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  • Obama Jobs Deficit Hits 7.7 Million and Climbing

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    The Department of Labor announced today the economy shed another 190 thousand jobs in October, pushing the unemployment rate to 10.2 percent and the running Obama jobs deficit to 5.7 million. Earlier in the week the Obama Administration released figures purporting to show the Obama stimulus had saved or created 640,000 thousand jobs. Only in Washington can jobs be saved by the thousands while being lost by the millions.

    So far in his term in office, employment has dropped by about 3.5 million jobs, yet Obama repeatedly promised he would create 3.5 million jobs if only we would elect him President and give him control over the nation’s economic policies beginning with the enactment of a massive economic stimulus package. The President’s jobs promise means total employment should be at least 138.6 million by 2010, leaving him with a total deficit to close between now and December of 2010 of 7.7 million jobs. By his own standard, these results attest that Obama’s policies are failing.

    Fortunately, the economy’s natural recuperative powers spurred by powerful, effective stimulus from the Federal Reserve mean the recession may be ending in the sense that overall output and incomes are stabilizing and the recovery may be on the horizon. Last week’s report that the economy grew at 3.5 percent at an annualized rate was certainly good news, though efforts by the Obama Administration to spin this as suggesting the stimulus legislation was working were nonsensical.

    Even assuming the recovery is finally at hand, however, job losses are likely to continue for many months, and even Christina Romer, Obama’s Chairman of the Council of Economic Advisers, admits the unemployment rate is “unlikely to end 2010 much below” the current level of 10 percent.

    If Chairman Romer’s predictions prove accurate, and they’re likely more than a little optimistic, all we may have to show for President Obama’s 3.5 million jobs creation promise is another $787 billion in national debt.

    Posted in Economics [slideshow_deploy]

    28 Responses to Obama Jobs Deficit Hits 7.7 Million and Climbing

    1. Chris N, Albuquerque says:

      And we the tax payers will be responsibile for cleaning up this mess. For those of us that do not lose their jobs will be paying higher taxes and for those who have lost their job will find that everything is going up alot quicker than their unempolyment check.

    2. Freedom of Speech TX says:

      Chris of Albuquerque,

      You are exactly right.

      Present policies are worsening the economy; Wall Street notwithstanding. Thank God the stock market is not crashing again at the same time.

      These liberals just do not want to accept that tax and spend does not create jobs. The question is how much worse will it get before they HAVE TO admit failure? Politics is more important than doing what everyone with any common sense knows – stimulate small businesses, cut taxes at all levels. This is the ONLY way to create jobs.

      This is the ONLY way to "save" jobs.

    3. Wildcat from Dallast says:

      The raw numbers involved with calculating the unemployment rate by the current farce of an administration involve simply changing the definitions of who is considered unemployed versus gave up actively searching for meaningful employment as a starter. Lear Capital and others have been relating these changes by the Obama administration (Obamanation Administration for clarity) since early in the spring of 2009. Just a sidebar comment relating that back in the January/February 2009 timeframe, Speaker Pelosi was quoted by the major media outlets as haven stated something like, “If we do not pass this stimulus bill over 500 million Americans will lose their job every month”. Well, that means all Americans (working and those not yet working) would have to now get employed and then everyone would have to lose their job every month with a significant number losing their job twice in the same month, every month until their stimulus bill passes. However, we seem to realize that Speaker Pelosi is more than simply math or fact challenged.

      What specifically is the definition of a job saved? How do we identify a saved job and who reports which job(s) have been saved? These are tough questions that Gaff-A Minute (VP Joe Biden) hasn’t answered as well as Obama, Reid or Pelosi. An airborne answer is that those numbers are simply extracted from their nasty leg fourth point of contact without respect to the reality that constantly confronts them.

      One of the few pieces of good news is that 75% to 87% of the “we need this stimulus right now” has still not been paid; it’s just sitting there idle.

      The actual hope is once we can get conservative representatives in their to repeal the stimulus bill and any remaining pre-existing and Obama created false entitlements and proceed with intelligently designed legislation such as, perhaps the FAIR TAX, which would get our American economy growing without penalizing success. We the people need to effectively deal with these “pirates on the Potomac” as we prepare to meet the day-to-day challenges of life until those patriotic conservatives get into office.

    4. John, Dubuque says:

      Freedom of Speech, surely you must realize that liberals NEVER admit their mistakes or failures. Their solution to every problem is more taxes and more spending. Their utopia is everyone working and handing their paychecks over to the government so they can decide how much everyone gets in their monthly 'Gummint' check.

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    9. Andrew Beyon, Scotts says:

      Maybe we misunderstood the President regarding the promise of 3 million new jobs. We assumed he was talking about employment in the private sector. Perhaps Obama meant that he would create 3 million new government jobs, including those collecting welfare checks.

      I recently heard the First Lady has added over twenty servants to her staff. At least she is doing her part to create jobs.

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    12. Stirling, Huntingdon says:

      Unfortunately this administration will never admit that they are the cause of the problem. They will continue to say that it was inherited from the previous one. They will keep running up "spending" programs that may be short term help but actually cause more long term damage. Don't look for the employment figures to get any better while the tax and spend mentality is in charge of the white house.

    13. Tim Az says:

      You can call it a recovery all you like but those who have lost their jobs and those who are going to lose their jobs are not going to be convinced once their savings are gone. They only hear some one speaking with a forked tongue when they hear claims of economic recovery that has nothing to do with them.

      How's that hope and change working out for you?

    14. Brad S,, Detroit, MI says:

      Just to get things straight. The government has NEVER created a job. They must take money out of the private sector in the form of taxes first. If you use the conservation of energy/mass principle, jobs are not created out of thin air. They don't simply materialize by the magic pen of Jesus 2.0. You are literally robbing Paul to pay Peter. Unfortunately, Peter is a welfare recipient and will keep voting for the folks that keep robbing Paul to give him money. This is NOT about creating or saving jobs – it is about keeping their power base. Even the most ardent BHO 'paid' supporter like Romer and her voodoo economics is realizing that the stimulus was a huge waste of money.

    15. Tommy..........Alaba says:

      vote them all out of office,replace them with real people,not flukes,people with this country's we being frist……not some one who wants in for the power that they really strive….put term limits on the seneat and congress

    16. Darrell Morrow - Sew says:

      It is long past the point in time when those who know the proper procedure/s should challenge essentially everything the democrats/liberals have done and are trying to do, in the courts, on the basis of their unconstitutionality.

    17. Jerry from Chicago says:

      Obama couldn't tell the truth if his life depended on it. He lies and Pelosi and Biden swear to it.

      Sure there are tens of millions who are unemployed and additional millions who are flipping burgers and washing cars for minimum wage, but the economy is getting better, only 200,000 people a month are losing their jobs, instead of 700,000. And look at Wall Street, the DOW has gone back up to almost 10,000 and continues to show all the stability of a manic-depressive.

      Obama and Pelosi would have us believe that the vast majority of all Americans are demanding a single payer, government run, national health care plan. The only obstacle to its passage has been the damned Republicans.

      Tea parties, tax payer protests and marches on Washington? Nothing but confused old people, Nazis, misled angry mobs who were fed disinformation by operatives of the right wing conspiracy, funded by the RNC.

    18. Susan, Detroit says:

      The liberals will never accept defeat or responsibility for our failing economy. They believe in living the way the europeans did back in the middle ages. A ruling class (the democratic party) and the serfs (american people). Obama is King and Nancy Polesi is Queen the rest are serfs.

    19. philip says:

      YOU VOTED THIS DISATER IN LIBERALS AND INDEPENDENTS YOU ARE NOW GETTING YOUR CHANGE AND THIS IS JUST THE BEGINNING. I HOPE YOU WILL WAKE UP AND SEND A MESSAGE TO THE WASHINGTON DC CROOK'S THEY WILL HAVE YOUR MONEY LAUGHING ALL WAY TO THE BANK WHILE MANY WILL BE STANDING IN LINE WAITING FOR UNEMPLOYMENT CHECKS. WE AMERICANS THE TEA PARTY FREEDOM PARTY AMERICANS NEED TO STICK TOGETHER AND KEEP THE PRESURE UP WE CAN'T QUIT NOW.

    20. Carol, AZ says:

      FYI;

      The promise was made for job stimulus, for "shovel ready jobs"

      ..and so millions of dollars are printed, shoveled into the free market.

      We have loss of our free enterprise system but still push for "cap & Trade".

      Another shovelful.

      Through numerous Gov't entitlement programs we are being forced to pay for, both the State costs, an Federal GOV'S cost.

      Further, no reform is being done with programs riddle with fraud they already admit too.

      (accept ACORN).

      Another shovelful.

      We all have Loss of liberty, Loss of free choice .

      Millions of foreclosures.

      A welfare state being created, families no longer able to provide basic needs.

      Loss of personal savings , earnings, and hope.

      That's a real big pile of dung America.

    21. Don, Centennial,CO says:

      The present administration- the congress and the the executive branch should be required to go back and take Economics 101. They probably wouldn't understand the concepts but this is where they are falling apart. Let's get the bums out of their, 2010 election hopefully will be a big turning point.

    22. Linda Carlsbad, CA says:

      This administrations policies are killing our jobs and our economy! Everyone I know, people who have worked hard their whole lives are hurting.

      They want to add more taxes on us, saying the American people want this. We don't want their Heaalth Reform. We need jobs!

    23. Jeanne Stotler, wood says:

      Don't forget in this shady math, some of the jobs created are Obama's czars, We the people have spoken and it's high time Congress listeend to them. It's time to continue the revolution, the first shots were fired Nov. 3rd.

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    28. fix credit says:

      The information here is great. I will invite my friends here.

      Thanks

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