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  • Obama Jobs Deficit Now at 6.4 Million, and Climbing

    The economy shed 345,000 jobs in May and the unemployment has jumped to 9.4 percent, its highest level since 1983, and this is regarded as good news? Yes. In a way, it is good news, as it agrees with other evidence that the rate of decline in the economy is abating. Abating means it’s still declining, but not as fast, which is an obvious necessary step before the economy can find a bottom this fall and then begin actually to grow again.

    During last year’s political campaign and as he was selling his so-called “fiscal stimulus,” President Obama repeatedly said that he would create 3.5 million new jobs by the end of 2010. More recently, he made a similar claim in saying that the stimulus had already created or saved 150,000 jobs, a rather remarkable claim at a time when employment since the President’s inauguration was down over 2 million jobs.

    The President has also made a big deal about the importance of measuring his presidency by results. So, holding him at his word, President Obama’s 3.5 million jobs promise means that non-farm payroll employment (the typical measure) needs to be at least 138.6 million by the end of 2010. Employment in May was 132.2 million according to this morning’s Bureau of Labor Statistics report. So the Obama jobs deficit has now climbed to 6.4 million jobs. The President had better get busy.

    Posted in Ongoing Priorities [slideshow_deploy]

    3 Responses to Obama Jobs Deficit Now at 6.4 Million, and Climbing

    1. Pingback: » Financial News Update - 06/05/09 NoisyRoom.net: “Extremism in the defense of liberty is no vice. Moderation in the face of tyranny is no virtue.” Barry Goldwater

    2. Spiritof76, New Hamp says:

      The twisted logic of saying that the reduction in job loss compared to the last month's numbers is good news mirrors another twisted logic that the spenders in Washington employed while describing a slower increase in federal budget is actually a cut!

      Where are the fundamentals for job creation? The real fact is there aren't any. Undulations in job loss does not constitute a recovering economy. You will be writing about the same thing next year. The unemployment will be in double digits. Energy prices are rising with Obama shutting down all domestic energy supplies. He thinks Iran deserves nuclear energy but not the US!

    3. Mary,Cleveland, OH says:

      Regarding these 150,000 jobs that have been created or saved from the taxpayer-paid stimulus package, we as taxpayers have a right to know the following:

      *what kind of jobs are they,

      *are they permanant or temporary,

      *are they full-time or part-time,

      *do they provide benefits,

      *where is the location in the U.S. where these jobs are located.

      I have not read any information answering these questions as of yet. I thought Obama promised transparency during his presidency.

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