President Obama’s Worst Jobs Report in Two-Years
How much longer will independents and moderates support the president?
For the third straight month, the Department of Labor’s numbers show a struggling economy and dangerous hiring trend. In the month of June, the economy only added 80,000 jobs. Now the president has already begun to spin, but in a nation of over 300 million people the fact is America’s economy is at its weakest three-month period in two years. It must be difficult for the White House to say with a straight face, “The economy has now added private sector jobs for 28 straight months.”
But the president’s bag of tricks is only so deep. Rather than focusing on making America more competitive in the civilized world, the president has declared a desire to raise taxes on top earners. In arguing for higher taxes, the president ignores the fact that we cannot afford to raise taxes on anyone in this economy, especially small businesses and job creators. Instead of making America’s tax code fairer, flatter, and simpler, the president wants America to continue to have the highest corporate tax rate in the world.
Remember, the president promised to cut the deficit in half and that by this time unemployment would be at 5.6%. But his policies have resulted in adding $5.1 trillion dollars to our national debt along with a national unemployment rate of 8.2%. In Obama’s economy, disability claims out pace job creation. More shocking, America’s underemployment rate rose to 14.9 percent in June. A statistic that most Americans are still not familiar, underemployment measures Americans who have given up looking for work, cannot get enough work, or those who are overqualified for their current position.
And the president’s signature legislative achievement, his healthcare law, is the largest tax in American history. According to the latest Congressional Budget Office estimate, the law will add tax increases amounting to $1.7 trillion over ten years. And as one economist notes, 75% of the law’s cost will fall on Americans making less than $120,000 a year. Maybe if that solved our healthcare crisis one might be able to swallow the pill, but actuaries estimate that part of Medicare will go broke in just twelve years or sooner.
While Europe’s economy is on the brink of failure, President Obama continues following policies that put Europe’s economy there in the first place. With continuing lagging employment, distressed domestic energy production, and rising healthcare costs, one would expect that the independents and moderates who supported Obama in 2008 are starting to have a change of heart or at least you hope they are.