthy enjoy ever greater prosperity.
It wasn’t supposed to be this way under President Obama, tribune of ordinary folks who, as he likes to say, play by the rules.
Six years into his administration, five years after the end of the Great Recession, the President is out talking up his economic record to bolster Democrats’ chances in the November congressional elections.
He stresses that U.S. businesses have created 10 million jobs since 2009 in “the longest uninterrupted stretch of private-sector job creation in our history.” All of which is true — and far less than the full story.
If you’ve been looking for low-wage, part-time work, for example, you’ve been a winner during Obama’s recovery.