The debate rages on on over the “economic growth” that took place under Obama’s time as president.
Many have tried to point to an apparent decrease in unemployment to suggest that Obama’s policies have helped bring jobs back to America and fix the recession experienced at the end of the Bush administration.
While the numbers do seem to support this idea, there is always more going on than what the mainstream media is telling you. Often they refuse to acknowledge the unemployment numbers are down, only because millions of people stopped seeking jobs at all.
They also neglect to explain that while jobs were added, they often weren’t of the sort that we’re used to seeing in a thriving economy.
From Zero Hedge:
Fast forward 6 years, when a report by Harvard and Princeton economists Lawrence Katz and Alan Krueger, confirms exactly what we warned. 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.
While new jobs were created under the Obama administration, they weren’t steady, traditional jobs that provided security and benefits. Instead they were part-time gigs or sporadic freelance work, that don’t provide advancement, raisers, or steady growth.
In fact, a top White House economist says that 94% of the job growth was of this kind of work. Considered “alternative” work, it come in stark contrast to the type of careers most Americans have traditionally sought, careers that provide stable work for years.
But it’s not all bad news.
While the finding is good news for some, such as graphic designers and lawyers who hate going to an office, for whom new technology and Obamacare has made it more appealing to become an independent contractor.
But we can’t forget that not everyone is a graphic designer or lawyer and many of these gig type jobs are not attractive to everyone.
It’s a sign that our society and economy is changing. A little bit for the better, but perhaps overall for the worse. Only time will tell if these types of jobs turn out to be a better path for workers in years to come.
Source: Zero Hedge