It’s Obama’s Economy: 1 in 5 Workers Were Laid-Off in Past 5 Yrs, Unemployment Spikes

Obama Economy...20% of American Workers Were Laid-Off in the Last 5 Yrs –Image: AOL

(LA Times) One in 5 American workers were laid-off in the last 5 years and about 22% of those who lost their jobs, haven’t found one according to a new survey that shows the extent Americans have struggled in the sluggish economy.

The number of people seeking first time jobless benefits increased last week by 12,000 according to the Associated Press to 293,000 the labor department reported today–Employers added just 142,000 last month down from an average 212,000 in the preceding 12 months.

In related economic news, Brookings reports the U.S. Labor participation rate dropped to 62.8% in August, matching the lowest rate of the past 37 years.

California Economic Recovery? General Mills to Close 67 Yr Old Lodi Plant, Eliminating 430 Jobs–Reelect Gov Jerry Brown

General Mills Lodi Plant(WSJ) General Mills will close its 67 year old Lodi, California plant eliminating 430 more jobs in a struggling economy–in August, California reported 1,563 new jobless claims, the states unemployment rate remained unchanged at 7.4% higher than 43 other states and the national average.

Related: California Commercial Electricity Rates Soar in 3 Mo Period

California 7.4% Jobless Rate Higher Than 43 Other States: Reelect Gov Jerry Brown

Obamanomics: Record 92,269,000 Not in Work Force, Labor Participation Rate Falls to 36 Year Low

Labor Participation Rate(CNS News) Record 92,269,000 Not in Work Force–Bureau of Labor Statistics reports Labor Participation Rate Falls to 62.8%
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Soquel by the Creek

California Unions Paid Millions to Raise Taxes Resulting in Negative Economic Consequences

California Prop 30Thanks California Prop 30 Supporters for Making the State #1 in Taxes
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Soquel by the Creek@Twitter

On Wednesday I wrote here that Gov Jerry Brown’s tax hike had negative economic consequences and is a contributing factor why California is ranked as the worst state for business in 2014

California’s Comeback Miracle Turns Out to Be a Mirage — Gov Brown’s Tax Hike Has Negative Economic Consequences

ObamaCare Enrollment Numbers Steadily Falling Says Largest Health Insurers

Obama ClaimsRemember When Obama Claimed…

(Investors.com) After Obama took a victory lap claiming that 8 Million signed up for the ACA by mid-April, a dubious number to be sure by any logical calculations, the nation’s top insurers are now saying that the Obama Administration may want to recalibrate their “Guesstimations” of ObamaCare data to reflect a more accurate accounting.

The nations third-largest health insurer Aetna, had just 720,000 people sign up for ObamaCare as of the 20 May but at the end of June, it had but 600,000 actually paying the premiums and Aetna expect that number to fall to ‘just over 500,000′ by the end of the year.

Cigna projects its individual market customers including more than 100,000 in the ObamaCare exchanges to ‘move from 300,000  down to 280,000 in that range’ according to CEO David Cordani.

Another data point comes from the State of Washington–the only state that did not report ObamaCare sign-ups to HHS until consumers paid an initial premium. While the State of Washington had 164,062 paid enrollees as of the 23 April, by 01 June, the state reported that just 156,155 people enrolled.

The gap between the high watermark of ObamaCare sign-ups and the number of current premium paying customers reflects both those who never sent in their first monthly premium for any number of reasons, including: personal finances have been stretched, others may have got fed-up with the high-deductibles.

Regardless of the reasons, ObamaCare enrollment numbers are shrinking steadily and a far cry away from insuring those alleged 47 Million we were told were without health insurance, all of which one may never learn about from the dinosaur media which has a lot invested in the hope of Obama’s success than to report the real news of the day or from a president, much too busy vacationing in Martha’s Vineyard and hitting the links during his 28th golf outing this year than to concern himself with the mundane job that he was elected to do.

Obamanomics: July Payrolls 209K Well Below Expectations of 230K 11.4 Million Americans Left Labor Force Since Obama Took Office

Labor Participation RateLabor Participation Rate for July at an Anemic Low of 62.9% 
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Paul Drees@Twitter

(Zero Hedge) July’s economic news wasn’t nearly as rosey as Obama claimed during his press conference today but what’s new about that?

July payrolls increased by 209,000 well below the 230,000 jobs economists expected and the news gets worse–11.4 Million Americans age 16 and over have left the workforce since Obama took office according to CNS News in July, there were 92,001,000 Americans age 16 and over who were classified as not in the work force, this number has increased by 11,472,000 since January, 2009 when the number of Americans not in the labor force was 80,529,000

The unemployment rate increased to 6.2% in July while the real unemployment rate (which includes the U-6 rate plus those Americans marginally attached to the workforce) stands at 12.2%

More here from CNBC

Obama’s Watch: Typical American Household Now Worth 1/3 Less

NY Times Paul Krugman: Where’s the Giant Job Growth in California You Wrote About?

California Non-Farm Payroll(NY Times) Paul Krugman: “Left Coast Rising”  Huh???
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Soquel Creek