Tim Cook, other CEOs pledge help to Obama on long-term unemployed

“President Barack Obama is meeting today with chief executives from Bank of America Corp. to EBay Inc. to ask for help in reducing job discrimination against the long-term unemployed,” Roger Runningen and Mike Dorning report for Bloomberg. “The White House released a list of 23 corporate or small business leaders joining with Obama and Vice President Joe Biden to discuss better job training to expand manufacturing capacity and help people who have been jobless for years re-enter the workforce. They include AT&T Inc., CVS Caremark Corp., JPMorgan Chase & Co. and The Kroger Co.. The administration and the companies will ‘establish best practices’ so that they don’t ‘“screen people out of the hiring process just because they’ve been out of work for a long time,’ Obama said in an interview on CNN.”

“More than 300 companies, including 80 of the nation’s largest businesses, have signed a White House pledge to develop initiatives for hiring and recruiting the long-term unemployed, according to the White House,” Runningen and Dorning report. “Top corporations also embracing the program include Wal-Mart Corp. and Apple Inc.”

“While the national unemployment rate has declined to 6.7 percent, almost 4 million people have been out of work for more than six months, three times the pre-recession average,” Runningen and Dorning report. “Long-term unemployed individuals currently make up 37.7 percent of the jobless, according to the report. It’s down from 46 percent in 2010, yet remains higher than the pre-recession peak of 26 percent in 1983. As of December 2013, there were 3.9 million long-term jobless Americans, or those without jobs for more than 27 weeks. There were 2.6 million looking for work for a year or more, the report said.”

Read more in the full article here.

“A number of economists look past the “main” unemployment rate to a different figure the Bureau of Labor Statistics calls ‘U-6,’ which it defines as ‘total unemployed, plus all marginally attached workers plus total employed part time for economic reasons, as a percent of all civilian labor force plus all marginally attached workers,'” Ben Berkowitz reports for CNBC. “In other words, the unemployed, the underemployed and the discouraged — a rate that still remains high.”

Berkowitz reports, “The U-6 rate was unchanged in December at 13.1 percent.”

U-6 unemployment vs. main unemployment rate 2103

Read more in the full article here.

[Thanks to MacDailyNews readers too numerous to mention individually for the heads up.]

36 Comments

      1. yes, it’s “irrational bigotry’ to expect one whose all-encompassing résumé highlight is being a former community organizer to successfully implement the largest economy in the history of the world.

        1. And GWB was qualified how? By numerous failed businesses, and being a governor in a State where the governor is weak? But, he did manage to make Texas even worse than it was when he started. I could see it every visit back home.

          1. As the 46th Governor of Texas, George W. Bush increased education funding, set higher standards for schools, successfully sponsored legislation for tort reform, and reformed the criminal justice system. Bush also pioneered faith-based welfare programs and helped make Texas the leading producer of wind-powered electricity in the United States.

          2. I remember during Republican presidencies how the Democratics and Liberal Media chided the economic recovery as being made up of part time hamburger flipper jobs. Today, Obama has actually given us part time hamburger flipper jobs and the left laud him! WTF?!?

            http://newsbusters.org/blogs/tom-blumer/2011/04/05/mcdonalds-hiring-50000-media-ridicule-hamburger-flippers-notably-absent

            http://www.davemanuel.com/2011/04/29/mcdonalds-turned-away-more-than-938000-applicants-on-national-hiring-day/

            Heck, Americans I bet, long for economic numbers in this Pelosi press release…

            http://pelosi.house.gov/sites/pelosi.house.gov/files/pressarchives/releases/Aug03/prWherearetheJobs080103.html

            Here is Obama’s numbers of ‘gov’t is the solution’ to Reagan’s gov’t ‘gov’t is the problem’…

            http://www.coachisright.com/mister-president-where-are-the-jobs-and-other-screeches-from-nancy-pelosi/

            Slam me if you wish, I didn’t write the stuff, just pointing it out to jog peoples memory.

        2. But, but… I thought it was a Free Market Economy …. and Capitalism … and, and, and…. If government would just leave it alone, everyone would have a job and a full belly. A Chicken in Every Pot.

          I’m confused by your advocacy of a central government running the economy.

    1. Yes, and make sure that they get money from crime rather than the government. These people often lack the values and work ethic that made the US strong many years ago and taking away ‘entitlements’ will give them these qualities they need to be trusted in showing up for work, working hard for a full day, staying until quitting time and leaving the company property at work.

  1. I say, let’s give Obama a break.

    No, seriously, he’s trying everything he knows. Ba-dum tssshhh!

    It’s not Obama’s fault that he knows nothing. It’s affirmative action’s. And Bush’s, of course.

    Isn’t it great to have a President who can deliver a speech off the teleprompter without stumbling? So important. The utmost in Presidential qualifications. It gives me a thrill up my leg every time I hear him speak.

  2. Well, he’s on the wrong path if he has the Banksters involved. They’re making money by stealing from the poor and powerless. It’s in their interest to keep them that way.

  3. The US unemployment problem is multi-faceted and not going to be solved with quick fixes.

    1- We (the USA) have countless people who are poorly educated and not equipped to do many of the jobs that are in high demand in today’s economy. The days of leaving HS and going to work at a job that will allow you to live a middle class life are long gone.
    2- Many US businesses had to learn how to run extra lean during the recession and have found out that they can run far leaner than they ever thought thanks to automation and improved computer technology. They would rather run short handed and profitable than bulky and maybe profitable.
    3- The infrastructure in the US is a shambles and is not very competitive. Anyone who has travelled outside the US knows America looks pretty shabby outside the gated communities and Potemkin Villages tourists frequent. Bad infrastructure places higher operating costs on business.

    About a quarter to a third of the US adult population is unable to deliver a skill set any likely employer is going to deem worthy of a middle class wage. Further, these people are up to their eyes in debt and are therefore unable to start businesses of their own or return to school AND feed their family. A large number of these people cannot feed and house themselves yet have children- creating a drag on their future prospects and the social safety net.

    There are plenty of high paying jobs available in many places around our country going empty for lack of qualified applicants. Many of the unemployed cannot or will not move and/or retrain to secure these jobs and their future. Sadly, they are also not preparing their kids to compete in the future economy.

    Steve Jobs was right when he said ‘those jobs are gone and are not coming back’ regarding low skill assembly jobs at wages that will support an American lifestyle. The jobs in the Mac Pro assembly plant require a skill set most unemployed people do not have- the same is true for most high value added manufacturing.

    1. Unfortunately, I can only vote 5 stars on your post….would’ve given 10 if it were an option.

      I read an article the other day about minimum wage…this guy was being interviewed about how he works as an assistant manager at some retail store (I forget which one), making just over minimum wage, and has to supplement his income by doing car repair on the side. Even so, he struggles to support his wife and three children.

      Observation 1: I applaud him for doing work on the side for extra money.

      Observation 2: He has three children, but barely makes over min wage. That sounds like three poor economic decisions to me. Last I checked, condoms and/or birth control pills and/or even a vasectomy are FAR cheaper than raising children.

      Guy had my sympathy until I saw “three children.”

      One child? I’ll give him a break. Got pregnant unintentionally, doesn’t believe in abortion? OK, fine.

      But learn from the lesson, don’t make two more.

  4. Ah yes, I remember back when Geo W. was in charge, the Dems used U6 to beat about his head. But MOST economists do not use it for several reasons. For one thing, U6 tracks U3 very closely, so there is little additional information there, and U6 has decreased the same as U3. Also, U3 is the US version of the international standard and is the one used to estimate full economic output. So U6 can’t be used for comparison purposes or policy purposes. Finally, U6 is much less reliable: because of an increased number of parameters it has higher error bands.

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