Number of part-time workers surges to all-time high

Prompts questions about ObamaCare impact


This is a rush transcript from "Your World," August 2, 2013. This copy may not be in its final form and may be updated.

NEIL CAVUTO, HOST: Welcome, everybody. I'm Neil Cavuto.

And the good news is the economy is churning out more jobs, 162,000 more last month, less than thought, but steady as she goes. The problem is while Americans are finding more jobs, three times as many are finding they're part-time, not full-time jobs, which is getting to be a pattern in this country pretty much all the time. And that is generally not a healthy development, but according to Craig Smith, very much a health care development.

Explain, Craig.

CRAIG SMITH, CEO, SWISS AMERICA: Well, I got to tell you I think that this has 100 percent to do with ObamaCare, Neil.

I have thought that for the last three years. We have seen it in our own company. And I scoured this report trying to look for good news, 162,000 jobs, wages down, hours worked down, revisions all downward from May and June. There's nothing good.

So I went to the household survey. I found out in the Year of Our Lord 2013, 77 percent of all the jobs we created were temporary jobs, Neil. Does that mean if you baby-sat for your aunt for a couple of days, that counted as a job, for Pete's sakes?

And I'm convinced more than ever before, because we felt it in our own company, Neil, that ObamaCare has corporations so uncertain about what is going to happen that they are not going to hire until they know what's going on.

We spent last week, two people, 12 hours, also two hours in a Webinar, filling out all kinds of paperwork, working with our attorneys and our lawyers, in order to be able to make sure that 720 forms are filed by October, because we don't get that exemption that the big corporations get, Neil.

It's hurting this economy, and this president needs to realize and we're seeing it every time with deja vu again in these lousy job reports.

CAVUTO: All right, we should explain to a lot of people who know some of the provisions of the health care law that full-time workers get the benefits. They're not equally required to provide the same to part-time workers.

And in small and medium-size businesses, if you go over 50 workers, you have to provide health care for all. If you keep it under 50, you don't, so a lot of them keep it low and keep them part-time. And that's a trend that has accelerated. We're showing again how it's been going this year, how it went into the latest this month.

If that continues, there really can't be much traction because so many workers really don't have much traction on the job.

SMITH: You're absolutely right, Neil.

And let's look at what is happening. We're losing 10,000 people a day to retirement. Those people are leaving high-paying jobs. They're being replaced by low-paying part-time jobs that would be taken by young people that are critical for Mr. Obama to have as part of ObamaCare, because without the young, healthy people buying insurance, there's not enough money to pay for the older people that will use more services.

As Max Baucus said, this is a train wreck, Neil. And CEOs understand it. Now, how can we plan going forward with this type of nonsense coming out of Washington? And, hey, this is without even talking about what is going to happen in September and October, with the battle over the continuing resolution, the raising of the debt ceiling.

Neil, I can't imagine -- and, by the way, I know you're going to think this is a shameless plug, but on Fox Business, which, if you don't get, you should demand if, the coverage this morning was so spot on. I watched another network -- forgive me -- for a few seconds, and nothing but cheerleading. Everything is great. Everything is fine.

In the meantime, Fox Business dug through the numbers and they looked at what the real effect it on the economy. And, Neil, I got to tell you something. I'm a very optimistic person by nature. But you can't look at the raw data and you can't look at honest reporting on this economy, and say that Mr. Obama has been nothing but the worst thing that could ever happen to this nation economically. I'm sorry.

CAVUTO: Well, it's curious, though. We have to look at these aggregate numbers. And we do. We will tell you the 162,000, we will tell you about the 7.4 percent unemployment rate, but we will tell you some of the underlying trends that you might bear watching, and that includes the fact that this is disproportionately gains in part-time work.

Now, I know the expression would be, well, any job is better than no job, but so many part-time jobs generally isn't good for a sustained recovery.

We shall see. Craig, thank you again for that plug for FBN. The check, my friend, is in the mail -- not.


CAVUTO: All right.

SMITH: Good to see you.

CAVUTO: Thank you, my friend.

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