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Steve Forbes: US in 'Bunk Recovery'

By Greg Richter   |   Wednesday, 21 Aug 2013 04:56 PM

America is in a "bunk recovery," says magazine publisher Steve Forbes. Three-quarters of new jobs are just part time, and the labor participation rate is the lowest in almost 50 years.

"It's like a baseball player hitting .250 and you say he should be winning a batting title," Forbes said Wednesday on Fox News Channel's "Your World with Neil Cavuto."

"The real shocker," Forbes said, is that medium income is down 5 percent in the U.S. since the recovery started. "Prosperity is the greatest raiser of wages. In every recovery, every expansion in the past, medium incomes have gone up. This is an exception."

Forbes said employers would be hiring more full-timers if not for concerns over added paperwork with the new healthcare law, and it is damaging the economy.

"It's just much easier to know if somebody's there full-time, and you have a growing business, than trying to shuffle schedules, reduce people's hours, watching to make sure you don't go over certain redlines, certain thresholds," Forbes said.

And some existing part-timers with healthcare are likely to feel the pinch, too, he said.

"McDonald's and Starbucks have great health care packages for part-time workers," Forbes said. "Those are going to go by the boards, ultimately, if we don't change this law."

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