The
man who currently occupies the Oval Office (I call him 45, but y ’all
know his name, and we don’t call it because we do not believe
in feeding bloated egos), promised to “Make America Great
Again”. He said that he would create jobs, generate economic
growth, and create a new and better health care environment than the
one we got from the Affordable Care Act. Instead, he has found
himself stuck in the muddy quicksand of wanting to repeal, but not
replace, the legislation that provided health insurance for more than
20 million people.
When
he was a candidate, 45 claimed that unemployment data was false and
manipulated. As President, he has touted the unemployment rate
improvement as evidence that he is doing a good job. But the most
recent report from the Bureau of Labor Statistics suggests that the
employment situation is steady, but not especially good. While the
unemployment rate is lower, by 0.4 percent, than it was when 45 took
office, little else has changed. The Black unemployment rate, at 7.1
percent, is, as always, nearly double the white rate (3.8 percent),
and the number of people who have been unemployed for more than half
a year has not changed much. The labor force participation rate (the
people who are working or looking for work) is just below 63 percent,
as it has been most of the year. The employment-population ratio, or
the percentage of people holding jobs, is also steady, at 60.1
percent. The Bureau of labor Statistics report repetitively
describes indicators as “changed little”, which means
that few are better off than they were when 45 took office.
The
low unemployment rate is deceptive. In a vibrant economy, more
people would be entering the labor force, with the understanding that
if hard times are over, good jobs are now available. Although some
new college graduates have entered a vibrant market with high demand
for their services, many others have not seen their prospects
improve. Indeed, African American college graduates face
unemployment rates that are far higher than their white counterparts.
According to the Economic Policy Institute (in full disclosure, I am
a member of that Board), young black college graduates have an
unemployment rate of 8.0 percent. College graduates remain worse off
than their counterparts who graduated in 2000 and 2007, the year
before the Great Recession.
Low
labor force participation rates, then, tell a story. It is
challenging to look for work when you have limited resources. Some
recent graduates, and others, will not fully participate in the labor
market because they don’t have the wherewithal. Others will
work, but have no choice but to accept underemployment – with
the marketing major now working in retail or in a fast-food
restaurant because that is the only job she can get. And the number
of people who work “part time for economic reasons”, or
“involuntarily part time”, at 5.3 million, is again,
“little changed”. How many young people who did the
right thing, checked off all the boxes, took the STEM classes, and
graduated with thousands of dollars’ worth of debt because they
invested in themselves, now find themselves underemployed?
So
Bobby Womack had this song, “If You Think You’re Lonely
Now”. I think about it when I recall some of my commentary on
the Obama Presidency, especially in my book, “Are We Better
Off: Race, Obama and Public Policy”. No, the majority of
Black folk were not materially better off in the Obama years. But if
we think we were hurting then, wait until the Trump years evolve
(sing along). None of the promises that 45 offered to “help”
the people have resulted in positive change. If you think Obamacare
hurt, think about what Trumpcare will do! If you think the economic
situation was challenging for working people under President Obama,
imagine the challenges under 45 leadership. 45 has been insistent
and persistent about rolling back many of the important innovations
that took place under President Obama’s leadership. He is
rabid about rescinding the Obama legacy, and too many have allowed
their own racial bias to support his efforts.
Still,
the new unemployment rate data tell us as much as we need to know.
Workers are not better off under 45. Wages remain lower than they
should be, and job expansion is somewhat tepid. Labor force
participation and the employment population ratio are lower than they
should be. There are too many people who are out of work, or
underemployed and stuck in unsatisfactory work.
45’s
Presidency has not only eroded our nation’s standing in the
world, but it has also eroded the economic well being of millions in
our own country, as the unemployment rate data attest. 45’s
buffer is the blind loyalty of those who prioritize partisan politics
over national wellbeing, and racial hegemony over common decency.
And maybe, just maybe if there were economic returns to this idiocy,
I might understand. But there are no returns, nothing but jingoistic
chaos.
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