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  • Morning Bell: The Obama Jobs Deficit

    This past Friday the Department of Labor released the nation’s employment’s figures showing that employers shed 611,000 private sector jobs in the first three months of this year. This brought the unemployment rate to 8.9% and revealed that in President Barack Obama’s first 100 days in office, employment has dropped about 2 million jobs. Of course, President Obama’s policies cannot be blamed for all of these job losses. They are due to the Great Global Recession, which was well underway before President Obama was sworn in. The Obama administration will be accountable for our nation’s economic recovery and it is important that we establish some unassailable benchmarks to which to hold them accountable.

    The Obama administration has shown from the very beginning that they have no interest in being held accountable for how their policies will affect our nation’s economic recovery, hence the Orwellian “create or save” mantra they first unveiled with their economic stimulus package. The White House Council of Economic Advisers continues that farce today with a report claiming to show that no matter what the actual employment numbers show, their computer simulation has already proved that the stimulus will create or save 3.5 million jobs by 2010. White House Council of Economic Advisers Chairman Christina Romer defended these numbers Saturday telling CSPAN: “Accuracy has always been the main thing, not the political back-and-forth.” Economists not employed by President Obama are not buying this claim. University of Chicago economics professor Steven Davis told USA Today that the “saved or created” line is “a very clever device for providing future political cover.”

    So what is an objective number we can use to hold the Obama administration accountable for their policies? Well, President Obama provided us such an objective standard when he revised his own employment target late last year. Heritage fellow J.D. Foster explains:

    The original target, set earlier in the fall of 2008, was 2.5 million jobs, but as employment fell by 1 million at the end of 2008, the President increased the employment target by 1 million to 3.5 million in December 2008. At the time, the U.S. economy employed about 135.1 million people according to the Department of Labor’s most commonly used measure of employment. … The President’s jobs promise means total employment should be at least 138.6 million by 2010.

    The latest Department of Labor estimates the United States economy supports 132.4 million jobs. Meaning President Obama faces a 6.2 million jobs deficit he must close by the end of 2010. It will be interesting to see how the Obama administration creates these 6.2 million jobs. Not every sector of the economy shed jobs this year. While private sector employment fell by 611,000, government added 72,000 jobs. This was the strongest sector of the Obama economy.

    But there is an upper limit as to how many government jobs the Obama administration can create. This past Thursday the Treasury Department was forced to significantly raise interest rates in order to sell enough bonds to finance the Obama spending explosion. Our creditors are calling and their message is that we cannot borrow and spend our way to economic recovery.

    Quick Hits:

    Posted in Ongoing Priorities [slideshow_deploy]

    34 Responses to Morning Bell: The Obama Jobs Deficit

    1. MAS1916 - Denver, CO says:

      Conservatives should take heart. This could be the leading edge of this liberal regime's collapse. From jobs, to inflation to national defense, Obama and His team are simply making things worse. And with no appreciable Republican presence in government, there won't be anyone left to blame.

      Long term interest rates are set to rise as well – owing to the increased deficit over which Obama now has control. This will further restrict business growth and hiring.

      The USA needs this lesson once per generation or so. Jimmy Carter started the Reagan Revolution with the same essential tactics Obama is using now.

      For ten reasons conservatives should be optimistic, you can hit:
      http://firstconservative.com/blog/top-ten/conserv

    2. M. S. Haden, Conroe, says:

      Regarding the jobs created by the stimulus and the upcoming census bureau jobs. Those jobs should not be counted in Obama's job creation effort. They are very short term and done every 10 years and would have been done with or without his trillions of dollars in spending.

    3. jake,lhc says:

      obama has lived off government dole all his life and has no idea or creditibility of what provided liberty and freedon for all citizens. It was called capitalism and the best in the World. obama wants all his thugs to be on a government dole.

      obama economic plan is a complete diaster cause he had none and Geithner and his group didn't either.

      It time to take back out Nation from the inconsiderate incompetent marxist LIAR obama.

    4. Mike, Colorado says:

      "Our creditors are calling and there message is…"

      Typo – you meant "their".

      Also, you did not mention the birth/death rate effects on the recent "better than expected" jobs numbers. Nor did you mention the significant revisions. The government has been lying to us for years, yet you seem to take it in stride and rely on their published numbers as true fact. U6 is now over 15%. If you truly want to set a metric by which to hold the usurper's administration accountable, try using real numbers.

    5. Phil Davis, Florida says:

      With the upcoming defense cuts for 2010 one may wonder if Obama is still planning on a equipping and arming a Civilian National Defense Force. According to what he said in July of 2008, he plans on equipping them as well as the U.S. military. This is not only non-essential but has scary ramifications and reminiscent of Germany during the rise of Hitler when he did the same thing.

    6. Barbara, Florida says:

      I don't know where the 3K census jobs went to.

      I called the Florida/West Palm Beach office to get an application and was told to call back in SEPTEMBER. NO JOBS APPLICATIONS Now!…NO JOBS Now!

      Phantom jobs from the frauds in the White House!!

      We are fast approaching the breaking point..

    7. Paul, Indianapolis ( says:

      Tsk, tsk! "…their message is…" is the correct grammar to use in your last sentence in Monday's Morning Bell. You used "there". (These mistakes do not show up with Spell Check.)

    8. Ron, Derry NH says:

      As GM goes so goes the country.

      This 20 century quote is not far wrong.

      When you borrow on an investment, the business plan need sto be sound, the market needs to be their and the people in place must be committed to the goal of dealing with reality and making decisions based on real profitability and product.

      As a country and Gm we have lost our products aim, its value to the consumer and management has a poor business plan to secure a real place in truthful needs.

      Congress has shown a poor business model and keeps borrowing to create its worth. That is deficit spending at its worst. GM has done the same and makes a demandable product with only fair results and cost over runs and inefficiency that warrant its demise. Sadly, the American opinion formed in the market place, of GMs worth is being extorted, when the people have already spoken. They don't want over priced inefficient vehicles, yet the government is forcing them on us at our debt.

      Same with our Governments financial policies. The product is poor, the cost is too high and the management is sustaining a poor business plan at the expense of the buyers (the tax payers)

      Americans asked for less spending, a better economy and thought the ever so loud criers against the Bush debt would be different. But they didn't bring change or offer hope, they didn't get different they got more of the same.

      What we got was treachery instead, more of the same lies and an increase in spending in the name of investing in our selves with a huge cut going to never ending special interest groups needs.

      The business plan stinks, the investment fallacy is real and the debt is staggering and put toward no person who would develop a sustainable market or profit without more government socialism.

      Obama and the Dem's are socializing America by indebting the system to their poor cash flow plan of taxation before productivity not afterwords; a sure sign of self destruction at its best.

    9. J.C. Hughes, Texas says:

      The economy's blueprint changes per the short-term whims of the customer (majority voters). Each newly elected president is handed their predecessor's long term project. Bush received a corroded sub-prime structure from Clinton, covered by coats of paint by the current democratic congress. It finally collapsed during Bush's last days in office. Bush's earlier attempts to repair the failing economic structural components has unfortunately been sandwiched by the poor policy decisions from the DNC's elected elite. Of course, Bush gets all the blame.

    10. Dwana Townsend says:

      His so called Green Job proposal will not create enough jobs, nor are these types of jobs sustainable, meaning that once the solar panel, wind turbines, nuclear plants are set up to provide alternative sources in energy very little maintenance will be needed. They are also unreliable sources of energy and to costly at this time to produce and or purchase. And yet we continue to stay dependent on foreign oil, when we could put approx 200,000 people back to work by supplying our own natural gas and oil!!!!

      I wonder how many people are employed by ACORN or the ACLU?? How about the teachers unions? Once a teacher has senority they are in for life even if their performance is below expected as in the case of all unions. You can perform your job below standard and the union protects you. How many government jobs have been created since the new administration took over and how many do they plan on adding?

      I don't think this administration is feeling our pain, it looks to me like they just keep having one party after another as well as jet setting on our dollar and spending on things that have absolutely nothing to do with job creation. And now the Administraion wants to cut spending in the military's recruiting efforts=less soldiers=less jobs also.

      If we nationlize health care and the end result is that we look like Europe, we will also have less Drs. or young people willing to become doctors. Especially since scholarship programs are being cut.

      EVERYTHING this administration is doing is a such a JOKE!!

    11. Don R Lynch, Merrill says:

      2012 GOP Old Line male hopefuls continue to dis Sarah Palin's emergence as the True Conservative GOP prospect. They just don't get the message do they! Mit Romney (the issue flip flopper thinks she's cute, but ….) and Mike Huckabee LOST the 2008 nomination to, of all people, centrist John McCain. Jeb Bush wants to forget the Conservative mantra (he's even more liberal than his brother) and a smug and arrogant Newt Gingrich comments from the sidelines in an unabashed effort of self-annointment. ANY of these hopeless (er, hopefuls) could become excellent Palin Administation resources but NOT ONE of them can match Governor Palin's ability to communicate and inspire Grass Roots Conservative support. We TRUE Conservatives need to get on the Sarah Palin Band Wagon NOW !

      (and the earlier, the better)

    12. Don R Lynch, Merrill says:

      Phil Davis is absolutely correct. 1. Establish an internal security force, 2. silence the political opposition ("Fairness Doctrine") and 3. Rig the elections ("Card Check", ACORN and SEIU) This is a Gestapo operation if there ever was one.

    13. okiejim Oklahoma says:

      I urge the California Governor to join Texas and threaten to secede. If you let the Obama administration blackmail you and get away with it, you are lost to the unions forever, and this country is lost forever.

      You union employees who think your leadership is looking out for you, wake up! It has and is only looked out for the people at the top. It is about their power, not your's.

    14. Barb -mn says:

      It is commendable to all those who make the conscious choice not to have children. Many years ago, probably when Obama was "community organizer" (make work), when my sister told me she couldn't bring children into this man-made selfish, ugly world.

    15. Nelia, Fountain Hill says:

      Obviously, the new administration came into office with the intent of bringing our country to its knees. The process was begun long ago with greed the impetus of self-serving people in congress. Some things never change. The change the the Obama organization is implementing puts our Federal Government in control of the private sector, thereby abolishing Free Enterprise and the edicts of our Constitution.

      Our only recourse is for the GOP to bring fresh, new voices into the arena, revitalizing the ideology of those who established the government of this great nation…because the good, great concepts never change either. A dumbed-down populace needs to be reminded of that fact.

    16. Jim@Redding,CA says:

      From one nation under God to one nation

      cursed by God – this is the point we've

      arrived at after turning our backs upon

      Him after all He has done for us. Even

      many who SAY they're Christians do not know what God's word has to say, and con-

      sequently have no clue as to what is really going on in the world right now…

      This once WAS a Christian nation, but not

      anymore!

    17. Paul M. Laperruque - says:

      The worst case question is – what happens to Obama's 3.5 million created or saved BS when we drop below 3.5 million people actually employed?

      "Our creditors are calling and there message is that we cannot borrow and spend our way to economic recovery."

      Call to copy editor. Oops on use of "there". Should be "their".

      ~Paul M. Laperruque

    18. Ken Krul, Long Beach says:

      Regarding the jobs deficit, I have seen Christina Roper several times on television and there is one thing about her that becomes perfrectly clear in very little time — she knows nothing about economics. If she got through ECO101 successfully, it must have been a miracle. She is, apparently, nothing more than a grinning, Obamessiah supporter who is willing to claim that jobs will be created all over the place while competent economists and business experts find holes in her, dare I call them, arguments. Look, of I can see them, they're not that ambiguous. But she and Obamessiah's pals walk around with rose-colored glasses over their blindfolds — unable to bear the radiance of "The One."

    19. Barb -mn says:

      This once WAS a Christian nation, now Obamanation. Cursed by GOD I think not. Cursed by freedom of choices making decisions by mankind, I think so. Please don't blame God for what mankind has and continues to cause on their own.

    20. Lee-White Tanks AZ says:

      I have to wonder, when will the public say "enough is enough" in this process of "Unionizing" our country.

      So far Obama has handed over the effective ownership of 2/3rds of the American auto industry to the UAW.

      SEIU is attempting to "call the fiscal shots" for our largest state (CA).

      I can hardly wait for the Teachers Unions to "weigh"(pun intended) in.

      It is bad enough that the overall direction is to a Fscist style Socialist state, but Union ownership and control???

      PC is Thought Control

      LEE

    21. NYstatehome says:

      Mobilizing his army to seize the assets of some 60 oil service companies, Venezuela’s President Hugo Chavez told his people last week, “To God what is God’s, and to Caesar what is Caesar’s.”

      Is that similar to stupid is as stupid does?

    22. Dennis A. Social Cir says:

      The "guvernment" is the only thing that is expanding, and obama knows this is the only way to create jobs. More people on the government pay check will get him what he wants, a "socialist" governnment. Guess this will work untill all the people are working for the government or on the give away programs and the money runs out. Then of course obama has never worked for a living in his life, and his pay is set in law, for the rest of his life. America made a huge mistake in this deal.

    23. J.C. Hughes, Texas says:

      Our nation is not a theocracy. As a conservative, I refuse to drag my Christian faith, or the differing religious views of others, into the political arena. I respect varying beliefs as long as they don't trespass against other people's inherent and constitutional rights. That's not to say recognition of the Almighty doesn't belong in government. It establishes an important moral baseline to guide the affairs of public officials. Outside of this, religion is a personal matter.

    24. David Sayers, NC says:

      The only jobs Chairman Obama will be creating will have a government or union tag attached. This fraud is going to sink this country with his socialist pie in the sky ideas,this stuff doesn't work. It has been tried before,it didn't work then and it won't work now. Obama is just playing a part,he doesn't have a clue about how to run a government,economy or anything else. He is just a career politician living off everyone else. In the short time he's been in office,just over 3 months, he has not only weakened the country but has done a lot more damage than anyone would of thought possible. Hard to believe he has the guts to call himself an American and a Christian. Obama is not to be trusted and if his lips are moving you can bet he's lying to you. Obama will cost all of us,dearly.

    25. Tim/Ohio says:

      Will someone in Washington please stand up and tell the truth to the American people. Most folks in the country are taught to live within their means from an early age. I beleive that the government in large part has taught us that spending is good. This is a contradiction that can not be overlooked. I don't spend more than I make, I try to save as much as possible, I try to spend wisely when I do spend, and I know I can't afford a house with no money down. The government has created this fiasco and we the people will suffer the losses due to their negligence.

    26. Mike Sheahen, Hickor says:

      Quote (from “The Obama Jobs Deficit): "Our creditors are calling and their message is that we cannot borrow and spend our way to economic recovery".

      Oh those Right wing Extremists (with which Comrade Obama and his Comrades in America are evidently somehow inexplicably including the Communist Chinese [who are signaling how they may refuse to buy and bear with U.S. debt anymore, and so hasten the day of reckoning])!

      They just don't know that while we, the people, cannot borrow and spend our way to economic recovery (like people and businesses who bury themselves in spending and debt, try to get out of it by burying themselves further in spending and debt, and must [and should] go bankrupt because of such misbehavior), Leftist government elitists and statists here in the U.S. can do so because, being government, that makes them the miraculous Marxist exception to and above the rules which apply to everybody else, and makes a "Right-wing extremist" and/or "racist" of anybody, no matter who or of what race they are, who speaks or acts contrary to any of that.

      After all, we must realize that the government elitist and statist Left in America must have their Orwellian doublespeak, doublethink, and newspeak PC ("Politically Correct") way, since, after all, "Big Brother" government, not the people, knows best, and can do anything we cannot do, including borrow and spend to economic recovery.

      Of course, anybody who believes that Leftist government elitist and statist Bovine Scatology, well, that simply goes to show how government elitist and statist power and money-grabbing politicians and bureaucrats, and their accomplices in academia, the media, and elsewhere, are all herding them like dumbed-down sheep to government dependent and dependant fleecing and slaughter which enables such politicians and bureaucrats, etc, of a job and an ever-increasing supply of ever more power and money.

      Unfortunately for all of us, however, that is exactly how they’re all dragging us, what as of today remains of our freedoms, resources, and security as free individuals and people in a free United States of America, all into the destruction by the Black Hole of such as their Socialism, and they will keep doing so unless we stop them and their Leftist government elitist and statist power and money-grabbing madness and insanity before it’s too late. In fact, the way the Left is getting away with making things go, it is only too much within the realm of possibility that we may have only the next two elections (2010 and 2012) before it is too late to stop them and their government elitist and statist power and money-grabbing madness and insanity.

    27. Jerry Bogus - Oxford says:

      Now is the time to not just discuss, converse, or complain about the present Obama & Congressional Socialist agenda, but to act by: e-mailing, calling, or writing to our so-called 'Congressional Senators & Represenatives' keeping the pressure on at ALL times loyal to our Conservative principles. I always urge my co-workers and relatives to contact and know who represents them in Washington. And I always back up my viewpoints with historical and present day factual data and names when I discuss a particuilar political subject. The time is NOW!!!

    28. Pingback: » Financial News Update - 05/11/09 NoisyRoom.net: “Extremism in the defense of liberty is no vice. Moderation in the face of tyranny is no virtue.” Barry Goldwater

    29. jonah Tazewell VA. says:

      It is already to late to stop the run away leftist Obama administration from wrecking our economy and our way of life, thanks to the socialist democrat party. Its a shame term limits was not a part of our law.

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