Obama’s economy on track to restore lost jobs by 2025
Neil Munro
The Daily Caller
8/3/2012
July’s disappointing jobs numbers won’t lower employment to 2007 levels until 2025, according to The Hamilton Project, a Democratic-affiliated advocacy group.
Even if President Barack Obama’s policies immediately doubled the economy’s creation of new jobs to 310,000 jobs a month, the “jobs gap” would not be closed until the end of 2016, according to an online calculator at the group’s website.
The group is supported by an establishment think tank, the D.C.-based Brookings Institution.
Under Obama, the economy has added roughly 150,000 jobs a month since early 2011.
“We’ve had the slowest job rate growth… since the great depression,” said Steve Moore, a Wall Street Journal columnist.
Currently, 23 million people in the nation’s population of 311.6 million are unemployed or underemployed, according to data produced by the Bureau of Labor Statistics.
In July, the unemployment rate nudged up from 8.2 percent in June and 8.1 in May, according to the BLS.
Also, 15.2 percent of workers are unemployed or underemployed or have stopped looking of work.
That’s up from 15.1 percent in June 2012, and modestly down from the 16.3 percent level last July.
The nation’s population is growing steadily, partly via new births, but also because of the arrival of roughly one million legal immigrants per year.
The growth from new births and new immigrants is partly offset by the retirement of older workers.
The population also includes roughly 11 million illegal immigrants, of which roughly 6 million are in the workforce, according to estimates.
