The U.S. Labor Department is expected
to report Friday the U.S. economy added 125,000 jobs in October and
unemployment increased to 7.9 percent.
Hurricane Sandy should little affect these estimates as employer and household surveys were conducted earlier in the month. Going forward, the hurricane will depress employment but only until the rebuilding begins in earnest.
Rebuilding will raise employment and incomes later in 2013 but not enough to substantially alter the national economic picture.
If U.S. President Barack Obama is re-elected and delivers on campaign promises, the jobs picture will worsen.
Since peaking at 10 percent in October 2009, the jobless rate has fallen mostly because 6 million adults have chosen not to look for work. But for this phenomenon, the unemployment rate would still be 9.7 percent.
More than 8 million part-time workers would like full-time work but can't find it. Adding in those folks, the unemployment rate is 14.7 percent.
In 2007, the last year before the financial collapse, the deficit was $161 billion with the Bush tax cuts in place, wars in Iraq and Afghanistan and Medicare prescription.
Over the last four years, the deficit has averaged $1.3 trillion. Additional tax cuts, such as the $95 billion payroll tax holiday, subsidies for green energy and electric cars and social and regulatory programs, promoted by Obama, caused this red ink.
Even with huge stimulus, convincing millions they don't want a job and compelling desperate workers to settle for part-time work has been the Obama administration's most effective jobs program.
Though Congress may avoid sequestration, some temporary tax cuts, such as reduced Social Security taxes and elements of the Bush tax cuts benefiting high-income families, will likely lapse and some combination of savings in entitlements and defense spending will be accomplished. Overall, these would lower the deficit in the range of $300 billion.
Hurricane Sandy should little affect these estimates as employer and household surveys were conducted earlier in the month. Going forward, the hurricane will depress employment but only until the rebuilding begins in earnest.
Rebuilding will raise employment and incomes later in 2013 but not enough to substantially alter the national economic picture.
If U.S. President Barack Obama is re-elected and delivers on campaign promises, the jobs picture will worsen.
Since peaking at 10 percent in October 2009, the jobless rate has fallen mostly because 6 million adults have chosen not to look for work. But for this phenomenon, the unemployment rate would still be 9.7 percent.
More than 8 million part-time workers would like full-time work but can't find it. Adding in those folks, the unemployment rate is 14.7 percent.
In 2007, the last year before the financial collapse, the deficit was $161 billion with the Bush tax cuts in place, wars in Iraq and Afghanistan and Medicare prescription.
Over the last four years, the deficit has averaged $1.3 trillion. Additional tax cuts, such as the $95 billion payroll tax holiday, subsidies for green energy and electric cars and social and regulatory programs, promoted by Obama, caused this red ink.
Even with huge stimulus, convincing millions they don't want a job and compelling desperate workers to settle for part-time work has been the Obama administration's most effective jobs program.
Though Congress may avoid sequestration, some temporary tax cuts, such as reduced Social Security taxes and elements of the Bush tax cuts benefiting high-income families, will likely lapse and some combination of savings in entitlements and defense spending will be accomplished. Overall, these would lower the deficit in the range of $300 billion.
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