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Thursday, October 24, 2013
Rep. Stockman: September brings fourth-worst Obama Failometer Score - Black Unemployment Still Higher than under Bush
FOR IMMEDIATE RELEASE
Monday, October 22, 2013
Contact: Donny Ferguson, Donny@mail.house.gov
Economy still floundering as September brings fourth-worst Obama Failometer Score
Black unemployment still higher than any month under Bush
Labor force participation ties 35-year low
Job growth drops 12 percent
WASHINGTON - The nation's economy continues to flounder and full recovery appears even further away, according to an objective mathematical measurement of the nation's economic indicators released Tuesday by Congressman Steve Stockman (R-Texas 36.)
The economy continues to fail to recover under Obama as Obama Failometer Score stood at 1,173 last month. This is the fourth-worst Obama's Failometer score this year.
Obama can set the Failometer to zero simply by outperforming George W. Bush on the economy and fulfilling his 2008 and 2012 campaign promises to help blacks and Hispanics gain economically.
"ObamaCare is sand in the gears of our economy. Job growth slumped 12 percent in one month and black unemployment is still near record highs," said Stockman "Our economy won't recover until we replace Obama's failed policies."
"Under Democrats misery is becoming the new normal. We can do better."
The Obama Failometer uses a fixed mathematical score to calculate four economic indicators from the Bureau of Labor Statistics. The figures from the monthly reports are weighted to provide a balanced total score, which ranges from zero to 1,000. A score of 0 represent economic stability and racial equality. The higher the score, the deeper the economic failure.
So far, Obama is worse than Bush.
Since its creation Obama has failed to generate a Failometer score that can be contained within the chart's range of zero to 1000.
The Obama Failometer Score was originally displayed on a ten-foot-long billboard displayed in the hallways of the Capitol's Cannon House Office building. House officials ordered it torn down in January after Democrats complained.
Here is how the Obama Failometer Score is calculated:
FACTORS MEASURED AGAINST BUSH
Monthly jobs created: The Hamilton Project, a liberal economic policy group, stated last year the economy must create 321,000 jobs a month in order to return the economy to pre-recession employment levels by December 2016, the end of Obama's term.
As the economy continues to flounder under Obama that number has grown, but the Obama Failometer will continue to use it, which gives him some statistical relief.
Obama promised to not only restore the economy to where it was under Bush, but grow it. So far Obama has failed to even perform as well as Bush.
This Obama Failometer score portion is calculated by subtracting the number of jobs created in the previous month from the 321,000 jobs claimed necessary by the liberal Hamilton Project and dividing by 1,000 to balance it against other factors.
The BLS reports the economy created only 148,000 jobs last month, 173,000 fewer than needed to restore the economy. This portion of the Obama Failometer Score is 173.
Civilian labor force participation rate: The civilian labor force participation rate, the ratio between those 16 and over in the labor force against the national population of those 16 and over, is an important measure of economic health. After puttering along during the Bush administration, including through the "Bush years" of the recession, under Obama it has plunged sharply.
This Obama Failometer score portion is calculated by subtracting the monthly civilian labor force participation rate from the average Bush administration rate and multiplying by 100 to balance it against other factors. According to data from the BLS, under Bush the average monthly civilian labor force participation rate was around 66.2 percent.
The Bureau of Labor Statistics reports the monthly civilian labor force participation rate last month stood at 63.2 percent, the worst rate since August 1978 and 3.0 percent worse than Bush's average of 66.2 percent. This portion of the Obama Failometer Score is 300.
FACTORS MEASURED AGAINST OBAMA'S OWN RHETORIC
Black unemployment: No one has suffered more economically under Obama than black Americans. Obama's election and re-election has meant crippling poverty for the black community.
This Obama Failometer score portion is calculated by taking the monthly unemployment rate for blacks and subtracting the monthly unemployment rate for all Americans, and multiplying it by 100 to balance it against other factors.
The Bureau of Labor Statistics reports the black unemployment rate last month was 12.9 percent, while the national overall rate was 7.2 percent. That is a gap of 5.7 percent. This portion of the Obama Failometer Score is 570.
Compare Obama's performance to Bush's. The highest monthly unemployment rate ever for blacks under Bush was 12.1 percent. Obama's lowest rate is now 12.6 percent in Jul. He has never performed as well as Bush's worst black unemployment rate.
Bush's average black unemployment rate was 9.7 percent and an overall national average of 5.2 percent, a 4.5 percent gap that gives Bush a score of 450.
Hispanic unemployment: Despite winning the Hispanic vote, Obama's liberal policies have caused widespread damage to the Hispanic community. Thanks to Obama, they continue to lag behind the national average in many economic factors.
This Obama Failometer score portion is calculated by taking the monthly unemployment rate for Hispanics and subtracting the monthly unemployment rate for all Americans, and multiplying it by 100 to balance it against other factors.
The Bureau of Labor Statistics reports the Hispanic unemployment rate last month grew to a stunning 8.5 percent, while the national overall rate was 7.2 percent. That is a gap of 1.3 percent. This portion of the Obama Failometer Score is 130.
The Hispanic unemployment rate hit its all-time historic low of 4.7 percent during Bush's last term. It is almost twice that rate under Obama.
THEREFORE, THIS MONTH'S OBAMA FAILOMETER SCORE IS 1,173.
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