I was perusing The Foundry over the weekend, and this blog entry by J.D. Foster really stood out. It is timely, the subject matter is ready-made for the mid-terms, it can be condensed into powerful campaign material, it’s accurate and informative, it leaves no wiggle-room, and it is brief. Plus, it has a nifty graph.
The Obama Administration announced “Recovery Summer” in June to highlight the expected gains in jobs and economic strength resulting from Obama’s stimulus.. Well, maybe next summer.
Initial estimates from the Department of Labor (DOL) suggest the economy shed a whopping 131,000 jobs in July while employment for the prior two months was revised down by 97,000 jobs. The unemployment rate held steady in August at 9.5 percent despite a drop in employment, because the number of people in the workforce also declined as workers appear to be giving up in the face of persistent high unemployment.
This data confirms once again that the $862 billion Obama stimulus legislation—as well as all the subsequent budget-busting legislation Congress has enacted under the rubric of “jobs” bills—has failed, as expected.
President Obama likes to make-up numbers from thin air to fit the narrative of the day. Lets take a look where his “jobs” numbers lead.
The President’s original target for jobs creation set during the campaign in the fall of 2008 was 2.5 million jobs. But as employment fell at the end of 2008, he increased the employment target by 1 million to 3.5 million jobs. At the time, employment stood at about 135.1 million, according to the DOL’s most commonly used measure. This establishes the Obama jobs target for December 2010 at 138.6 million. It also establishes a basic trajectory for employment that the economy would need to approximate to hit that target.
According to the latest jobs report, total U.S. employment stood at 130.2 million in July, which means the cumulative Obama jobs deficit stands at 7.6 million.
Accompanying his jobs promise, the President also emphasized accountability and measuring his presidency by results. By his own official forecast and by his own standard, the Obama jobs deficit attests to the failure of his policies.
The prescription for our ailing economy is well-known. It’s proven conservative principles, and it begins here:
For private sector job creation to accelerate to bring down the unemployment rate and the Obama jobs deficit, step one is for Washington’s job destruction machine to take a long vacation.
Too bad we can’t just send them all to Spain… The “green” economy there is so robust.