Millennials to Inherit a Devastated Economy

Aug 6, 2016 by

CBO’s long-term outlook paints a bleak picture not told in the July jobs report touted by Obama

by Edmund Kozak –

The Obama administration and its allies in the media are praising the jobs report released on Friday to distract from the shockingly pitiful economy that Millennials — and their children and grandchildren — will inherit.

While the mainstream media is trying its best to spin news of 255,000 new jobs in July as proof of a recovering economy and the wisdom of business as usual, a look at the CBO’s 2016 long-term budget outlook reveals a dismal economic future in store for young Americans.

“If we continue on the path we are on — that we have been on since the Clinton years — the economy will look far worse than it does today”

“If we continue on the path we are on — that we have been on since the Clinton years — the economy will look far worse than it does today,” Curtis Ellis, the Executive Director of the American Jobs Alliance, told LifeZette.

According to the CBO’s analysis, the labor participation rate will decline from around 63 percent in 2017 to around 58 percent in 2046. But the CBO noted that the actual labor force participation rate could be higher or lower by 2046 depending on a variety of reasons, such as demographic shifts, economic conditions, or new technological developments.

The dismal prediction highlights the shameful results of decades of unfettered spending, immigration, and free trade. If the globalists get there way and those destructive forces continue unabated for the next three decades, the labor force participation rate will surely be even lower than 58%.

Moreover, a closer look at the July jobs report reveals an economy in worse than 255,000 new jobs would suggest, said Alan Tonelson, an economist and Research Fellow at the U.S. Business and Industry Council Educational Foundation. “It doesn’t look nearly as good as the standard labor figures would make you think,” said Tonelson.

Tonelson noted that 38,000 of the 255,000 new jobs — 15 percent — were government jobs which by definition do not create wealth. But Tonelson also noted that 36,000 of these new jobs were created in the “Education and Health services” sector, which Tonelson noted shouldn’t be considered purely “private sector” as it is heavily reliant on government subsidies. This suggests that only 181,000 truly private sector jobs were added in July, much closer to the 179,000 predicted by economists surveyed by the Wall Street Journal.

This is Obama’s true legacy. A man who won the presidency largely by promising millennials a brighter economic future has repeatedly supported policies that will ensure they have none.

There are now more Americans who have chosen to leave the workforce than since the late 1970s. The few jobs that are added to the economy each month are largely in the service industry — and many aren’t even full-time.

“The number of workers who work part-time because of poor business conditions increased by 5.8 percent last month,” noted Stephen Miller, senior policy advisor to the Trump Campaign, in its statement regarding Friday’s jobs report. That is an astonishing increase in one 30-day span.

Indeed, what Friday’s job report really reveals is that “the American economy fails to support the good paying jobs needed to support a middle class,” said Ellis.

“Our good-paying jobs have been offshored” and replaced with “largely lowly-paid jobs that don’t support a family and don’t support the kind of economic activity one would expect in a developed economy,” Ellis said.

“The economy the media and the Clinton Machine is describing is an economy that doesn’t exist for most Americans — it’s an economy enjoyed by her donors and special interests, and one suffered through every day by millions of Americans,” read Miller’s statement for the Trump campaign, echoing Ellis’ analysis.

Miller’s statement also notes that “we hit a trade deficit of nearly $45 billion in the most recent month (an 8.7% increase), and nearly $800 last year – shipping millions of jobs overseas. Entire communities have been wiped out by offshoring.”

This disastrous economic course will only continue under Clinton, who not only favors free trade agreements and supranational trading blocs, but also desires to flood the country with even more immigrants.

“The way to reverse this is through the economic policies promoted by Donald Trump, of putting the interests of America and Americans first,” said Ellis. “We need Americanism not Globalism.”

Source: Millennials to Inherit a Devastated Economy | LifeZette

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