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  • Jobs Down 247,000 -- Mission Accomplished?

    special_jobs_deficit_200907-21

    In a discussion about the economy and the stimulus package President Obama signed into law earlier in the year, Vice President Joe Biden last Sunday said, “Jobs are being created that would not have been there before. Can I claim credit that all that’s due to the recovery package? No. But it clearly has had an impact.”

    The Department of Labor today released its monthly jobs report. Does it validate the Vice President’s remarks? No. The jobs report provides no evidence that the stimulus is working. If anything, it suggests the economy’s natural recuperative powers are just beginning to work, no thanks to fiscal policy. Of course, as argued elsewhere, the stimulus was fatally flawed from the outset with no chance of helping the recovery, so continued job losses through the fall should not be surprising.

    The only good news in the jobs report is that the bad news is less bad: Payroll employment was only down 247,000 jobs as compared to down 443,000 the previous month. However, employment declines were widespread, touching every area of the private sector but health care and entertainment. The labor market is now so badly weakened that 1 million workers have temporarily dropped out of the labor pool in the last two months alone.

    This downer of a jobs figure also means the Obama jobs deficit is growing, making it even less likely the President will be able to make good on his promise to create 3.5 million new jobs by the end of 2010. This was a promise the President made repeatedly during and after the campaign.

    The President appears to be about 4.6 million jobs behind schedule when measured against a simple trend line. The total Obama jobs deficit as of the July jobs report now stands at 7.1 million jobs, a steep climb even if the President were to suddenly change course radically to adopt effective, pro-growth tax policies rather than just adding to the national debt while threatening producing taxpayers repeatedly with higher tax rates.

    Posted in Economics [slideshow_deploy]

    15 Responses to Jobs Down 247,000 -- Mission Accomplished?

    1. Lenin, Moscow says:

      I believe that was "Create" OR "Save" 3.5 million Jobs.

      ….So, as long as there are still 3.5 million jobs remaining for the American workforce in 2010, he will have succeeded.

    2. Pingback: » Financial News Update - 08/07/09 NoisyRoom.net: Where liberty dwells, there is my country…

    3. Bobbie Jay says:

      Obama was expecting civil unrest by now. Government's continuing insults, name calling, spin, deceit, corruption. Just waiting for the patience to cease. Provoking, poking, pushing, prying like immature little children (no offense to the children.)

      4.6 million troops across the country to keep the neighborhoods in line. Obama's style.

      Stay strong!! It will get worse before it gets better. Know that God is with us and on the side of freedom.

    4. Tim, Upstate New Yor says:

      There is a right way & thus a wrong way towards taking action, the Obama administration took the absolute wrong way, increasing budgets, deficits, debt, government control, political paybacks, and not allowing for real economic recovery through taxcuts will entend this recession much longer, then it would have under a President such as Reagan.

      With Obama also pushing even more costs on business, taxes, etc….I don't expect a large economic recovery to 2013 or 2017, or if he ever wakes up to reality, which I doubt will occur.

    5. Dale, Cincinnati says:

      When it was obvious that the current downturn was serious economists revisited a list of Hoover's and Roosevelt's mistakes that led to the great depression. Obama and the Dem's are repeating the list as if economic forces no longer apply. Not learning from the mistakes of others is a sure sign of stupidity………or of an ulterior motive.

    6. Chris, Dallas Metrop says:

      All of this is Marxism at its finest…

      – Saul Alinsky…Rules for Radicals

    7. Linda Carlsbad, CA says:

      I think they accomplished just want they wanted to. More people depending on the government, so they can control us. We have a small business, there is no money out there,so our business is hurting. Never before in a recession have we had so much trouble, this President is against free markets. He wants everything controlled by him and his crooks.

    8. Larry, MIchigan says:

      It was reported on Fox News that 600,000+ previous job losses were not counted this time, which would have put the unemployment rate much higher. Don't dispare,with a little more government control it will get worse. Would a reat true constitutionalist consertative please stand up!

    9. Kelly, Pittsburgh says:

      The "resolutions" developed and implemented by the administration are simple minded attempts to solve deep issues with surface solutions. There seems to have been no critical thinking, just a bandaid slapped on a gaping head wound that is creating more problems in its wake. Now, let's not forget that Bush set the stage for our current problems and destroyed our country in his 8 years, but long term destruction like that takes long term recovery. We can't simply expect the country's issues to be corrected in the 7 months Obama has been in office, but the path we're heading down is not the solution either.

    10. Mike Mancuso, San Jo says:

      I keep forgetting that this is all George Bush's fault…

    11. TURTLE, TUCSON AZ. says:

      UNFORTIONATELY, THERE ARE FEW IF ANY CONSTITUTIONALIST CONSERVATIVES NOW ELECTED IN CONGRESS, SO I DON'T THINK YOU WILL SEE ANY OF THEM STAND UP

      AS FOR LESS JOBS LOST LAST MONTH, THAT DOESN'T ADD UP EITHER WHEN MOST STATES UNEMPLOYMENT RATES WENT UP NOT DOWN, SO THE NUMBERS DON'T ADD UP AND I NEVER EVEN GRADUATED FROM HIGHSCHOOL

    12. Jerry from Chicago says:

      Only this administration would take credit for slowing the rate of unemployment. For those who are still employed, I would suggest we all send him a thank you card, while we can still afford to do so. In that card, we should remember to thank Mr. Obama for providing us comic relief in the form of Joe Biden. Just when we think that we have heard everything, Joe comes up with another comment to put a grin on our faces.

      When Mr. Obama said he was going to create 3.5 million new jobs, he meant in his administration. It's not his fault that his comments were misinterpreted.

    13. Susan says:

      There is a lot that can be said about the current state of our country. I think the best advise I could give is for all of us to go back and read our Constitution and Bill of Rights and stand up for it. All of us have had relatives that died defending these documents. Let's not have them die in vain. Susan

    14. Lynn B. DeSpain says:

      Do the math. There are just so many jobs that can be lost before everything collapses. Naturally job loss declines as one nears that magical point! Gee, we must be getting close to that point! Thank you Mr. President. You are absolutely the best Fascist, most ruinous, contemptuous, Impeachable, Traitorous person to have ever held this Nation's highest office. Please do us all a favor and resign, leave, just go away.

      Hozro

    15. Pingback: Make a difference where you live – Tennessee Conservative

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