Random facts aka Obama’s Legacy

Posted without comment.

Finanz und Wirtschaft

There is not quite a bestseller, but a very substantial book called «The History of Interest Rates». It was written by Sidney Homer and Richard Sylla. Sidney Homer is no longer with us, but Richard Sylla is alive and well at New York University. So I called him and said: « Richard, I’ve read many pages but not every single page in your book which traces the history of interest rates from 3000 BC to the present. Have you ever come across negative bond yields?» He said no and I thought that would be kind of a major news scoop: For the first time in at least 5000 years we have driven interest rates below the zero marker. I thought that was an exceptional piece of intelligence. But I notice however that nobody seems to have picked up on it.

Washington Post

The typical American might not be able to quote statistics about how if the labor force participation rate were the same today as it was when Obama took office, the unemployment rate would be 9.2 percent instead of 4.9 percent…

CNS News

President Barack Obama may become the first president since Herbert Hoover not to serve during a year in which the growth in real GDP was at least 3 percent.

New York Times

President Obama came into office seven years ago pledging to end the wars of his predecessor, George W. Bush. On May 6, with eight months left before he vacates the White House, Mr. Obama passed a somber, little-noticed milestone: He has now been at war longer than Mr. Bush, or any other American president.

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Bill Elder

Of all these items the one that is most pertanent to Obama’s legacy is the unemployment rate. I say that because A) the one offered is a convient bit od disinformation by a media crony and it demonstrate’s Obama’s first reflex to a problem – cover it in bullshit.

The real unemployment rate (U-6) is the widely reported rate (U-3) plus those who are marginally attached and discouraged. It also includes part-time workers who would prefer full-time jobs. For that reason, it is nearly double the U-3 report. The Bureau of Labor Statistics (BLS) issues both in each month’s jobs report. Surprisingly, there isn’t as much media attention paid to the real unemployment rate.

In the widely reported unemployment rate (U-3), the BLS only counts those who have looked for a job in the past four weeks as unemployed. They’re included in the labor force because their jobless situation is only temporary (hopefully).Once they haven’t looked for a job in the past four weeks are no longer counted as unemployed or in the labor force.. The BLS adds them to a group it calls the marginally attached. For more, see Labor Force Participation Rate.

Among them are the discouraged workers, who have given up looking for work altogether. The rest have gone back to school, gotten pregnant, or can not longer physically work. They may or may not eventually return to the labor force, depending on their circumstances. Once they haven’t looked for a job in 12 months, they’re no longer counted as marginally attached.

The U-6, or real unemployment rate, includes everyone who wants a full-time job but doesn’t have one.
In July, the real unemployment rate (U-6) was 9.7%, nearly double the widely-reported unemployment rate (U-3) of 4.9%. – which not coincidently is larger than when O bama took office.

Both hey, official media distortion of fact is the true Obama legacy – it got this unqualified lightweight elected and covered his less than mediocre performance.

For me his other real legacy will be the number of days he spent on exotic vacations as the nation spiralled into economic and social oblivion – 175 by his terms end. Although Bush took more time off, he was a war president who needed frequent breaks and he took them at his ranch costing taxpayers nothing. Obama splurged on th taxpayer’s dime going to mostly upscale tourist traps that totaled $70 million so far.

All hail the vacationer in chief who putted while America went down the crapper.

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