Well, isn’t this convenient.
Here we are at the end of President Obama’s administration, and it’s only now we’re starting to get a little drip and drab of truth on the economy from one of the White House’s own insiders – or, rather, a former insider.
All along, of course, we’ve been sold a line from Team Obama about how the president inherited a terrible economy from the previous George W. Bush administration and it’s only due to Obama’s hard efforts that the U.S. financial sector was saved at all. And don’t forget: Obama was supposed to have created all those jobs across America, bringing the unemployment rate down from double digits to a healthier state.
Or so the Obama administration’s said, right?
Well, here’s the truth of what transpired in terms of job growth under Obama:
It’s all pretty much a sham.
“[A] report by Harvard and Princeton economists Lawrence Katz and Alan Krueger, confirms exactly what we warned,” Zero Hedge reported. “In their study, the duo show that from 2005 to 2015, the proportion of Americans workers engaged in what they refer to as ‘alternative work’ soared during the Obama era, from 10.7% in 2005 to 15.8% in 2015. Alternative, or ‘gig’ work is defined as ‘temporary help agency workers, on-call workers, contract company workers, independent contractors or freelancers,’ and is generally unsteady, without a fixed paycheck and with virtually no benefits.”
Know what else is great? This awesome beatdown courtesy of Bill O’Reilly:
Exactly. And at the same time, don’t forget, Obama was busy pushing through a new law that required every individual adult in the country to buy health insurance – or face an IRS fine.
Krueger was the White House economist until 2013, and said he was “surprised” by the discovery of the true job situation under Obama, Zero Hedge reported.
He said in an interview with Quartz, reported by Zero Hedge:
“We find that 94% of net job growth in the past decade was in the alternative work category. And over 60% was due to the [the rise] of independent contractors, freelancers and contract company workers.”
So much for the nine-to-five work day.
If you put Obama’s legacy on a bumper sticker, it could very well read: Obama: Destroying U.S. Economy, One Job at a Time.
Source: Zero Hedge