Where are the jobs? America’s new leisure class
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To listen to President Obama, the U.S. economy is firing on all cylinders. Yet it is hardly creating jobs at a breakneck pace, and too many able-bodied men have grown lazy and show no interest in working.
Friday, economists expect the Labor Department to report 240,000 jobs were added in February—down from 336,000 averaged the prior three months. Economists at Wells Fargo expect the pace for the entire year to be only 224,000.
The culprits remain slow growth, and Obama’s attempts to remedy income inequality with government programs that fail to lift millions of Americans to dignified work.
Since the recovery began, the economy has averaged 2.3 percent GDP growth and created 183,000 jobs per month. Adjusting for a smaller economy in the 1980s, the Reagan recovery accomplished twice that progress.
The headline unemployment rate has fallen to 5.7 percent, but more than 10 million men between the ages of 25 and 64 have no job and make no effort to find one.
Indolent men will create major problems for Obama’s successors as fewer workers will be paying taxes to support Social Security, Medicare, Obamacare, and other entitlements as productive baby boomers retire.
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