Thread: Obama Voters Suffer Most Under Obama Economy

Obama Voters Suffer Most Under Obama Economy

September 6, 2013 by Bob Livingston

PHOTOS.COM

The cynic might say that President Barack Obama is pushing to make war on Syria to distract Americans from the myriad scandals swirling around his Administration and/or his failed efforts at economic recovery. But while there are deeper issues behind the push to war (which we have been and will continue to explore elsewhere), war talk has served to push big issues to the back pages.
For instance, recovery summer never materialized — not in 2009, 2010, 2011, 2012 or 2013 — despite predictions by Obama and Fed Chairman Ben Bernanke. And guess who’s hurt the most by Obama’s policies. It’s Obama’s core demographic.
Obama received 51 percent of the vote in 2012. The five demographic groups he carried and the percentage that voted for him were youths (60 percent), single women (67 percent), blacks (93 percent), Hispanics (71 percent), and those without a high school diploma (64 percent).
According to a report by Sentier Research, since recovery summer was announced in 2009, households headed by single women have seen their incomes fall by 7 percent, and those under age 25 have seen their incomes drop 9.6 percent.
The incomes for black heads-of-household have dropped by 10.9 percent, and Hispanic heads-of-household have seen theirs drop 4.5 percent. For those with a high school diploma or less, incomes dropped 8 percent. (Incomes fell 6.9 percent for those with less than a high school diploma and 9.3 percent for those with one.)
In dollar terms, female heads of household saw their annual salaries drop by $2,300. Black-led households saw their annual salaries drop by more than $4,000, and Hispanic-led households saw their annual salaries drop $2,000.
Gallup released its monthly Payroll-to-Population survey yesterday. It showed that only 43.7 percent of the eligible population is employed, and it pegged unemployment at 8.7 percent. In 2012, those numbers were 45.3 percent and 8.1 percent.
So much for hope and change.
Filed Under: Conservative Politics, Freedom Watch, Hot Topics



http://personalliberty.com/2013/09/0...obama-economy/

New Jersey Worker Union Complains Recently Bankrupt Casino Using Too Many Part-Time Jobs

Submitted by Tyler Durden on 09/05/2013 14:29 -0400

• recovery

Where does one even start with this one. Six months ago we discussed the plight of Revel - New Jersey's "state of the art" casino - which filed for bankruptcy less than a year after opening its doors, despite numerous sunk incentives an millions of dollars in an "economic development incentive" by the financially troubled state. A few months later, following a prepackaged debt-for-equity, thecasino has emerged from bankruptcy with $1.2 billion of its pre-petition $1.5 billion in debt converted into equity. While it is unclear if the casino will ever turn a profit even with the much streamlined balance sheet one thing is clear: it is trying. So hard, in fact, that as the AP reports Local 54, Atlantic City's main casino workers' union, is complaining to state labor and political officials about Revel Casino Hotel's use of part-timers. Is the irony here becoming apparent?

The union has been battling the largely non-union Revel over its labor policies since before it opened in 2012.

A Local 54 spokesman says the union wants to make state officials aware of Revel's labor policies, particularly in light of state aid that helped the struggling casino to open, including a $2.6 million grant from the Labor Department.

Revel declined comment on its staffing levels.

Oh yes, we forgot about the $2.6 million grant from the Labor Department: that's more taxpayer sunk costs...

To summarize: a state- and taxpayer-subsidized casino opens, files for bankruptcy in under 12 months, reopens... and is criticized for operating in a way that will prevent it from filing for bankruptcy in another 12 months?

Alas, while the trend toward a "part-time" society, first exposed here in 2010 and subsequently accepted as gospel even by the slowest, dimmest and most sycophantic corners of the MSM, is nothing new, we had yet to see labor unions - those staunchest supporters of the very same policies that promote the conversion of full-time into part-time workers - lash out against the manifestations of these very policies. Perhaps the labor unions would be happier and get their desired full-time jobs... if for every part-time job there weren't hundreds of unemployed candidates that make up the core of this so-called "recovery."

Of course, at the very bottom of this is toxic loop is just the fundamental malaise affecting the US economy or what is left of it: pervasive, unavoidable central planning by the state and the central bank, both of which are inexorably and increasingly becoming the dominant player in not only balance sheet but also income statement decisions by virtually every private sector player.
Our advice to the Revel part-time union workers: be happy you are not unpaid interns. Because that is coming in the next phase of the "recovery."

http://www.zerohedge.com/news/2013-0...any-part-time-

August Service ISM Soars To 58.6, Highest Since 2005, Second Biggest Two Month Surge In History

Submitted by Tyler Durden on 09/05/2013 10:10 -0400

The data is getting painfully laughable: on one hand Gallup says unemployment is soaring to two year highs, on the other, the ISM non-manufacturing report just printed at 58.6: for those keeping track, and who enjoy laying along, this was the highest since December 2005, and the 2nd largest two month increase in the index on record. Of course, this means unless NFP tomorro comes at -1,000,000, the Taper is a done deal as the 10 year, which just printed 2.969% and surging, indicate. Stocks continue to do their own thing, blissfully ignorant of the debalce that will take place once the 3.00% yield stops are hit. The good news for bond bulls: this index can only go down from these ridiculous levels.

The components of the report were so good that one can pretty much ignore them: everything increased, including Production, New Orders, Employment, Inventories, Backlogs, Exports and Imports. Only Prices, conveniently, dropped.
From the report:

"The NMI™ registered 58.6 percent in August, 2.6 percentage points higher than the 56 percent registered in July. This indicates continued growth at a faster rate in the non-manufacturing sector. This month's NMI™ is the highest reading for the index since its inception in January 2008. The Non-Manufacturing Business Activity Index increased to 62.2 percent, which is 1.8 percentage points higher than the 60.4 percent reported in July, reflecting growth for the 49th consecutive month. The New Orders Index increased by 2.8 percentage points to 60.5 percent, and the Employment Index increased 3.8 percentage points to 57 percent, indicating growth in employment for the 13th consecutive month. The Prices Index decreased 6.7 percentage points to 53.4 percent, indicating prices increased at a significantly slower rate in August when compared to July. According to the NMI™, 16 non-manufacturing industries reported growth in August. The majority of respondents' comments continue to be mostly positive about business conditions and the direction of the overall economy."

The full breakdown, which continues to represent some economy, but certainly not that of the US:


The respondents respond:

• "High demand for products is driving expansion." (Management of Companies & Support Services)
• "We continue to see growth in the retail and wholesale sectors of our business, and expect to see new orders for our products continue to grow as well." (Information)
• "We seem to have a flurry of activity in our pipeline." (Construction)
• "Business orders are up and improving. Still concerned about sustainability through Q4." (Professional, Scientific & Technical Services)
• "Experiencing a strong housing rebound and continued solid performance by the tourism sector." (Public Administration)
• "Conditions continue to show improvement." (Retail Trade)
• "Generally slow, increasing economy." (Transportation & Warehousing)

http://www.zerohedge.com/news/2013-0...-surge-history