Bureau of Labor Statistics (BLS) data indicates that the total number of hours all Americans combined are working each year is at exactly the same level as it was in 2007. Not one hour more.
So all the data on job creation under Obama are meaningless. It is just more people dividing up the same number of working hours and much the same pay. It’s a bit like the French solution to unemployment which was to cut the work week to 30 hours so everybody could share a job. No increase in total work or total compensation, just spread the work around a bit. ObamaCare’s incentives to hire only part time workers and the various other constraints federal regulations impose on full time employment are accomplishing the same goal in America.
David Stockman, who calls our attention to this data, makes the point that the weekly job reports of 200,000 or more new jobs created are, therefore, a total fiction. It is the same number of hours, just sliced and diced differently.
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