Fund Your Utopia Without Me.™

27 September 2013

The Neo-VooDoo Economics

Old & Busted:

Labour Participation Rate is 63.2%…a level not seen since 1978 during the glory days of Stagflation and Carter’s Cardigan. (added)

Workers in low-wage industries clocked the shortest average workweek on record in July, new Labor Department data show.
The 29 million non-managerial workers in private-sector industries which pay up to about $14.50 per hour, on average, put in a 27.4-hour week, a level previously matched only at the depths of the recession in 2009.


As the recovery began that summer, average weekly hours staged a recovery that erased most of the recession’s decline. But the workweek recovery began to reverse in early 2012, and the drop-off has accelerated in 2013 — just as the onset of ObamaCare’s employer mandate created new incentives for employers to restrict workers to fewer than 30 hours per week.
…in industries for which ObamaCare’s coverage mandates could mean substantial new costs — those in which wages are low and the ranks of the uninsured tend to be high – something is seriously depressing the workweek.
…the average workweek for such firms has fallen to a record low of 27.3 hours from 28.6 hours in March 2010, when ObamaCare became law.

New Faerie Dust, Unicorns, and Rainbows:

‘The aggregate truth … does not bear out claims that the Affordable Care Act is causing employers to drop employees from insurance…That’s an anecdote. You have anecdotes. … There is no systematic evidence. … That has not been happening across the country in any systematic way.

 - White House Press Secretary Jay Carney, 26 September 2013

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