After the White House made an unseemly dig at Trump about how he'll need to match Obama's “impressive” record of creating jobs, a former economist for the administration has stepped forward to reveal the damning truth about it. Contrary to what the White House has been claiming for the past eight years, a staggering 94% of the jobs whose creation is credited to Obama's policies are part-time, a far cry from the monumental accomplishment that the president and his supporters have been patting themselves on the back for:
“Krueger, who until 2013 was also the top White House economist serving as chairman of the Council of Economic Advisers under Obama, was “surprised” by the finding.
Quoted by quartz, he said “We find that 94% of net job growth in the past decade was in the alternative work category,” said Krueger. “And over 60% was due to the [the rise] of independent contractors, freelancers and contract company workers.” In other words, nearly all of the 10 million jobs created between 2005 and 2015 were not traditional nine-to-five employment.
While the finding is good news for some, such as graphic designers and lawyers who hate going to an office, for whom new technology and Obamacare has made it more appealing to become an independent contractor. But for those seeking a steady administrative assistant office job, the market is grim. It also explains why despite an apparent recovery in the labor market, wage growth has been non-existant, due to the lack of career advancement and salary increase options for this vast cohort which was hired over the past decade.
The decline of conventional full-time work has impacted every demographic. Whether this change is good or bad depends on what kinds of jobs people want. “Workers seeking full-time, steady work have lost,” said Krueger. He then added, perhaps sarcastically, that “while many of those who value flexibility and have a spouse with a steady job have probably gained.”
Yes, well, spousal support aside, it also confirms another troubling finding this website reported first earlier this month, namely that the number of multiple jobholders has recently hit the highest number this century.”