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The Obama Jobs Gap: 5 Million

Posted By Conn Carroll On September 4, 2009 @ 10:42 am In Economics | Comments Disabled

jobsgapsaugust

Defending President Barack Obama’s $787 billion stimulus package, Vice President Joe Biden said [1] yesterday: “At the end of the day, these investments are about more than creating jobs.” There is a reason the White House is very eager to establish anything other than jobs as the metric for success that Obama’s economic policies should be measured by: they aren’t creating any.

When the Obama administration first unveiled the stimulus plan in November [2] they claimed it would create 2.5 million jobs by the end of 2010. At the time BLS reported that U.S. economy employed about 136.1 million jobs [3]. But by January that number fell to 134.6 million jobs [4]. Not so coincidentally, the Obama administration upped the job-creating magic of the stimulus to 4 million jobs by the end of 2010. [5]

Is there a commonality between these two sets of numbers? There sure is: 136.1 million plus 2.5 million equals 138.6 million; and 134.6 million plus 4 million equals 138.6 million. Voila: the objective, Obama administration created, BLS data verifiable, jobs accountability number is 138.6 million.

So how is Obama’s stimulus actually performing? The Bureau of Labor Statistics reported [6] today that the U.S. Economy lost 216,000 jobs in August, lowering total U.S. employment to 131.2 million. In other words, the Obama administration is 5 million jobs short.

Heritage senior fellow Brian Riedl explains why President Obama’s stimulus is failing at National Review Online. [7]


Article printed from The Foundry: Conservative Policy News from The Heritage Foundation: http://blog.heritage.org

URL to article: http://blog.heritage.org/2009/09/04/the-obama-jobs-gap-5-million/

URLs in this post:

[1] said: http://www.whitehouse.gov/the_press_office/Remarks-by-the-Vice-President-on-the-200-days-of-the-American-recovery-amd-reinvestment-act/

[2] November: http://www.buffalonews.com/nationalworld/national/story/503247.html

[3] BLS reported that U.S. economy employed about 136.1 million jobs: http://www.bls.gov/news.release/archives/empsit_12052008.htm

[4] 134.6 million jobs: http://www.bls.gov/news.release/archives/empsit_02062009.htm

[5] 4 million jobs by the end of 2010.: http://www.msnbc.msn.com/id/28590554/

[6] reported: http://www.bls.gov/news.release/empsit.nr0.htm

[7] National Review Online.: http://nrd.nationalreview.com/article/?q=MTViNmZiZmQ4NmMxM2Y5NmEzNWIwYWRmNmNhMWJlY2I=

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