The Dow Jones is closing in on 17,000 and the S&P is at its high. Those of us who own stocks are prospering thanks to Barack Obama and quantitative easing, even though QE is being reduced month to month.
On the other hand, Obama’s policies are bringing anemic job growth, especially hurting those he promised would be better off under “Hope and Change.”
In January 2008, the overall unemployment rate was 5 percent; for blacks, 9.1 percent; Hispanics, 6.5 percent; and whites, 4.4 percent.
In May 2014 the unemployment rate deteriorated for all – blacks worsened to 11.5 percent, Hispanics worsened to 7.7 percent and whites worsened to 5.4 percent.
The “KEY” statistic is the Labor Force Participation Rate, which 2008 vs. 2014 deteriorated from 66.2 percent to 62.8 percent. Had the Participation Rate stayed at 66.2 percent, 900,000 more people would be employed.
Clearly, for all and especially minorities, Mr. Obama and the Democrats’ policies are failing quite spectacularly. We need new leadership and new policies – just a fact.
Richard Kappmeier, Modesto