21 Million Underemployed

President Obama mentioned in his State of the Union Address that over 1 million jobs were added last year, yet he didn’t mention the 14.5 million unemployed Americans or the 6.5 million Americans that have given up looking for work. How do you think these 21 million underemployed Americans felt when they heard the president say that?

Labor Secretary Hilda Solis, appointed by President Obama in 2009, was in attendance smiling and clapping. The apparent underemployment situation seems to be lost on her and the rest of the pro-union contingent in attendance. Solis represented the 32^nd Congressional District in CA from 2001-2009 and authored the Green Jobs Act in 2007, which stated that in order to receive federal funding for “green jobs,” organizations must partner with an organized labor union.

Last year, in a statement on the higher wages earned by union workers vs. private sector workers Solis said: “As workers across the country have seen their real and nominal wages decline as a result of the recession, these numbers show a need for Congress to pass legislation to level the playing field to enable more American workers to access the benefits of union membership. This report makes clear why the administration supports the Employee Free Choice Act,” or, card check law making it easier to form a union.

So when the president talks about adding over a million jobs last year, keep in mind exactly which ones he favors.

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E.J. Smith - Your Survival Guy

Preparing your investments and family for when disaster strikes.

E.J. Smith is the Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH, where he completed course-work in Practical and Defensive Handgun, Conceal Carry Pistol, Shotguns, Precision Scope Rifle and Kidnapping Prevention. E.J. plays a Yamaha Recording Custom drum set with Zilldjian cymbals. His first drum set was a 5-piece Slingerland with Zilldjians. He grew-up worshiping Neil Peart of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris. Please get in touch with E.J. at ejsmith@youngresearch.com. Sign up here to receive all the best content from Richardcyoung.com each week.